Find the perfect employee for you

Picking the wrong employee after a long interview process ultimately results in wasted time and lost money for a business. A successful interview can often start before even meeting, as social networking…

Continue reading

Deduction rules for small businesses

Spending on capital assets usually cannot be deducted immediately. Instead, small businesses claim the costs over time in accordance with the asset’s depreciation. There are many different processes that businesses can employ…

Continue reading

Ineligible downsizer contributions and how they are administered

When a downsizer contribution is ineligible, the fund must re-assess the amount in accordance with the Superannuation Industry (Supervision) Regulations 1994 and the trust deed. This is to determine if the amount…

Continue reading

New ATO toolkit helps small businesses get expenses right

The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns. The 2019 Tax Time Toolkit Small Business covers information…

Continue reading

Teaching your staff to be social media savvy

Although approximately 52% of the Australian population use social media, not everyone understands how online presence, both individual and work-related, reflects on a business. Your staff are representatives of your business meaning…

Continue reading

Getting on top of cash flow

Managing cash flow is critical to the success of a small business. While it is necessary to be profitable, your profit is a number that shows up on your accounts at the…

Continue reading

Be wary of unregistered tax preparers

The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Only a registered…

Continue reading

Boost employee productivity

All businesses need to look at ways to increase the productivity of their staff. When your employees get more work done, it will ultimately lead to the business making a bigger profit.…

Continue reading

Illegal early release of super on ATO watch-list

Illegal early release of super (IER) is one of the risk areas that the ATO has identified as being of most concern and in need of action. Each year, the ATO analyses…

Continue reading

Creating a positive work environment

The workplace can be where you spend the majority of your time. Maintaining a positive and healthy environment while at work is therefore critical to your happiness and mental wellbeing. One of…

Continue reading

Supporting mental health in the workplace

Business owners have a responsibility to look after their staff and ensure they have a healthy working environment. This extends to mental health as well as physical. With one in five people…

Continue reading

Tax requirements for capped defined benefit income streams 

Members who receive income from one or more capped defined benefit income streams may have additional tax liabilities. They would then need to calculate their entitlement to the 10% tax offset if…

Continue reading

Legal issues raised by social media

Social media is an established part of our everyday lives, as well as a key platform for many businesses. The rise of social media creates a number of legal issues that business…

Continue reading

New tax toolkit for rental property owners

The ATO has developed a new rental property owners toolkit for property investors to ensure that mistakes are avoided in their tax returns. Each year, the tax office identifies fairly common mistakes…

Continue reading

Protecting your business from online scams

Protecting your business from any kind of threat is a priority. When it comes to online security, however, many owners are not practising secure measures to properly protect their business. Online scamming…

Continue reading

Strategies for achieving your financial goals

Setting financial goals can be a great way to ensure that you’re always in control of your money. However, we all have frivolous spending habits that can derail us from achieving these…

Continue reading

What SMSF records should you keep?

A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund…

Continue reading

What is replacing AUSKey?

The ATO is developing new online services systems to replace AUSKey, which is due to retire in March 2020. Taking the place of AUSKey will be myGovID and Relationship Authorisation Manager (RAM).…

Continue reading

Managing business growth

It can be exciting and reassuring when your new business venture achieves growth and success. However, it can also become hard to manage and keep under control. When things reach a certain…

Continue reading

Hiring the ‘overqualified’

Motivating employees is a large part of keeping quality standards in the workplace. When you have someone who is ‘overqualified’ for a job, some start to question if they will be pushed…

Continue reading

What makes a successful business plan

When starting a new business, there are many elements you need to consider. Careful planning is essential to ensuring the longevity of your business, but what exactly goes into a good business…

Continue reading

SMSF rollovers in SuperStream to be deferred

The 2019-2020 Federal Budget suggested a deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. The commencement of this deferral has…

Continue reading

Maximising your tax return as a home-based business

Small business owners may be able to claim deductions for the costs of using your home as a principal place of business when filing your 2019 income tax return. Tax deductions may…

Continue reading

How to make shareable content

Content should be produced with the intention of it going viral and being shared across a broad number of platforms. Although this sounds ambitious, it is a good practice to help ensure…

Continue reading

Using your tax return wisely

Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught…

Continue reading

Tax bracket changes passed

In the 2019-20 Federal Budget, the Government announced their plans to change and build on the Personal Income Tax Plan. These changes affect the low and middle-income tax brackets and were passed…

Continue reading

Improving the efficiency of your business

As a business owner, making the most of your day to optimise productivity is crucial to your success. The most efficient businesses are those that can create more with less and are…

Continue reading

Claiming a tax deduction for personal super contributions

Members of self-managed super funds (SMSFs) that are eligible can claim an income tax deduction on personal super contributions. Members that intend to do this must notify their fund trustee before lodging…

Continue reading

The legal obligations of marketing

Businesses must be mindful of the relevant regulations when setting prices and advertising products or services, to ensure they aren’t misleading their customers. Like many other areas of business, marketing efforts are…

Continue reading

The art of reinvention 

Small businesses often rebrand or reinvent themselves to keep up with marketplace trends. Knowing when to let go of an idea so you can grow is a smart trait for a modern…

Continue reading

PAYG reporting dates approach

Changes have been made throughout the year regarding SMSFs and their pay-as-you-go (PAYG) withholding. As the end of the financial year and the due date for PAYG reporting approaches, SMSF trustees should…

Continue reading

How to deal with loneliness at work

Feeling isolated while at work is something an increasing number of people experience in their lives. Studies suggest loneliness in the workplace can pose health risks as harmful as obesity or smoking.…

Continue reading

End-of-year Single Touch Payroll changes for employers

Single Touch Payroll (STP) will change how employers report their employee’s end-of-year information to both employees and the ATO. The first year of STP for employers with 20 or more employees will…

Continue reading

Increasing website traffic and sales

Successful websites are those that get continual traffic, grab visitors’ attention and convert visits to sales. Businesses who utilise the following features on their website tend to attract more traffic and achieve…

Continue reading

What to consider in an employee share scheme

Employee share schemes (ESS) provide employees with a financial share in the organisation that they work for. They can be offered by organisations as a way to grow their business by attracting,…

Continue reading

How bullying brings your workplace down

Bullying is a serious issue in workplaces and can affect your business on many levels. Workplace bullying is where repeated and unreasonable behaviour is directed towards an individual or group of employees.…

Continue reading

Penalty interest deductibles

The ATO has recently replaced the Taxation Ruling (TR) 93/7W on whether penalty interest is deductible to the new TR 2019/2. This new ruling highlights the circumstances in which penalty interest is…

Continue reading

Is your SMSF adequately diversified?

When forming a fund’s investment strategy, diversification is a notable consideration for SMSF trustees. By spreading the investments of a fund across different asset classes and markets that offer varying risks and…

Continue reading

Defining your audience

Defining your target market is the key to shaping your entire marketing strategy. Knowing who you intend to assist can help to differentiate your business from the competition, tailor your marketing efforts…

Continue reading

Good record keeping practices

Starting your business with a good record keeping system can help you track your business performance, meet reporting responsibilities and access financial history with ease. Since different rules apply to different types…

Continue reading

First Home Super Saver Scheme

The First Home Super Saver (FHSS) scheme was introduced in the Federal Budget 2017–18 to reduce pressure on housing affordability. The scheme allows people to save money for their first home inside…

Continue reading

Tax planning tips for businesses

Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of…

Continue reading

Ratio analysis methods for your business

Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. By using ratio analysis methods, you can gain insight into a company’s liquidity, efficiency and profitability…

Continue reading

Tax time changes

The ATO will start processing 2018-19 tax returns on 5 July 2019 and are expected to start paying refunds from 16 July 2019, with the majority of electronically-lodged current year tax returns…

Continue reading

Making the most out of SEO

Finding the right balance between publishing high-quality content and search engines indexing your website is key to a successful marketing strategy. Copy that is not optimised properly for SEO purposes can end…

Continue reading

Building the right team for your business

While hiring the right staff is a key element when running a business, to be successful you will need to build a strong team. Here are some tips on turning a group…

Continue reading

How the ‘Protect Your Super’ changes will affect you

A number of changes to superannuation will come into effect from 1 July 2019. The ‘Protect Your Superannuation’ Bill passed through Parliament in February and forms part of the Government’s package of…

Continue reading

How to hire the right staff

Finding capable, fitting staff is essential to any successful business. Hiring the right employee can help increase employee productivity, foster a successful employment relationship, and positively impact your business’s overall culture. Here…

Continue reading

What and when you need to report in your SMSF

The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. This system allows the ATO to administer the transfer balance cap. Reporting under the EBR framework commences…

Continue reading

Startup essentials to help your business succeed

Starting your own business can be as daunting as it is exciting. There are many aspects that need to be considered when making the change to becoming your own boss. Here are…

Continue reading

Pin It on Pinterest

Share This