Author Archives: Karen Conlon

Common mistakes to avoid when launching a business

Starting a new business is an exciting time for many entrepreneurs. However, there are 5 common mistakes many new business owners make. By being aware of these mistakes, you will increase your…

Continue reading

Consolidating your debt

Debt consolidation loans are a financial solution that may be suitable when you have multiple debts at once and are struggling to manage them all. Debt consolidation is the process of bringing…

Continue reading

Protecting your business with social media security

With the amount of information that is being shared online increasing more than ever, now is the time to think about social media security for your business. While there is no doubt…

Continue reading

ATO impersonation scam report

The ATO has released an Impersonation Scam Report for the month of February 2019. Highlighted are the various ways in which scammers have attempted to contact people, posing as the ATO. The…

Continue reading

ATO warns of TBAR lodgement errors

With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance…

Continue reading

Handling negative feedback

Customer complaints are an inevitable part of running a business. How you handle negative feedback can help or hinder retaining existing customers. Complaints can be a great learning tool for businesses looking…

Continue reading

Super changes to protect employees’ entitlements

Several revisions from the Treasury Laws Amendment (2018 Measures No.4) Bill 2018 took effect from 1 April 2019. These measures are designed to help reduce the super guarantee (SG) gap, protect employees’…

Continue reading

ATO monitors personal living expenses

In an ongoing effort to address misuse and abuse of the tax and regulatory systems, the ATO has implemented a new tool to monitor what constitutes reasonable personal living expenses. Information is…

Continue reading

Perks for your employees that you can afford

Supporting your employees doesn’t have to break the bank, as you can provide perks in the form of policies rather than material rewards. Creating a work environment with actionable benefits can increase…

Continue reading

Identifying workplace discrimination

Employers have a responsibility to ensure their employees and people who apply to work for them are treated fairly. Set out in federal and state anti-discrimination legislation and the Fair Work Act…

Continue reading

Is your SMSF meeting its PAYG obligations?

The ATO has called on self-managed funds to check whether they are meeting new pay-as-you-go (PAYG) withholding obligations for capped defined benefit income streams paid to their members. SMSFs have PAYG obligations…

Continue reading

Increase to fuel tax credit rates

The ATO has increased fuel tax credit rates from 4 February 2019. As fuel tax credit rates are updated regularly, it is important to check the rates each time you lodge a…

Continue reading

Ensuring your invoices are paid on time

Having a healthy supply of cash is vital for the survival of small businesses, as it is required to operate and enables you to pay workers, rent and other expenses. Unpaid invoices…

Continue reading

Protect your business with a social media policy

As the rise of social media has blurred the boundaries between what is and isn’t appropriate for the workplace, implementing a clear social media policy can help protect your business. A good…

Continue reading

Accounting during every stage of business

Professional help with accounting and financial decisions is useful at every stage of business. Accountants can assist with a variety of tasks during different periods of operation within your business to improve…

Continue reading

Business networking done the right way

The ability to network effectively can greatly increase the success of your business by getting your name out there in a positive way, building your credibility and assist in growing your customer…

Continue reading

Expanded super for older Australians

The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work…

Continue reading

How collaboration can help grow your business

In a market that is full of entrepreneurs and small businesses, collaborating with a business that complements yours can be a powerful tool to share your marketing budget and be introduced to…

Continue reading

Made a mistake on your BAS? Here’s what you need to know

Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to…

Continue reading

2019 Budget: Rewarding working Australians

The 2019 Federal Budget focuses on rewarding working Australians, with the emphasis on a two-pronged approach for “hard-working” individuals. Individual taxes:From the 2018-2019 income year, the low and middle-income tax offset (LMITO)…

Continue reading

2019 Budget: A business growth based Budget

The 2019 Federal Budget focuses on building a better tax system for Australian businesses in order to create a stronger economy. Instant asset write-off:The instant asset write-off threshold will be increased from…

Continue reading

Getting your GST at settlement right

The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018. Supplier…

Continue reading

The pro’s and con’s of using someone else’s money

Borrowing money to invest, also known as ‘gearing’, can be a risky business. While it can increase your returns when markets rise, losses can be extreme when markets fall. It is important…

Continue reading

Importance of a good website

Websites are often a key tool in marketing a business towards a target audience. Websites should be designed to increase customer engagement and attract more sales. Whilst standing out from the competition…

Continue reading

What employee benefits apply for FBT

When an employer provides certain benefits for their staff, they are required to pay Fringe Benefits Tax (FBT). Employers pay FBT on the benefits they present to employees and their families or…

Continue reading

What is your preservation age?

Superannuation laws can be confusing for everyone. These procedures often make it difficult to work out when you can retire or if there are any special conditions you need to meet before…

Continue reading

ATO to monitor high-risk LRBAs within SMSFs

The ATO is focusing on risky Limited Recourse Borrowing Arrangements (LRBAs) and failures in Transfer Balance Account Reporting (TBAR) in SMSFs this year. They have announced plans to contact trustees with high…

Continue reading

How remote workers can improve your business

Remote work is becoming an increasingly popular choice for businesses. Thanks to the ease and accessibility of the internet, the traditional 9 to 5 workday is being replaced by flexible hours that…

Continue reading

Small Business Fair Dismissal Code

During the course of your business, you may be required to terminate an employee. The Small Business Fair Dismissal Code operates to help employers follow a fair process and protect against unfair…

Continue reading

Cashless business

Advancements in technology continue to digitise our world in many ways, including financially. In recent years, more businesses and events are turning to cashless systems. Whilst cash still remains popular in businesses…

Continue reading

Changes to personal income tax

The Personal Income Tax Plan has gone through recent changes regarding rates, thresholds and offset entitlements. These changes were announced in the 2018-2019 Federal Budget and were implemented at the start of…

Continue reading

Benefits of email marketing

Email marketing is a highly effective digital marketing strategy which involves sending emails to prospective clients and existing customers. This form of marketing needs to be executed well for it to benefit…

Continue reading

Income investing: Managed funds vs. ETFs

There are a number of options when it comes to choosing an income investment scheme. Investments that generate regular income can be useful in a number of various situations, such as funding…

Continue reading

Raising early stage capital in your business

Raising capital is a step that every startup faces. When a business is brand new, the question of how to get money must be addressed. If you intend to launch a business…

Continue reading

Pension income streams within an SMSF

One of the best ways to ensure regular, flexible and tax-effective income as a pensioner is through an income stream from your SMSF. As a member, you can receive an income stream…

Continue reading

PAYG withholding: New penalties for non-compliance

New penalties for business’ pay-as-you-go (PAYG) withholding and reporting obligations will commence 1 July 2019. The new legislation will now prevent businesses from claiming deductions for payments to employees and certain contractors…

Continue reading

Determining whether GST is for business or private use

The goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%. If you run a business, you are likely to have…

Continue reading

Before selling your business

Deciding to move on from your business can impact a lot of different people. When selling your business, you will need to consider the effects on all areas of operation from the…

Continue reading

Superannuation guide for retirement planning

As the time comes for you to consider leaving the workforce, it is necessary to plan how to make the most of your superannuation in order to strengthen the chances of a…

Continue reading

Mental health support for small business

Running your own business can be extremely rewarding, but for many small business owners having the sole responsibility of a company’s success or failure can take its toll. With one in five…

Continue reading

SMSF areas being monitored by the ATO

Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. As SMSF are run by members, it is their responsibility to comply with all…

Continue reading

Invest in your investments

If you are in a position to invest, it can be a great venture to help grow your wealth as well as provide opportunities for others through your contributions. Before investing though,…

Continue reading

Technologies your small business can invest in

As a small business owner, you are always mindful of your expenditures as it is a limited resource. While limiting expenditure is not a bad idea, it can be helpful to invest…

Continue reading

Challenges your business can face

Owning and running a small business comes with positives and negatives that maintain a balance. When the negative elements start to outweigh the positives, you have a problem. Every business will face…

Continue reading

ATOs small business benchmarks

The ATO small business benchmark guides are designed to help small businesses compare performance with similar companies in the same industry. These guides have been updated to include data from the 2016-2017…

Continue reading

Boosting employee relations

For a functioning company, employees have to be able to work together and communicate. Their relationships can be the difference between an ok team and a great one. People who enjoy their…

Continue reading

What advertising avenue is best for you?

Without exposure, businesses would come and go very quickly. In this new digital age, there are even more options for how you want to advertise your business. There are a variety of…

Continue reading

Understanding contracts

Working in a business environment, you will inevitably come across contracts at some point. There are basic employee contracts you will encounter when hiring or starting a new job, but then there…

Continue reading

Do you know where your super is?

If you’re not close to retiring, you may not be thinking about your super or where it is. Even if you are a way off from retiring, you should be keeping track…

Continue reading

STP extension for small businesses

The ATO has released a statement in relation to transitioning to Single Touch Payroll (STP) for small businesses. Parliament has passed legislation to extend STP to include employers with fewer than 20…

Continue reading

Pin It on Pinterest