Author Archives: Karen Conlon

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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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.…

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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…

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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…

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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,…

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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.…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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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…

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Changes to the ABN application process

The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process’ integrity and identify those…

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Avoiding unfair business practices under Australian Consumer Law

Under Australian Consumer Law, there are a number of sales practices that are illegal for businesses to engage in when dealing with their customers. Unfair business practices encompass a wide range of…

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How to get the most out of business meetings

Conducting meetings is a regular way of communicating what needs to be done around the office, but if nothing gets accomplished it can be discouraging. Business meetings that don’t produce results can…

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Reducing errors when claiming business expenses

The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information…

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Using big data to grow your small business

When used effectively, big data analytics can be used as a way to develop growth in your business. Large companies are not the only ones who can benefit from using big data,…

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In’s and out’s of the super downsizer scheme

Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling…

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Risk management strategies for investors

When it comes to investing your money, there is the possibility that it may not perform as well as expected with you losing some or all of the original investment. While no…

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Choosing the right business location

When setting up your business, choosing a location can be a critical factor in its success. Unless you are completely home-based, you will need to decide where you will conduct your business…

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Improving your employees’ wellbeing

Providing a workplace that promotes positive wellbeing for its staff is a key responsibility of all employers. Workplace wellbeing refers to both the physical and mental state of employees. While physical wellbeing…

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What disqualifies you from an SMSF

Self-managed super funds are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director…

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Tax incentives for start-up investors

Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key…

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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…

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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…

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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…

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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…

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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…

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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…

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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’…

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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…

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