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More on the 2018 Budget & what it means for you…

The Federal Budget was handed down last Tuesday, May 8, 2018. While the measures announced in the budget are yet to be passed by Parliament, we can generally assume that most of the announcements will become reality. From an individual perspective – especially if you do not grow illegal tobacco or participate in the black economy – this year’s budget was actually a bit of a nonevent. For those clients…  Read more

How to create good habits in business

If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritizing what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on…  Read more

How to turn your hobby into a business

Thinking about turning your passion into a paying gig? These steps will help you avoid some common mistakes as you set out to earn an income from your favorite pastime. Do you have what it takes? Unless you’ve run a business before, it’s easy to get carried away with the idea of how perfect it will be to get paid for doing what you love. Reality check: the stress of…  Read more

Business Matters – October 2017

When business is going well, many owners look to expand their business.  We take a look at the most important factors to consider to make sure your expansion is a success. Have you ever received negative feedback?  How did it make you feel?  In a perfect world, every customer your business works with will be pleased with how the transaction went but we know that this is not always the…  Read more

Your business should be your most important investment

This week, we want to talk to you about what may turn out to be the most significant investment you could ever make. It is your own business. You may be surprised to hear that most financial planners are actually prevented from advising clients about their own business. Their licencee (the person under whose authority they provide advice) will not let them do so. Licencees typically insist that the advice…  Read more

You and your business: time is your scarcest resource

Being self-employed requires an entirely different ‘mindset’ to being an employee. In our own experience, and in our observations of other business owners, a number of particular attitudes need to change if we are to succeed at – and enjoy! – running our own business. The main change in attitude is to ‘let go’ of the relationship between time and reward. If you are an employee, you make a basic…  Read more

Business Matters – July 2017

Our newsletter topics: Passing on the family business Simpler BAS from 1 July Improve your internal communications Checklist for new workers Changes to workplace laws Secrets to hiring the right team Essential qualities to successful business owners   Read more  Read more

Understanding unfair dismissal

The number of unfair dismissal applications lodged last year suggests that employers are still struggling with unfair dismissal laws.  Around 14,800 unfair dismissal claims were filed in 2015 and while most cases were settled before a formal hearing, they do create an unproductive distraction for employers. Australia’s unfair dismissal jurisdiction does not cover all workers; employees that earn over $133,000 per year cannot access unfair dismissal laws unless they are…  Read more

Revisiting super basics for employers

for may employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of operating a business. However, those who fail to meet their superannuation obligations risk facing severe and even damaging liabilities. Employees who pay their workers $450 or more before tax in a calendar month must pay superannuation on top of the employee’s wages.  If any employee is under the age…  Read more

Is there GST payable on sale of my property?

When selling a property registered for GST, the margin scheme can be used as an alternative way to work out the GST payable on a concessional basis. Where the scheme is applied, GST is paid for one-eleventh of the sale price.  The margin scheme calculates GST on the increase in value since 1 July 2000 if the property was acquired before 1 July 2000; or the difference between the purchase…  Read more

Getting your BAS right

Some small businesses make simple mistakes; others just don’t provide the right information.  Make sure your business is not caught out by completing your Business Activity Statement correctly. Here are five easy lodgment tips to help businesses save time and get their business activity statement right the first time round; Lodge all your outstanding activity statements.  The tax office cannot process refunds until all of a business’s lodgments are up…  Read more

Succession Planning

  It is inevitable that a business owner will eventually leave their business.  Whether they sell, retire or leave due to health reasons, it is important to be prepared for when that day eventually arrives. Creating a succession plan is a simple and common sense approach to ensure continuity in a family business.  Succession plans enable smooth transitions and decrease the likelihood of disruptions.  Early succession planning can maximise a…  Read more

Seven ways to tell if your business idea will succeed

We find that there are seven common themes that arise when assessing whether a business idea will succeed. 1.  Your idea has a strong point of difference To survive in business, you need a compelling point of difference.  If your idea is not novel, then what makes you different.  The stronger this difference is, the stronger your competitive advantage will be. 2.  People say “WOW” (and want it) An instant…  Read more

Cost reduction tactics for small business

Cutting costs can be a quick and easy way to improve the profitability of your business.  Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term. It’s important that cost-control measures are carefully managed.  Eliminating errant expenses is clearly beneficial but indiscriminate cost cutting could lead to a drop in quality or poor morale if staff fear being made redundant or are not given…  Read more

Family Trusts for wealth creation

While the ATO continues to crackdown on tax minimisation strategies, quite a few legal pathways to paying less tax while preserving wealth for retirement or estate planning purposes still exist. Family trusts have significant tax saving abilities that make them an attractive tool for wealth creation.  Family trusts are discretionary trusts that set up to hold a family’s assets or run a family business.  They are commonly used by families…  Read more

CGT concessions for small business

  Business owners planning to sell their business need to consider the tax implications involved and the capital gains tax (CGT) concessions available to them. To prevent a hefty tax bill and maximise profit, careful planning is required.  Owners need to be mindful of the business business CGT breaks available to them as they can reduce or eliminate the tax payable on the profit from the sale. Planning ahead is…  Read more

Tax deductible overseas trips

Business owners and employees who travel internationally for business-related trips can generally claim travel expenses as a tax deduction. If the overseas travel is for personal and business-related purposes, the business-related portion can be claimed as a deduction.  The documentation required to be maintained should show the distinction between personal and business-related activities.  Any private expenses must be excluded from your claim. The purpose of the activity and connection to…  Read more

Why it can pay to buy an existing business

For many people, buying an established business is very appealing.  Not only do you get experienced staff and an existing customer base, your location is established along with a brand and network of suppliers. Within a few years of starting up, the majority of small businesses have closed for one reason or another.  Purchasing an existing business should give the buyer some assurance that they are buying an already tried…  Read more

Becoming a Better Leader by Developing Communication Skills

Perhaps you have noticed that it is not always the smartest or most capable person that gets a promotion or has management roles seemingly thrust at them. Studies have shown that a person with better communication skills can typically achieve a higher level of success than someone who simply has the highest qualifications on paper. This is good news for anyone looking to develop the skills it takes to stand…  Read more

Bookkeeping Basics for Small Business Owners

On average, small business owners spend 10 hours each week recording, organizing, and processing financial transactions – everything from accounts receivable and payable, to employee payments, expense receipts and supplier invoices. While the process may be time-consuming (and tedious!), effective bookkeeping is the foundation of sound financial management – which in turn, is the lifeblood of your business. Feeling overwhelmed by mountains of paperwork and complex calculations? Here are three…  Read more

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