Maximising your SMSF returns
Maximising your SMSF returns
Many Australians opt for a self-managed super fund but fail to understand how to truly make it perform optimally. If you have an SMSF and are serious about maximising your returns, consider the following: Risk Without taking risks, you won’t be able to experience great profit. However, there you still need to be cautious of […]
Changes to entitlements in some awards
From 1 January 2018, the Fair Work Commission (FWC) has made some changes to casual and part-time entitlements in some awards. The FWC introduced overtime rates for casual employees in many awards and changed how part-time hours can be worked in other awards. The following awards have changes: – Fast Food Award – Hair and […]
Hiring the right staff
Finding the right staff is imperative to a successful business. Employees can help you to grow and excel in your business and industry, and shape your business’ overall culture and ethic. Here are three things to consider when searching for the right people to hire: Focus on skills more than experience Probe people beyond their […]
Cash flow tips to improve your business
Poor cash flow is one of the biggest reasons why small businesses fail. A healthy cash flow allows you to operate your business free of hassle; allowing you to pay your staff and bills on time. Having enough working capital to meet your business’ needs can help you stay out of debt and in business. […]
How to use hashtags
When used correctly, hashtags are a great way for businesses to increase customer engagement and make their social media posts more visible. A hashtag is a keyword phrase that has no spaces with the # sign at the start of the phrase, e.g., #accountingfirm #smsfadvice. They can be placed anywhere in a business’s social media […]
Attracting Millennials to work for your business
Millennials are encompassing around a quarter of the workforce now and bringing along with them diverse needs and challenges. Employers must understand these needs and challenges to better attract more Millennials to work for them as their skills are in high demand. Firstly, Millennials (born between 1980-2000) are the first generation to understand technology possibly […]
FBT issues that raise ATO attention
With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently targeting the following rules for FBT: Motor vehicles Situations where an employer-provided motor vehicle is used or available for private travel for staff. […]
Succession planning and the transfer balance cap
The superannuation transfer balance caps have been problematic for SMSF members who don’t take careful consideration when succession planning. Failure to understand the impact of these transfer balance cap changes can have on your finances may force you to transfer large amounts of money out of your super. The transfer balance cap of $1.6 million […]
Secrets to a savvy SMSF
Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to. Stay informed You can’t expect your SMSF balance to be […]
Facebook marketing in 2018
Most businesses know the power of Facebook marketing. Facebook has the ability to reach current and potential customers, generate higher levels of brand awareness and engage customers regularly. However, due to Facebook’s popularity, it is highly competitive for businesses using the social platform. This requires businesses to spend more time on perfecting their strategy for […]
Setting deadlines could be killing your business
Setting goals involves having an end date, but deadlines could be killing your business. While deadlines can help motivate employees to complete their work within a given timeframe, research shows that there are a number of downfalls to setting strict deadlines. Consider the following: Creativity Deadlines have been proven to hinder an individual’s creativity and […]
Making your money stretch further
If improving your finances is on your resolutions list for 2018, you may be searching for ways to make your money work smarter for you. Fortunately, a few simple changes can see you reach your financial goals faster. Here are three strategies to make your money stretch out further: Seek out better deals Have you […]
Tips for becoming a better leader
Successful leaders have a lot in common. But one thing they all do is inspire vision through to their staff from their own behaviour and actions. Great leaders also recognise the need for continual self-awareness, and they realise constant evaluation is necessary to improve as a leader. Consider the following tips for becoming a better […]
FBT parking exemptions for small businesses
It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes. Fortunately, if you are a small business, car parking benefits are exempt if you meet all of the following conditions: – […]
Increasing productivity in 2018
Overcoming the post-holiday slump can be challenging. Between the build-up of emails and long to-do lists, getting back into a comfortable work routine may take some time. Fortunately, there are many ways to become more engaged and energised at work which can effectively increase your productivity. Consider the following ways to enhance your productivity in […]
Penalties for breaches imposed by financial services licensees
Hefty penalties have been introduced in the Future of Financial Advice (FOFA) obligations by ASIC for financial services licensees breaching best interests duty. A civil penalty of over $1 million was imposed on a Melbourne-based financial licensee by the Federal Court of Australia for failing to ensure representatives of the company remained compliant with the […]
Money resolutions for the New Year
Many start the New Year with an optimistic list of resolutions. Not meeting those resolutions many months later is all so familiar too, especially when it comes to financial goals. Setting unrealistic goals is a surefire way to halter your progress. Instead, focus on creating an achievable plan to tackle your goals with small steps […]
Staying focused and reaching your goals
For any business owner and their staff, in order to achieve greatness, reaching goals and staying focused is important. Consider the following tips for your business in 2018:Understand your purpose Staying focused is easiest when you narrow down and understand what your focus is. Rather than to set one large goal of being successful in […]
Super funds boast high returns in 2017
Superannuation funds in Australia have delivered a return of 10.5 per cent for 2017 – the first double-digit growth since 2013. According to recent findings, there was a 1.3 per cent rise in November 2017 and 0.6 per cent rise in December 2017 alone. The new figures mark the sixth consecutive year of positive returns […]
ATO targeting mischaracterised lifestyle assets and private pursuits
The Australian Tax Office (ATO) is targeting privately owned and wealthy groups that display specific behaviours and characteristics in relation to their tax affairs and lifestyle. A large focus is currently on lifestyle assets and private pursuits that generate deductions or are mischaracterised as business activities. The ATO is also looking at those assets and […]
The importance of culture when it comes to business
A business with a strong sense of culture is one that is truly viewing those involved in the business as individuals and not just numbers. There is a multitude of positives that arise from nurturing a strong culture in business, including: Universal vision When your business fosters a strong business culture, there is potential for […]
The basics to developing a bulletproof social media strategy
Developing a strong social media strategy is important for growing and nurturing business profit. Consider the following: Set goals Before embarking on any social media marketing campaign, you need to be strategic and set goals. SMART goals are ideal, they cover the following: – Specific – Measurable – Achievable – Realistic – Timely Target audience […]