How to avoid the holiday slump
How to avoid the holiday slump
The summer holidays may be a period of increased sales for some businesses, but for many, it can be a quiet time with a heavily reduced cash flow. Staying ahead financially, if you are the latter, can be difficult which is why you should consider the following: Use it to your advantage A lull in […]
Super housing legislation
The First Home Super Saver (FHSS) Scheme and the downsizing contributions into superannuation measures passed Parliament on 13 December 2017. As of 1 July 2017, individuals can make voluntary concessional and non-concessional contributions into their super fund as part of the FHSS Scheme. The scheme may help first home buyers save faster due to the […]
Earning income from the sharing economy
The holiday season is a peak time for activities in the sharing economy to increase. During this time those participating in the sharing economy must not forget their tax obligations. The most common sharing economy activities around the festive season include: – Providing ride-sourcing services for a fare. – Completing jobs or errands for payment. […]
Getting ETPs right
When an employee is let go or they resign; there is a chance they are owed money, otherwise known as employment termination payments (ETPs). If an employee leaves the business, they may be entitled to several lump sum payments, many of which are taxed differently to normal income. Understanding what is owed and making these […]
Getting out of small business debt
Managing debt in your small business is essential to maintaining the financial health of your business as well as preventing bankruptcy. Consider the following tips to ensure your small business debts do not spiral out of control: Reshuffle or remove expenses Reviewing your expenses is one of the first steps to take when tackling debt. […]
Annual ATO closure
The Australian Tax Office (ATO) will be closed from midday Friday 22 December 2017 to 8.00am Tuesday 2 January 2018 over the festive season. The Tax Agent Portal Dashboard and BAS Agent Portal Dashboard will be available to check portal availability. The ATO’s technical help desk will be available from 7.00am to 6.00pm weekdays, excluding […]
Excess Transfer Balance Determinations from January 2018
The Australian Tax Office will start sending Excess Transfer Balance (ETB) Determinations from January 2018. ETB determinations will be sent to any individuals who have exceeded their transfer balance cap and have not taken any steps to correct this error. If you manage a SMSF and have exceeded the balance transfer cap by less than […]
Improving the customer experience
Great customer experiences are pivotal to building a successful business with a loyal customer base. But unfortunately, these exceptional experiences can be quickly tarnished by one negative encounter. Consider the following tips to improve the customer experience in your business: Leverage data Do your own research to discover what your target market is really looking […]
Increasing your blog shares
Blogging is a great marketing strategy for your business – it informs and entertains your target audiences, can generate traffic and potentially increase sales. However, writing a blog alone is not a guarantee that readers will share your content. Readers may sometimes need to be reminded that they can, in fact, share your content and […]
Creating meaningful business connections this festive season
The festive season is a great time to strengthen existing business relationships and foster the emergence of new ones. Consider the following tips for ensuring your business stays competitive not only during the festive season but well into the New Year as well. Emotional factor Emotions will be running high as Christmas and the New […]
Nailing social media marketing in 2018
As the New Year lingers just around the corner, brushing up and revising your social media marketing strategy is important. Technology and the way we use it is always morphing, which means, in order to remain relevant and competitive, you need to adapt the way you present your business online. Consider the tips below to […]
Loan or gift?
Giving your children a helping hand financially seems like the right thing to do, but it can easily go awry without proper documentation. Providing money to your adult children can pose all kinds of risks, especially if it is not carefully documented and if your child’s circumstances change, for example, they become divorced. Without documentation, […]
Celebrating Christmas in your office
Christmas can be a very exciting time for many, and it can also be the dreaded season for others. Consider the following tips for celebrating Christmas in style, to ensure that all your staff get the most out of this period. Office Christmas party Holding a work Christmas party can be risky, particularly if alcohol […]
ATO action on overdue SMSF annual returns
The Australian Tax Office (ATO) is cracking down on self-managed super funds (SMSFs) that have overdue SMSF annual returns, particularly those with two or more returns overdue. As part of its compliance action, the ATO is currently: – Cancelling approximately 9,000 ABNs of SMSFs that show no evidence of operating – Writing to SMSF trustees […]
Early payments
Taxpayers are being reminded they can prepay amounts towards their expected tax bill to help stay on top of their tax and avoid falling into debt. To make a prepayment to the Tax Office, you must get the correct payment reference number, decide how much to pay and choose a payment method. Using the correct […]
Creating a strategy for Instagram
Instagram is no longer a social platform that can be ignored. The platform’s power to reach audiences and engage with customers is proving as a valuable marketing opportunity. Unlike other social media platforms, Instagram is heavily image-focused – hence requiring a different content strategy. Here are a few considerations for creating a successful Instagram strategy: […]
Chasing up payments from slow customers
Following up on customers that don’t pay their bills is a nuisance, but unfortunately, it is part of running a business. There are ways you can protect your business and take action should a customer fail to pay you. Consider the following: Clear terms and conditions Outlining payment protocol on terms and conditions, and going […]
Decision making red flags
Part of any business is making decisions; regarding your product, growth, staff, clients, etc. It is important to pick up on signs your business, for whatever reason, may not be the most profitable. The following are red flags that your decision making may not be what it normally is, and you should take more time […]
Building rapport with customers
Building rapport is a necessity in forming strong, healthy relationships. This is no different from the relationships you develop with your customers. Customers need to trust you to do business with you. Establishing rapport from early on is one of the best ways to build this trust and confidence. Consider the following tips to build […]
SMSF preparations for 2018
As the new year fast approaches, there are a number of considerations SMSF trustees should be aware of leading into 2018. Before the end of the year, take time to address the following: Assess your investment strategy – consider the risk, diversity, liquidity and your foreseeable personal financial circumstances for the following year. SMSF compliance […]
Hiring for the holiday season
The holiday season is a busy time of year for many businesses and it is not uncommon to hire staff particularly for this period. If your business is one with an influx of sales during this time and you plan on hiring more employees to keep up with demands, make sure you know what you’re […]
Boosting employee engagement
Ensuring employees are engaged and committed to their work will ensure they are making a valuable and profitable contribution to the business. While daily tasks will vary based on the type of business and industry, there are universal strategies employers and managers can implement to ensure employees are optimally engaged in their work from day […]