Benefits of cloud computing
Benefits of cloud computing
Cloud computing is redefining the way small businesses conduct business; the advantages in the technology allow users to access data off-site, save on IT equipment and give businesses a competitive edge. Here are a few benefits of switching your business to the cloud: Greater flexibility Growing businesses with a need for greater accessibility, i.e., flexible […]
Make your credit card work for you
Not keeping track of your credit balance can be a hard but an important lesson many individuals can learn from. Thanks to interest and fees, many individuals may pay for more things than they care to admit. And with easily available credit cards on the rise, it is easy to fall in the trap where […]
Time wasters to avoid
Understanding what behaviours and factors which cause employees to waste time is important. Only when you understand why time is not being used efficiently can you implement strategies to overcome this. Consider the following: Technology Technology helps us do things in a fraction of the time, it allows us to do things that are otherwise […]
SMSFs warned of risky retirement planning
The ATO is warning self-managed super fund (SMSF) trustees about the risks of some emerging retirement planning arrangements. Retirees or SMSF trustees who are involved in any illegal arrangement, even by accident, may face severe penalties, risk losing their retirement savings, and potentially, their rights as a trustee to manage their own fund. The Tax […]
ATO’s data matching programs
The Australian Tax Office (ATO) has sophisticated data matching programs in place to ensure individuals and businesses are complying with their obligations and to uphold the integrity of the tax system for the community at large. The Tax Office uses data matching to pre-fill tax returns, ensure people and businesses are lodging tax returns and […]
Strategies for growing your online following
Developing strategies for growing your online following is an effective aspect of an online marketing plan. By using strategies to ensure you make the most out of the social media platforms available to you, you will see your social media followers increase, creating greater opportunities to increase profitability. Authenticity It is very easy to see […]
Sexual harassment and the workplace
In a perfect world, sexual harassment would never occur, let alone in the workplace, but unfortunately, that is not the case. Sexual harassment, while it has reduced over the past decade due to a number of factors, still occurs in many workplaces. It is damaging to not only the individuals involved and their families, but […]
Is your company culture hit or miss?
Once upon a time, people found a job and stayed in it for their working lifetime. In many cases, it was unheard of to change career or to go back to study. However, nowadays, with online studying and such a great emphasis on mental health and overall well being, gone are the days where individuals […]
Getting customers to settle debts
Good credit management is an important business strategy to maintain cash flow and stable finances. A cornerstone of managing credit is not only making sure an invoice gets paid, but gets paid on time. Before a debt recovery process commences (which may delay payment further and damage a relationship with a customer), it is worthwhile […]
How to ensure your branding is consistent
Consistent branding is a big factor in your business’ marketing strategy – it can help build loyal customers, improve recognition and trustworthiness. Businesses that adopt consistent branding techniques gain a competitive advantage by differentiating their products and services from other competitors in the market. Staying consistent also helps to stay on track in delivering the […]
SMSF annual return for pension phase trustees
Self-managed super fund (SMSF) trustees who are in pension phase must lodge their SMSF annual returns if they remain active, or choose to wind up the fund. The ATO is warning SMSF trustees about their regulatory obligations and is paying close attention to those SMSFs that are not meeting their lodgment obligations. Trustees must lodge […]
Using the margin scheme for property sales
Those selling property as part of a business sale may be eligible for the margin scheme. The margin scheme is a way of working out the GST you must pay on the property that you are selling as part of your business. The scheme is only applicable if the sale of a property is taxable. […]
The importance of employee recognition
Recognising the efforts and hard work of staff not only encourages them to work hard, it also indirectly increases business profits. Consider the following: Promotes positive morale When employers recognise and express gratitude for the work their staff contribute to the business each day, the overall morale of the office is going to be more […]
3 things to avoid when posting on social media
To keep your social media game strong, there are certain things to avoid. Consider the following: Making it personal The business social media platforms should be reserved for posts reflecting the business. While there is a place for posting non-compliant, funny or lighthearted content, there shouldn’t be a place for posting personal views, particularly those […]
Financial considerations for students
Managing money on a student budget can be challenging but it does not have to be burdensome. With the right financial skills and knowledge, you can learn to manage your money more effectively while saving a few extra dollars. Here are three considerations for students: Creating a realistic budget Between paying for basic living expenses […]
How to truly set your business apart from competitors
Making your business stand out can be difficult; especially if you are offering the same services as your competitors. No matter how big or small, or what the financial status of your business may be, there is one strategy any business can adopt to set you apart: customer relationships. Building and placing value on the […]
SMSFs: Stats
The Australian Tax Office (ATO) has released its June 2017 quarterly SMSF statistical report detailing key SMSF figures. As of June 2017, the number of SMSFs increased to 596,516. The number of SMSF members in Australia is 1,124,453. The estimated value of total Australian and overseas SMSF assets is $696.7 billion. The number of annual […]
Changes to GST on low-value imported goods
Australian goods and services tax (GST) will be implemented on sales of low-value goods imported into Australia by consumers as of 1 July 2018. According to the ATO, business will have to register for GST, change GST on sales of low-value imported goods and lodge returns if they meet the $75,000 AUD registration threshold. These […]
Internships and unpaid work
Hiring an intern can bring about mutual benefits for the intern and your business, but you could be supporting an unlawful business relationship if you aren’t careful. According to Fair Work Australia, if an intern is performing certain roles, it could classify their position as one that facilitates an employment relationship between them and the […]
How to manage a killer social media content calendar
Social media content has an important and beneficial place in the business world. However, so many businesses do it wrong. Developing a social media content calendar can see the difference between your social media presence being a channel for increased profit, or it costing you time and money. Consider the following tips when developing a […]
Improving role clarity
In today’s business landscape, many businesses are evolving to keep up with modern day demands. This is resulting in an environment where job roles and responsibilities are ever-changing. Many businesses assume employees will embrace these changes and new expectations, however, if staff are not consulted properly before changes to a role it can have a […]
SMSF: Capital vs revenue expenses
Self-managed super funds (SMSFs) have access to a range of tax deductions for expenses incurred. Whether the expenses are capital in nature or are considered as revenue will affect eligibility for claiming such deductions. The Tax Office considers an expense that is incurred in establishing or making enduring changes to a super fund’s structure or […]