As a business owner, you often find yourself pulled in different directions by competing responsibilities. It can feel daunting to classify tasks and tackle the most time-consuming ones first. But why is it so hard for us to start – or even finish – seemingly insignificant tasks? Why do these tiny tasks become the bane of our existence, tempting us into procrastination limbo? Let’s explore why we get stuck on… Read more
In the world of business, one constant factor you are likely to encounter is change, particularly in the financial landscape. One such change that can bear significant implications for small businesses is rising interest rates. Understanding how this impacts your business and identifying solutions to counteract these effects can be key to sustaining and growing your business. The implications of rising interest rates for small businesses Interest rates have a… Read more
In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first… Read more
As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial… Read more
Getting caught up on a week that got away? Here’s your weekly digest of some stories relevant to business and the economy. Data Privacy Day 2024: Aussies want transparency, businesses need action On Data Privacy Day, observed each year on January 28th, Australians and businesses are reminded of the vital importance of privacy. “Ironically, Data Privacy Day is a reminder that data privacy isn’t something a business can achieve in a… Read more
Photo By Possessed Photography Chatgp is an innovative new chatbot platform that is revolutionizing the way businesses communicate with their customers. It is a cloud-based platform that allows businesses to create custom chatbots that can interact with customers in real-time. Chatgp is designed to make customer service more efficient and effective. It allows businesses to create custom chatbots that can answer customer questions, provide product information, and even take orders.… Read more
The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. The changes better reflect contemporary working from home arrangements. The taxpayer can either use the “actual cost” or “fixed rate” method. Only the fixed rate method is changing. The revised fixed rate method applies from 1 July 2022 and can be used when taxpayers are working out deductions for their 2022–23… Read more
Photo By Solen Feyissa Cash is like water. It flows and it can disappear as fast as it appears. Cash flow is the money currently flowing through your business, as opposed to future money from your debtors. It’s your “in hand” money. Is your business able to meet its expenses with what is currently in your bank account? If the answer is yes, you have a positive cash flow.… Read more
Photo By Nathan Mullet Start with getting your invoicing right Invoicing is part of good cash flow management. Once you’ve delivered a product or service, don’t wait to invoice. That can hurt your cash flow and your business. You should get into the habit of sending invoices for payment quickly. Consider sending invoices immediately, or on a daily basis, depending on the nature of your work. If you are providing… Read more
For individuals, the key considerations in determining Australian Tax Residency are: Source – residents are subject to tax on income from all sources, and capital gains from all sources, whereas non residents are only subject to tax on income from Australian sources, and in respect of capital gains, only if the relevant Capital Gains Tax (CGT) asset is Taxable Australian property (TAP); Tax free threshold – residents are… Read more
Can I claim car expenses when I drive my car from home to work? The answer is NO because the travel is private even if you do minor tasks on the way to work, such as deposit cash in the bank or collecting the mail. You can claim car expenses if or when: You travel between two places of employment and neither of them is your home You drive from… Read more
Have you heard of the “carry forward unused concessional super contributions” rule? At the end of the financial year, many look to purchase new income-producing assets or make prepayments to reduce taxable income. However, prepayments are just a tax deferral rather than a tax reduction strategy. Making additional concessional super contributions is a tax reduction strategy as concessional super contributions are a tax deduction up to their cap. If you… Read more
ATO 2022 Focus Areas Key targets for the Australian Taxation Offices (ATO) for the 2022 tax year include work-from-home employees or workers, property inventors, and cryptocurrency traders. A detailed and good record-keeping habit will leave you off the ATO radar. Work-from-home Apart from good record keeping, you will need to be logical in claiming the expenses. The ATO would expect to see a reduction in motor vehicles, dry-cleaning, and other… Read more
People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment. You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19. The payment was… Read more
5 Ways to Beat Inflation Business owners will encounter a lot of opportunities and face hurdles in 2022. One of the greatest challenges is likely to be inflation due to the increase in national debt, among other factors. This Forbes article shares some tips on how entrepreneurs can fight back. Do more with less. Many have improved their financial discipline due to the pandemic. Continue to cut waste and find… Read more
Wage Subsidy Scheme for Apprentices and Trainees The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions. Training Incentive Allowance The Training Incentive Allowance can help with tuition fees, books, childcare, equipment, transport and any… Read more
Fuel Tax Credit Rate Hike Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including: the rate that applies at the end of your BAS period the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle. You can find the updated… Read more
4 Ways Your Business Can Increase Its ROI in 2022 Finding ways to boost your business’ profit margins can be challenging, especially if you’ve already tried many of the traditional ways of improving the stability of your cash flow during the pandemic. This Forbes article shared some unusual methods to grow your ROI. Invest in high-performing marketing platforms. Look into platforms that are not as saturated as Facebook, including Youtube… Read more
Fuel Tax Credit Rate Hike Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including: the rate that applies at the end of your BAS period the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle. You can find the updated… Read more
All hotspots: COVID-19 Disaster Payment for recognised lockdowns This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here. NSW Grants The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders. NSW: Micro-business grant The micro-business grant is a $1500 fortnightly payment… Read more