Business Update – 25 January 2023

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Some good news for energy prices After recent record-busting increases in electricity costs, some good news is on the horizon – energy prices will lower over 2023 and 2024 once an expected drop in wholesale prices reaches consumers. Rent is coming down in one region According to SQM Research,…  Read more

Business Update – 18 January 2023

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Photo By Brooke Cagle Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Jobs and retail sales more robust than expected New data from the ABS shows that consumer price inflation picked up in November, leading to higher-than-anticipated retail spending to finish the year. Rent in cities is higher than ever Rent has increased by nearly 15 percent…  Read more

Business Update – 11 January 2023

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. AussieSuper upgrade is still causing trouble AustralianSuper had been struggling with technology issues for two months, with the new member portal and mobile app going live in mid-November. China’s Covid woes could negatively affect Australia’s economy A senior economist warns that China’s surging Covid cases could cause trouble for…  Read more

Business Update – 22 December 2022

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Photo By Mailchimp Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Kevin Rudd is the next ambassador to the US Kevin Rudd will serve as Australia’s next ambassador to the United States. Anthony Albanese said Rudd’s appointment would strengthen Australia’s diplomatic capability and prosecution of national interests around the globe. Twitter users believe Elon Musk should step…  Read more

Business Update – 14 December 2022

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Photo By Miguelangel Miquelena Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW builder goes into voluntary administration due to rising costs and pandemic effects Elderton Homes, a major New South Wales builder, has plunged into administration after catastrophic weather events, the pandemic, and rising materials costs made business too costly to continue. ABS data shows that…  Read more

Business Update – 8 December 2022

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Photo By Christin Hume Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Austudy, carer payments, and youth allowance to get a boost Social security payments for young people, students, and carers will increase by 6.1% on 1 January – the biggest raise in over six decades. Women are 200 years behind men for income equity A new…  Read more

Business tips for the end of the year

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Photo By Firmbee.com The end of the year tends to be a bit chaotic for business owners, but it’s actually a good time to get some extra housekeeping done for your business. Read on for some tips to help you finish the year neatly and feel prepared to face the new year. Review your goals and KPIs A lot has likely happened for your business over the course of the…  Read more

Tips to increase engagement during the holidays

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Photo By Kira Auf Der Heide The holiday season is typically busy, whether you run a retail business or a service-based one. If you’re not helping shoppers, you’re helping your clients fit in their appointments before year end. There’s a lot to do and the time passes quickly. Take this opportunity to show clients and customers how much you appreciate their business. After all, it’s less expensive to retain existing…  Read more

Business Update – 2 December 2022

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Photo By Javy Luzania Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. RBA governor says it’s “regrettable” that some Australians now have mortgages they can’t afford At a Senate estimates hearing on Monday, Reserve Bank governor Philip Lowe apologised to Australians who took out a home loan due to the RBA’s guidance that interest rates would stay…  Read more

Business Update – 23 November 2022

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Photo By Medienstürmer Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. More than one-third of Australians experiencing financial hardship New data from NAB has revealed that a third of us are really feeling the pinch – with some unable to pay bills. The bank encouraged those struggling to seek help early if having trouble paying on time.…  Read more

Get ready for Single Touch Payroll Phase 2 (note Xero deferral until 31 March 2023)

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What exactly is STP Phase 2 and how is it different from phase one? This is the next stop on the STP journey. Where phase one was a way of reporting employees’ tax and super to the ATO, STP Phase 2 expands the program to capture more information. This will reduce the compliance burden for employers and individuals, and help the admin side of things for social support services –…  Read more

Employee vs contractor – what you need to know

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Photo By Shridhar Gupta Depending on the nature of your business, you may have workers who are employees or contractors, or you may have both. Each has their merits, but it’s important to review which are which in order to meet your tax obligations. When you have an employee, you must withhold income tax as well as report on additional benefits. Contractors generally look after their own tax obligations. It’s…  Read more

Business Update – 17 November 2022

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Photo By Peter Lawrence Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. ASX slides as other world markets try to find their footing The ASX was looking good at the start of the week, but with the US wobbling around a recession and crypto crashing, all gains were erased. Stocks dropped to a low not seen since…  Read more

Prepare your inventory for the holiday season

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Photo By Petrebels The holiday season is without a doubt the busiest time of year for many retail businesses. It’s a great opportunity to showcase all that you have to offer and bring in new products to see how they do. But, the excitement probably wears off when you think about managing all that inventory. Don’t despair. With a bit of preparation you can manage your inventory during the holiday…  Read more

How to improve your inventory process

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Photo By Centre For Ageing Better A business that involves inventory is exciting to set up, but it also comes with its share of challenges. It’s easy to become overwhelmed by inventory management. Adopting some helpful tools and strategies will make the inventory management process much easier. Read on for some tips on how to improve your inventory processes. Use barcodes It’s typical for a small business to start out…  Read more

Business Update – 9 November 2022

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Photo By Stephen Dawson   Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. ASX inches up after news of strong US jobs report The stock markets opened the week strong, with the ASX climbing after the most recent US jobs report. Stock markets around the world followed suit. Senators launch inquiry over phoenix operations The illegal practice…  Read more

Business Update – 3 November 2022

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Photo By Priscilla Du Preez Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. ASX rises in anticipation of RBA rate hike The stock market rallied a bit on Monday in anticipation of the latest rate hike from the Reserve Bank. The performance mirrored other world markets, with many investors hoping that the end of runaway inflation is…  Read more

5 common payroll implementation errors you can easily avoid

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Photo By Elisa Ventur Upgrading or changing your payroll system comes with a ton of wonderful benefits. Saving time and money, making everyone’s lives easier, and better integration are all good reasons to consider a change. But if the switch is mishandled, the results can be catastrophic and lead to long-lasting problems. Read on for some tips on how to avoid a disastrous payroll system migration. 1. Give the project…  Read more

How much you should raise your prices

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Photo By Chris Liverani Few business owners enjoy breaking the news of an upcoming price increase. However, when you own a business you have to deal with ever-increasing costs. Although inflation is an unpleasant part of life, it is still part of life. Price increases are inevitable for a sustainable business. If you want to stay afloat, you’ll have to do them – and regularly. Read on for some tips…  Read more

Are you required to have workers’ compensation insurance?

Petra King

Are you aware that, if your business employs workers in Queensland, it is a legal requirement to insure them against workplace accidents by taking out an accident insurance policy with WorkCover Queensland? If one of your workers is injured at work, they can apply for workers’ compensation no matter who or what caused their injury. An accident insurance policy is peace of mind because it covers employers in the event that a worker…  Read more

2022/23 October Federal Budget

Petra King

On 25 October 2022, Treasurer Jim Chalmers handed down an updated 2022/23 Federal Budget, the first for the Albanese Labor Government. 1.  Providing certainty for unlegislated taxation and superannuation measures The Government has announced it will not proceed with certain legacy tax and super measures that were announced but not legislated by the previous Government, including the following: The 2018/19 Budget measure that proposed changing the annual audit requirement for…  Read more