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

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

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

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

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

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 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

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

Photo By Scott Graham There’s a very important deadline coming up on 30th November. The ATO is urging those who haven’t yet applied for their director identification number (Director ID) to do so ASAP. The consequences for neglecting this task are severe. What is a director ID? The director ID is a mandatory 15-digit identification number given to a director who has verified their identity with the ATO. Once you…  Read more

Photo By Adeolu Eletu Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. A budget that is “resilient” but not “fancy” The Albanese government released its first budget this week, with promises that it will be well-funded, but not excessive. It’s expected that this budget will lay the groundwork for bigger changes next year. $21bn in government spending…  Read more

Photo By Annie Spratt Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Rental market still under considerable stress At the beginning of 2020, a mass exodus of people from Australia as borders closed led many to believe that the pressure on our housing market would be alleviated. However, the opposite has happened, with rents still sky high…  Read more

Photo By Aron Visuals In a world with endless distractions, it’s no wonder that we find it difficult to complete tasks. Focus is hard to come by these days. This is especially true when you’re working from home. Household tasks that would otherwise be out of sight and out of mind are suddenly in your workspace. With that said, there are some proven methods to help you get things done.…  Read more

Photo By Cova Software When starting a small business, business owners often think about things like the storefront, branding, and displays. They think of smiling employees and happy customers. It’s not usually the image of the shelves and cupboards in the back stockroom that fill their heads. But inventory is a critical component of your business. Sales are made and lost because of inventory control so it can’t be overlooked…  Read more

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. Albanese not backing down on tax cuts On Monday, the Prime Minister confirmed that he would not be changing his mind and would go ahead with the contentious Stage 3 tax cuts by the May 2023 budget. The tax cuts are largely beneficial for…  Read more

Photo By Scott Graham Banking business income to a private account The ATO has stated that it has “no concerns” with business owners banking their business takings or other sales in private accounts, but that this may become an issue when this income isn’t reported. Therefore, the ATO notes that a good way to avoid this problem is to establish a separate business bank account and only deposit sales and…  Read more

Photo By John Schnobrich Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Renewed hope for small business sector New data from Xero and the Australian Bureau of Statistics suggests that small businesses are doing better than before, but economists warn there may be more beneath the promising numbers. We have more millionaires than ever before According to…  Read more

You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). The new requirement to obtain a director ID  applies not only to directors running a business but also to individuals who have an SMSF with a corporate trustee, which is why we wanted to bring this new requirement to your attention. All directors will need to apply for…  Read more

Photo By Glenn Carstens Peters When you start a small business, it’s usually only you behind the whole operation. You wear many hats, from CEO to clean-up crew. As you pour your heart and soul into your business and it begins to grow, the amount of work involved grows with it. Because a small business is so focused on survival, you pay a lot of attention to the bottom line.…  Read more

  To avoid additional costs (including the superannuation guarantee charge (SGC), you must pay the right amount of super for all your eligible employees by the quarterly due date. Whether you’re paying super weekly, monthly, or quarterly it’s important to check that the super guarantee (SG) you pay takes into account changes that started on 1 July 2022. These were: the increase in the SG rate from 10% to 10.5%. the removal…  Read more

business update Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Permit and dining fees set to return to Melbourne To ease the burden of the pandemic, the city allowed alfresco dining options at restaurants without having to pay a fee. Now that business is bouncing back, Melbourne is seeking to reestablish the permits traditionally required after waiving…  Read more

business update Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Unprecedented rental demand could affect interest rates As the RBA raises the cash rate to ease inflation, the astounding rise in rent prices will begin to factor into the inflation data – leading to higher interest rates. Air New Zealand flies nonstop from Auckland to New York…  Read more