How to find a good niche

Bizink

In business, finding a niche that can supply enough revenue is important. More entrepreneurs than ever are realising the importance of finding a narrow set of customers and catering their product or service to them. This allows you to focus your efforts on being great at a few things, rather than mediocre at many. But how do you find your ideal target market? This article will get you started by…  Read more

Social Media Etiquette: 12 Quick Tips for Professionals

Bizink

With social media, you can connect with business associates quickly and creatively. But this communication mode is not without risk. A thoughtless post can offend customers and other business partners and damage relationships rather than build them. By following a few ground rules you can be confident your comments and posts will be appropriate ones.   Abstain From Posting or Tweeting Certain Information If you aren’t sure it’s acceptable to…  Read more

6 Essential Accounting Terms

Bizink

Hiring an accountant is widely considered best practice for small business owners.  But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more…  Read more

52 Ways

Xperion

There are of course lots of ways to learn about business, however none are more life-changing than attending a live event. And when it comes to live events, none are more powerful than 52 Ways. Developed and presented by award-winning entrepreneur and 16 times best-selling author, Dale Beaumont, this one day workshop will totally transform the way you run your business. In just one day you’ll discover 52 different strategies,…  Read more

How to build a cash war chest when money is tight

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Your “war chest” is the financial reserve your business has built up so you can take advantage of an opportunity or cover unexpected costs or emergencies. Building a cash reserve when finances are tight, however, can be difficult. You need money to continue running your business but, if at all possible, you want to keep your reserve account healthy. Here are some ways to build—or preserve—a cash war chest during…  Read more

Communicating during a pandemic

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Most small business owners face a time in their career when they have to communicate in ways or about topics they aren’t comfortable with. COVID-19 has put small business owners in the position of having many conversations that are uncomfortable and stressful. Whether you’re communicating with employees about business issues during the pandemic, hoping to negotiate a rent reduction or changes to credit terms, or asking customers for help in…  Read more

Ways to run your business if you can’t open your premises

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The COVID-19 pandemic has proven challenging for many small business owners. It’s difficult to run your business remotely, especially if you’re not set up to do so. If you run a business that requires customers or clients to come to you, you might be very concerned about how you can continue to operate without opening your premises. If you have access to technology, are adaptable, and are willing to look…  Read more

JobKeeper Alternative Eligibility Tests

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The ATO has just released Alternative Tests for the JobKeeper payment which expands eligibility from the initial basic test.   This is good news for many businesses, particularly startups, those affected by last year’s droughts and those with variable revenues.   Basic Test If you satisfy the eligibility requirements for the basic test, you can ignore the alternative tests below.   The basic test is satisfied where your projected GST…  Read more

JobKeeper – Webinar Recording

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This is a recording of a webinar we have run for not only our clients but any business owners to provide them with more information about JobKeeper payments, eligibility and registration/ reporting process.   We have tried to answer all questions received over the last couple of weeks. Note, there is still more information to come from the ATO.         Make sure to connect with us on…  Read more

The JobKeeper Payment

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On 8 April 2020, the Federal Government passed a package of Bills through both Houses of Parliament (which received Royal Assent on 9 April 2020) to give effect to (amongst other things) the JobKeeper Scheme. Subsequent to this, a Legislative Instrument was released by the Treasurer containing the detailed rules of the JobKeeper Payment. Refer to the Coronavirus Economic Response Package Payments and Benefits) Act 2020, the Coronavirus Economic Response…  Read more

When is an employer eligible for JobKeeper?

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An employer will only be eligible to receive a JobKeeper Payment in respect of an ‘eligible employee’ (refer below) if, at the time of applying: for employers with an aggregated annual annual turnover of $1 billion or less – the employer estimates that their projected GST turnover has fallen (or is likely to fall) by 30% or more; or for employers with an aggregated annual turnover of more than $1…  Read more

JobKeeper Eligibility – How to measure whether the turnover of a business is $1 billion or less?

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When determining if the annual turnover of a business is $1 billion or less, for the purposes of working out whether the applicable decline in turnover threshold is 30% or 50%, it is the entity’s aggregated turnover that must be considered. In this context, an entity’s ‘aggregated turnover’ is the same as what is used when determining if an entity is a small business entity (‘SBE’), which includes the annual…  Read more

JobKeeper – Establishing whether the projected GST turnover of a business has fallen or is likely to fall

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In determining whether the turnover of a business has fallen (or is likely to fall) by at least 30% (or 50% as the case may be), the business would generally need to show a decline in its projected GST turnover in the current period (i.e., either a month or quarter) relative to its current GST turnover in the corresponding period in the 2019 income year. The concept of ‘projected GST…  Read more

JobKeeper – Identifying who is an ‘eligible employee’

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A business can only claim a JobKeeper Payment in respect of an employee who is an ‘eligible employee’. Importantly, an employer that elects to participate in the JobKeeper Scheme is required to include all eligible employees in the scheme (unless the employee advises the employer they do not wish the employer to claim the JobKeeper Payment on their behalf). An ‘eligible employee’ is an employee who satisfies the following requirements:…  Read more

JobKeeper – Employers must pay eligible employees at least $1,500 per fortnight – the ‘wage condition’

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The JobKeeper Scheme will ensure that eligible employees receive a gross payment (i.e., before tax) of at least $1,500 per fortnight for the duration of the scheme. Employers are able to pay eligible employees more than this amount, based on the employees’ usual pay arrangements. PRACTICAL TIP – Satisfying the ‘wage condition’ On this basis, the JobKeeper Payment scheme requires employers to pay their eligible employees a minimum of $1,500…  Read more

More flexibility for employers receiving the JobKeeper Payment under the Fair Work Act 2009

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Amendments have also been made to the Fair Work Act 2009 to support the practical operation of the JobKeeper Scheme and to facilitate a range of flexible working arrangements designed to support the continued operation of businesses and the ongoing employment of employees. JobKeeper enabling directions Under these amendments, an employer who qualifies for JobKeeper Payments in respect of an eligible employee will be able to provide (subject to certain…  Read more

When can a business claim the JobKeeper Payment for a business participant?

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The JobKeeper Scheme also recognises that certain participants in a business (such as a sole trader) have also been affected by the economic downturn caused by the Coronavirus. Accordingly, in order to provide a benefit to such business participants, payments can also be made to an entity in respect of what is referred to as an eligible business participant (i.e., generally controlling individuals who are not employees of their business).…  Read more

Common questions associated with the JobKeeper Scheme

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Since the release of the Government’s JobKeeper Scheme, the NTAA has fielded a number of queries from our tax agent members, looking to make an application for a JobKeeper Payment on behalf of their clients and, where applicable, their own practices. A number of these commonly asked questions are addressed below. Question 1:   Do businesses have to meet the decline in turnover test on an ongoing basis? The answer is…  Read more

Managing a cash crisis

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Dealing with a sudden cash flow crisis, even if you’re working hard to avoid shortfalls, is hugely distracting. A formerly reliable customer might take much longer to pay than anticipated or a large consignment might fail to show up, leaving you out of pocket. If you’re starting a business, it could simply be taking longer than expected to turn a profit. Red light warnings Develop red light systems to warn…  Read more

Tips for Managing Remote Teams

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More and more business employees are now telecommuting, that companies around the world are restructuring their management practices to meet the challenges of remote collaboration. Now with the spread of the Coronavirus and workers being asked to work-from-home the need for managing remote teams is higher than it’s ever been. Because they tend to be more agile and open to change, small businesses are particularly well positioned to adapt to…  Read more

JobKeeper Payment details still not available

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We would like to take this opportunity to update you on the JobKeeper Payment Scheme. Bills passed but no details are yet available Yesterday, the Coronavirus Economic Response Package (Payments and Benefits) Bill 2020 was introduced and passed both Houses of Parliament. Unfortunately, it did not contain the finer detail of how the JobKeeper Payment Scheme (‘the Scheme’) will operate. What it did was set up a framework including giving…  Read more