Secrets to Keeping Your Employees Happy

Xperion

Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages. Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train…  Read more

Tax update

Xperion

Tax deductibility of COVID-19 test expenses After much speculation, the Government announced that COVID-19 tests, including Polymerase Chain Reaction (‘PCR’) and Rapid Antigen Tests (‘RATs’), will be both:    tax-deductible; and    exempt from FBT; broadly where they are purchased for work-related purposes. This will require the introduction of new specific legislation (i.e., to clarify that work-related COVID- 19 test expenses incurred by individuals will be tax-deductible or FBT exempt…  Read more

Business Update – 2 March 2022

Xperion

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia Welcomes Back International Tourists After almost two years, vaccinated international tourists and business travelers began arriving in Australia with few restrictions. Prime Minister Scott Morrison said 1.2 million people had visas to enter Australia with 56 international flights due to touch down in the first 24 hours of…  Read more

How to Win Your Customers Back in 2022

Xperion

Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons. Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success…  Read more

6 Tips to Improve Your Delegation Skills

Xperion

When you run your own business, it’s tempting to take on every responsibility. There are many reasons for doing so: because you want something done a specific way, because you don’t have the time to explain how to do it, or because you’re not sure someone else can handle the task. Delegating saves you valuable time and energy. Sharing duties with your team also fosters a sense of responsibility, engages…  Read more

Tips to Navigating the Post-pandemic Business Landscape

Xperion

  Covid has resulted in many business transformations. While some small businesses found themselves shifting their offerings, others moved online or found new niches. If you’re wondering how to continue moving your business forward following Covid, you’re probably not alone. Here are some important tips for navigating the business landscape following Covid. 1. Explore your remote options Having a business model that enables you and your staff to work remotely…  Read more

Business Update – 16 February 2022

Xperion

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Borders to Reopen to International Travel The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.…  Read more

5 Steps to Setting Up Your Business Processes for Success

Xperion

  When a business first starts out, it’s natural for the owner to be a jack-of-all-trades. You may not have the capital to hire specialists or access to the technology that can help you. As your business grows–or as you look to take a smaller role in your company–you may find the business has become over-reliant on you, which makes it difficult for you to take a step back. Here…  Read more

Setting and Achieving Financial Goals

Xperion

  Financial security, whether that’s for a business or an individual, requires planning. You need to know where you want to be, where you are now, and how to cross the gap between the two places. Having goals and a plan makes it more likely that you’ll achieve financial security–whatever that means to you. Here are some steps to setting your financial goals. 1. Be specific with what you want…  Read more

Differences Between an Accountant and a Financial Planner

Xperion

When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have a plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two. For any successful business, it’s advisable to have both an accountant and a financial planner…  Read more

4 Tips to Improve Your Business Negotiation Skills

Xperion

Owning your business requires many skills, and among the most important might be the ability to manage negotiations. As a business owner, you could find yourself negotiating in many circumstances, such as: Salary and job expectations with a potential employee Financing terms with a lender Payment terms with a supplier Lease or property agreements Equipment agreements. Your ability to negotiate will have an impact on your financial situation, which is…  Read more

Business Update – 4 February 2022

Xperion

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. NSW Unveils $1 Billion Support Package for Businesses The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. However, the payment will be capped at half of what was offered during the Delta wave in 2021, after…  Read more

Selling property for more than $750,000? Make sure you have foreign resident capital gains withholding clearance certificate

Petra King

Foreign resident capital gains withholding (FRCGW) applies to real property disposals where the contract price is $750,000 or more.   The foreign resident capital gains withholding (FRCGW) rate is 12.5%. Once withheld from the sale price, you can only get it back once you lodge your tax return. Depending on the timing of the sale, you may be waiting for this money for months. If you sell property for let’s…  Read more

NSW Covid-19 business support package released

Xperion

The NSW Government has announced more Covid business support over the next few months. The package, which starts February 1, includes: a lump-sum payment of 20% of weekly payroll with a minimum payment of $500 per week and a maximum payment of $5,000 per week. It is for businesses with a turnover between $75,000 and $50 million that suffered a 40% downturn in January and projected to do the same…  Read more

Sick and carer’s leave (Covid-19)

Xperion

We have been asked many times how to treat staff time off for either taking the Covid test , having to quarantine or being sick with Covid. Fair Work rules around sick leave due to COvid-19 If an employee cannot attend work in these circumstances, the employee isn’t entitled to be paid unless they take paid sick leave or some other type of paid leave. If they have no paid…  Read more

Business Update – 25 January 2022

Xperion

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Pandemic Leave Disaster Payment 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…  Read more

E-invoicing: A Huge Cashflow Win for Australian Businesses

Xperion

The Australian government has made some important announcements over the past few months with regards to e-invoicing. In the 2021-22 Budget, the government committed $15.3 million to increase the adoption of e-invoicing, which guarantees accelerated payment terms. In this article, we will look deeper into what e-invoicing is and how any type of business can benefit from it. What is e-invoicing? Over 1.2 billion Business to Business (B2B) and Business…  Read more

Business Update – 19 January 2022

Xperion

Welcome back to our Weekly Digest. We hope you and your family have all had a great time during the festivities! Read on for the latest updates and some ideas to help you have a great start into the new year. COVID-19 Vaccination Info Kiosks COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help…  Read more

What is a Director Identification Number (director ID) and do I need one?

Xperion

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

How to Make Work-from-home Work for Your Team

Bizink

More companies are exploring their options when it comes to employees working remotely. There are numerous reasons for doing so: Increased worker morale More flexibility in work schedules Enhanced cost savings by not paying for office space. With all the benefits, it makes sense that employers are considering whether or not working from home can work for their team. Here are 3 steps you can take to make working remotely…  Read more

FBT Implications of Christmas Parties

Xperion

It’s that time of the year again! As we approach the end of 2021, many businesses host Christmas parties and give gifts to their employees as appreciation for a year of hard work. However, some business leaders don’t understand the fringe benefits tax (FBT) implications of such. In order to avoid significant costs to your business, read this article and learn more about your obligations. What is Fringe Benefits Tax…  Read more