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

  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

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

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

When you think of payroll, you might still envision paperwork and envelopes given to employees by hand. Even with direct deposit being the norm for years, there is still a significant paper component to manage. As with most things, payroll is going digital – and for good reason. There are many benefits to digital payroll for employers and staff alike. Read on to learn why switching to paperless payroll could…  Read more

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

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

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Queensland Border Reopening Requirements The Queensland border will open at 1 am on 13 December, earlier than expected. Fully vaccinated people from declared “hotspots” – that includes NSW, Victoria and South Australia- will be able to enter by road or air. Those crossing into Queensland from a declared hotspot…  Read more

Bookkeepers can be highly beneficial for businesses of any size. They offer expertise and insight into areas that you may not have experience in. They can also take some tasks off your to-do list, freeing up your time and energy to focus on other matters. Here are 4 benefits to hiring bookkeepers to help you manage your business. Expertise A bookkeeper is an expert at managing, sorting and recording your…  Read more

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia to Reopen to Foreign Visa Holders Australia will allow foreign visa holders to enter the country from the start of December in a bid to revive the economy. International borders have been shut since May 2020 and allowed only restricted numbers of citizens and permanent residents to enter…  Read more

The start of a business is an exciting time. You’ve got a great idea for a business and are enthusiastic to get started. It’s important to plan ahead to give your business the best chances for success. Planning ahead means anticipating challenges and developing ways to successfully address them, so they don’t upend your start-up. Here are three reasons why start-ups fail and ways you can avoid them Lack of…  Read more

  Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. $44 Million Recovery Package for Melbourne The Melbourne Money scheme is returning to the CBD, with the state government and City of Melbourne launching a $200m “revitalisation fund”. From 15 November, those dining in the CBD between Monday and Thursday can claim a 30% discount – of up…  Read more

Many small business owners tend to handle their own accounting and bookkeeping, especially when they’ve just started out. However, keeping track of the finance-side of the business– everything from income to expenses to tax compliance– can be overwhelming. Mistakes can happen quite easily and can have costly consequences to your business. Below are five of the most common DIY accounting errors that you should avoid. Unorganised Records It takes excellent…  Read more

The Queensland Government is extending the Small Business COVID-19 Adaption Grant Program. As part of Stage 2 of Queensland’s Economic Recovery Strategy – Unite and Recover for Queensland Jobs, up to $100 million is being made available to deliver a second round of grants, with half of this funding specifically earmarked for regional small businesses located outside of South East Queensland.     Round 2 will open on 1 July 2020. Many…  Read more

In March, the government increased the threshold for instant asset write off form $30,000 to $150,000. this was meant to drop back to original threshold of $1,000 from 1 July. The arrangement has now been extended to 31 December 2020.   What does the instant asset write off mean for you? – If your (aggregated) turnover is less than $500 million – And you purchase asset that is available to…  Read more

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

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

In an indication of the far-reaching changes that Single Touch Payroll (‘STP’) will be bringing, Treasury has recently finished consulting on draft legislation that expands the data that may be collected through STP by the ATO (as announced in the 2019/20 Budget). The legislation, if enacted, will broaden the amounts that employers can voluntarily report under the STP rules, to include employer withholding of child support deductions from salary or…  Read more

Are you looking after your employees and provide them with a car parking benefits? Don’t get caught out by the fringe benefits rules. Where businesses provide car parking fringe benefits to their employees, the taxable value of these benefits must be calculated correctly to ensure they are meeting their fringe benefits tax (‘FBT’) obligations, regardless of the method used. The ATO has advised they may directly contact businesses who have…  Read more

ATO Assistant Commissioner Peter Holt has announced that, in the 2019/20 financial year, the ATO will be visiting a further 10,000 small businesses across the country, including up to 500 small businesses in Tasmania. He further said that businesses that advertise as ‘cash only’ and businesses that are operating outside of the ATO’s performance benchmarks for their industry will be especially targeted for a visit from the ATO. “Businesses that…  Read more

Whether you are running a current business or looking to start up a new company, it is important that you have enough stock on hand to meet your consumer’s needs. However, investing all of your money in inventory drains your working capital and prevents that money being used elsewhere in the business. Accurate forecasts are vital when it comes to maintaining and replenishing inventories, and it is necessary for a…  Read more