3 Ways to Delight Your Online Customers

Xperion

Businesses are increasingly moving online to expand their reach and provide the best possible experience to their customers. Being online, however, means more competition, so business owners must come up with ways to amp up their game to gain a bigger market share. If you own an ecommerce business or are looking to start one, read on to learn about ways to delight your online customers. Put the buyer’s journey…  Read more

Can I live in my SMSF property when I retire?

Xperion

Yes, but only after transferring the property from your self-managed super fund (SMSF) to yourself.  This can only occur upon retirement.  As the trustee, you cannot live in the SMSF property if it’s still owned by your super fund, even after retiring. This rule applies to your relatives (no matter how distant) and members of the fund too. The property also can’t be rented by trustees, members or their relatives…  Read more

Small business tax accounting

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Many small businesses run into costly mistakes when filing their taxes without the support of an accountant. This isn’t surprising. Small business tax accounting is complicated, so unintentional mistakes are often made. For example, many business owners struggle to provide evidence for transactions, or even miss out on tax deductions they’re entitled to. They often end up paying more tax than required.  Although it’s tempting to “wing it” on your…  Read more

4 Tips for Positioning Yourself as a Market Leader

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Small business owners often feel that they have to do something to stand out from the crowd and attract an audience. If that’s how you feel, you’re definitely not alone. Many business owners try to stand out by creating fancy websites that grab attention. Those may work in the short term, but it’s worth considering other ways to market yourself as an industry leader and build relationships with your ideal…  Read more

Nine Tips to Reduce Debtor Days for Construction Business Owners

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Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority. Debtor days refers to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients…  Read more

Do I need an ABN as a sole trader? (it depends)

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  As a sole trader, you need to apply for an ABN, regardless of your business size. This article explores why sole traders benefit from having an ABN, but first, let’s clear up any confusion around definitions.  What is a sole trader? A sole trader is legally responsible for every aspect of their business, as the only owner trading as an individual. This is the cheapest and easiest business structure…  Read more

How to set up a company in Australia (6 easy steps)

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When it comes to running a business, the personal assets of sole traders aren’t protected. This is a major disadvantage if anything goes wrong. It’s a big reason why so many Australians choose to set up their own company, which exists as a separate legal entity from its owners.  The company shoulders liability in the face of financial or legal difficulties. This low-risk investment is also a more tax-friendly option,…  Read more

Secrets to Keeping Your Employees Happy

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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

How to Win Your Customers Back in 2022

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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

Tips to Navigating the Post-pandemic Business Landscape

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  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

5 Steps to Setting Up Your Business Processes for Success

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  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

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  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

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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

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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

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

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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

E-invoicing: A Huge Cashflow Win for Australian Businesses

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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

FBT Implications of Christmas Parties

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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

4 Benefits to Hiring a Bookkeeper for Your Business

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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

Top 3 reasons start-ups fail and how to avoid them

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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

4 Reasons Your Business Should Consider Digital Receipts

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Receipts are vital to successfully running a business. You need receipts to track your purchases and expenses. Your clients need receipts for their tax purposes and to manage their finances. Paper receipts have been around a long time, so many people are used to them and may even be resistant to moving away from them. Thanks to technology, paper receipts are becoming more a thing of the past. There are…  Read more