In today’s digital age, online reviews can make or break a small business. With the ease of access to social media and review websites, customers can easily voice their opinions and experiences with your business online. As a small business owner, it’s essential to understand the importance of online reviews as they will impact your brand image, sales, and customer loyalty. Boost your brand image Online reviews are the first…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. How much Aussies plan to spend on Christmas presents this year Australians are set to spend more on Christmas presents this year despite high inflation, interest rate hikes and cost of living pressures on households. The Christmas Retail Trends Report, conducted by Monash Business School’s Australian Consumer and Retail Studies,…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Cost of living rising faster than inflation for Aussie workers The cost of living for Australian workers is climbing faster than inflation as households around the country fall off the fixed-rate mortgage cliff and battle surging petrol prices. New data released by the Australian Bureau of Statistics (ABS) revealed living costs for workers…  Read more

Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may be able to claim deductions if they use these payments to:  purchase replacement trading stock…  Read more

Starting a business is a wild ride with its fair share of ups and downs. One hurdle many new entrepreneurs encounter is the difference between the profits they expected and the hard cash available at the financial year-end. This guide aims to alleviate these concerns by shedding light on where your missing revenue might be hiding. Possible causes of missing profits There may be several reasons why your business has…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. LoanOptions.ai crosses the ditch to launch in NZ market A Sydney-headquartered fintech that allows users to apply for loans in under eight minutes is expanding its services with a market entry into New Zealand, following a year of major growth for its Australian operations where the LoanOptions.ai platform has…  Read more

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘No rate cuts’: Horror call on Aussie economy Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest…  Read more

Taxpayers need to get their ‘rental right’ The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.  When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other rental-related income. Rental income must be reported in the year the tenant pays, rather than…  Read more

Xero Beautiful Business Fund applications are now open! Xero recently announced the launch of the Xero Beautiful Business Fund. Itʼs their new initiative, backing small businesses for the future. What does this mean? Xero is offering more than NZ$750,000 in funding to Xero small business customers across Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the UK and the US. Applications for the fund are open til Oct 6…  Read more

Appointing an SMSF suditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the trustees lodge their SMSF annual return, as the trustees will need some information from the audit report to complete the annual return. An SMSF’s auditor is…  Read more

Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business…  Read more

The Administrative Appeals Tribunal (‘AAT’) has held that there were no special circumstances in relation to a taxpayer who made excess concessional contributions in a financial year, such that the ATO could allocate some of those contributions to the previous financial year. On Wednesday, 26 June 2019, the taxpayer arranged for contributions totalling just under $25,000 to be made to his superannuation fund, via a direct debit from his bank…  Read more

The downsizer contribution concession was introduced to allow older Australians selling an eligible dwelling to make additional contributions into their superannuation fund. Broadly, the downsizer contribution concession allows eligible individuals to make non-deductible contributions of up to $300,000 (or up to $600,000 per couple) from the sale of an eligible dwelling that was used as their main residence. The downsizer contribution concession is an attractive option for eligible individuals to…  Read more

Taxpayers who are small business owners operating from home, or who use a vehicle for business purposes, need to be aware of some changes when claiming deductions this tax time, including the following. Cents-per-kilometre method – The cents-per-kilometre method for claiming car expenses increased from 72 cents to 78 cents per kilometre in the 2023 income year.  For taxpayers using this method, the 78 cents per kilometre rate covers all…  Read more

Lodging of Taxable payments annual reports The ATO reminds taxpayers that it is now time for them to check if their business needs to lodge a Taxable payments annual report (‘TPAR’) for payments made to contractors providing the following services: (a)     building and construction; (b)     cleaning; (c)     courier and road freight; (d)     information technology; and (e)     security, investigation or surveillance. TPARs are due on 28 August…  Read more

Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A ‘reimbursement’ is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular work-related purchase they make. Employers are not entitled to a GST input tax credit if…  Read more

It’s hard to go a day without reading something in the news about the state of the economy. Whether it’s interest rates rising or the cost of living, there’s no getting around the fact that in 2023 there are many doing it tougher than a few years ago. But while there are some economic challenges for individuals and businesses, it’s important to not go too far down the rabbit hole.…  Read more

As a small business owner, you know the importance of getting the word out about your company and engaging with customers. Social media platforms are indispensable tools for achieving this.  The following is a guide to help you leverage social media to increase your brand’s awareness, engage with customers, and generate leads. Step 1: Define Your Goals Before diving into the world of social media, it’s crucial to identify your…  Read more

Court penalises AMP $24 million for charging deceased customers The Federal Court has found that four companies that are or were part of the AMP Group breached the law when charging life insurance premiums and advice fees from the superannuation accounts of more than 2,000 deceased customers. The Federal Court ordered two of these AMP companies to pay a combined penalty of $24 million for the breaches. Both AMP Life…  Read more

How often do you feel like a superhero, taking on the world and tackling everything that comes your way? If you’re a small business owner, chances are it’s more often than not! The demands of running a small business can weigh heavy on our shoulders at times, and as business owners we often try to do everything ourselves. The success of your business depends not just on you, but also…  Read more

Crafting the ideal successor for your business When you’re busy running and growing your business, it’s generally not a priority to think about who will take over when you can’t or don’t want to be so involved. Transitioning leadership can be a challenging task. It demands an insightful and systematic approach to ensure that the process runs smoothly. Achieving a successful handover requires detailed and strategic planning that will benefit…  Read more