Articles

Business performance analysis on Facebook

Online marketing is at the forefront of marketing for many businesses. Using different social media platforms such as Facebook, Instagram and Twitter is an effective strategy as these platforms are adaptable to suit any business model. Facebook, in particular, has...

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Improving your website content strategy

Developing a successful website content strategy can be challenging. Content marketing requires time, effort and most importantly a lot of trial and error. Consider the following tips to improve your content strategy: Excel at one thing Trying to do everything...

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Turning negative customer feedback around

In a perfect world, every customer your business works with will be pleased with how the transaction went and will want to return to you for future business. In reality, this isn’t always the case. It is human nature that people make mistakes and there will always be...

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Vulnerable workers legislation

Vulnerable workers are set to receive better protection after the Fair Work Amendment (Protecting Vulnerable Workers) Bill 2017 passed on 5 September. The Bill contains measures such as an increase in the maximum penalties for employers who deliberately flaunt the...

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How to effectively reach your goals

Goal setting is critical for small business success. Achieving your goals helps to strengthen and grow your business and develop your skills as a business owner. Here are three tips to help you effectively reach your business goals: Identify bad habits Bad habits get...

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How does the super guarantee charge work?

Employers who do not pay the minimum amount of super guarantee for their employee(s) by the due date may have to pay the super guarantee charge (SGC). The charge is made up of super guarantee shortfall amounts including any choice liability calculated on your...

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Creating engaging social media content

Social media content can direct a large portion of online traffic to your business, but it can also deter customers if performed poorly. Consider the following tips for creating engaging social media content: Unique Content that is creative and unique is likely to be...

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Imported services and GST

Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST. These businesses will need to supply their Australian business number (ABN) and a statement that...

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Reporting SMSF changes

Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the...

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Transfer balance account report now available

The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017,...

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Boosting employee retention

Even though employee turnover is an inevitable part of running a small business, the costs of recruiting and training new staff can be hefty. The benefits of retaining your most valued workers far exceed the reduced turnover costs. Higher retention levels can lead to...

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Starting out on social media

Everyone knows that it’s becoming increasingly important for businesses to develop a social media presence. However, getting started on social media can be extremely daunting if you don’t have a well-thought-out strategy. With a few easy steps, you can launch your...

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Using AI to boost SEO

Artificial intelligence (AI) is the way of the future. Businesses ought to adopt AI strategies to enhance their online marketing and presence, to bring in continued profit. Consider how the following strategies concerning AI can boost your business’ SEO. Keywords AI...

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Workplace bullying

Many employees spend just as much time with their colleagues as they do with their loved ones. Creating a harmonious workspace is therefore extremely important. Workplace bullying or harassment occurs when unreasonable, repeated behaviour is directed at a staff...

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How to build a loyal tribe

Building a successful business is almost impossible without a group of motivated employees. Here are three ways to keep your employees loyal to your business: Hire right Hiring someone who doesn’t share the same vision or values as your business is detrimental. You...

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Keeping your SMSF compliant while overseas

Travelling overseas for an extended period of time is an exciting adventure. What isn’t so exciting is the prospect of breaking compliance laws in relation to your SMSF while enjoying your trip. There are specific conditions that must be met to deem the self-managed...

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GST & the margin scheme

The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. You can only apply the margin scheme if the sale of the property is taxable. If you purchase property where the margin scheme was applied to the sale, you...

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Tax residency – Business

You need to know the residency status of your business entity to determine your Australian income tax obligations. Foreign resident entities are generally taxed in Australia on any income that has an Australian source. Australian resident entities are generally taxed...

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Tax residency – Individual

Tax residency Australian residents are generally taxed on their worldwide income from all sources. Temporary residents of Australia and foreign residents are generally taxed only on their Australian-sourced income, such as money they earn working in Australia. To...

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Property Renovating & Tax

Property Investing vs Property renovating business If you're renovating one or more properties, the most important tax issue to consider is whether you are an investor or whether you are carrying on a business of renovating properties. If you're an investor, any...

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FBT Exemptions & Concessions

Some fringe benefits, such as discussed below, are exempt from Fringe Benefits Tax ("FBT") or receive concessional treatment. Work related fringe benefits The following work related fringe benefits are exempt from FBT: portable electronic device such as mobile phone,...

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Fringe Benefits Tax (FBT)

Fringe Benefits Tax ("FBT") is essentially a tax employers pay on non-salary/wage benefits provided to employees or associates of employees. Fringe benefits tax is separate to income tax and is calculated on the taxable value of the fringe benefits provided. Examples...

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Capital Gains Tax (CGT)

Capital Gains Tax ("CGT") CGT is not a separate tax besides income tax – CGT is actually income tax on capital gains. Essentially, a capital gain occurs when you sell an asset for more than you bought it. The capital gain is the excess of sale proceeds above the cost...

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Self Managed Superannuation Fund (SMSF)

Is a Self Managed Superannuation Fund ("SMSF") the right choice for you? Whether an SMSF is a good choice for you depends on your situation. Some factors will include: Your age The funds you have available How much spare time you have to manage an SMSF What type of...

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Income tax rates

Individual (tax resident of Australia) The following rates for 2015–16 apply from 1 July 2015. Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 –...

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Car Salary Packaging

Car salary packaging will not always save you money, despite what salary packaging firms would have you believe. In fact in some circumstances it can cost substantially more than buying a car in your own name. Recently I reviewed a quote from a salary packaging firm...

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Investment Properties & Tax

Introduction  When investing in a rental property, it is essential to realise that tax isn’t the most important factor. The most important factor is to buy a house that will increase in value as much as possible. This sounds obvious, but it is surprising how many...

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Asset Protection

Introduction Asset protection is one of the most important issues when considering wealth building. How tragic it is when people work hard for years to accumulate wealth, only to then lose it due to poor planning decisions. Threats to assets include loss in market...

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Small Business Structures

Introduction This article is a brief overview of the most common small business structures. It primarily applies to small businesses. The definition of a “small business entity” for tax purposes is essentially a taxpayer which has less than $2 Million aggregated...

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How to Choose an Accountant

There are a number of issues to consider when choosing an accountant. Some issues will be more important than others, depending on your situation. This article explains things you need to be aware of when you choose an accountant. Location Location used to be an...

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Tax Scammers

Tax Scammers are increasing their efforts and employing new techniques to scam unsuspecting taxpayers as the 31st October deadline for individual tax returns approaches. Scammers are reportedly phoning taxpayers to falsely claim that they are being audited, urging...

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