Articles

Income tax return: what to report

Income tax return: what to report

The time to report and lodge your annual tax return for your business is fast approaching. Remember, what you must report will depend upon the type of business entity you have. Sole traders As a sole trader, you are required to lodge a tax return even if your income...

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Winding up a SMSF

Winding up a SMSF

The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF auditor. When lodging your SMSF annual return, answer Question 9 in...

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Ways to improve employee development

Ways to improve employee development

Focusing on your employees’ development is one of the best long-term investments you can make for your small business. How well they perform and grow in their roles will not only increase efficiency in your business but also improve your employees’ engagement levels...

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How to recover from a social media blunder

How to recover from a social media blunder

Having an effective social media strategy in place will help your staff avoid making errors when posting content under your business’ name online. However, there may come a time when a social media blunder occurs, and your business’ branding image is placed at risk....

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TPRS extension to contractors

TPRS extension to contractors

From 1 July 2018, businesses that supply cleaning or courier services must report payments made to contractors (if payments are for cleaning or courier services) via the Taxable payments annual report (TPAR) each year. However, the ATO does not require taxpayers to...

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How to use Facebook effectively

How to use Facebook effectively

With the way in which social media platforms are always evolving, it is essential to keep yourself up to date with how to use the technology in a relevant way. Based on the recent changes Facebook has made, it is now more important than ever to design a social media...

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Avoid being short changed with your super

Avoid being short changed with your super

With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take to ensure you are being paid correctly. Consider the following: Understand your...

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Following up on your debtors

Following up on your debtors

It is important for business owners to be consistent when chasing debtors to recover debts in a timely manner. By doing so, they will be able to maintain stable customer relationships while continuing to grow their business wealth. Business owners should consider...

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Friendly competition in the workplace

Friendly competition in the workplace

When done wrong, competition in the workplace can create a toxic and cutthroat environment. But when done well, a healthy competitive culture not only improves overall business productivity levels but can boost morale and create a sense of a community for your staff....

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Customer service and social media

Customer service and social media

Offering customer service through social media can be difficult. People are used to speaking to a real person, and since social media is all online, businesses cannot add a personal touch to what the customer wants to be addressed. Businesses cannot see a customer’s...

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Tax deduction for landcare operations

Tax deduction for landcare operations

You may be able to claim a tax deduction for capital expenditure on a landcare operation in Australia in the year it is incurred. Providing you are a primary producer, a rural land irrigation water provider who incurred the expenditure on or after 1 July 2004, or a...

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Rental property and tax

Rental property and tax

The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records to keep (for the period the individual owns the property for...

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Super contribution caps: the basics

Super contribution caps: the basics

Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at lower rates. Once you go over these caps, you may be required to pay additional tax. The...

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Inclusivity in the workplace

Inclusivity in the workplace

Creating a workplace environment that fosters inclusivity and belonging for all is important for the longevity of your business. When people feel safe and a sense of community, they are bound to feel happier and thus enjoy being connected to your business. There a...

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Making content go viral

Making content go viral

Making web content that goes viral is a fantastic asset for your business; the more people that are discussing your business, the more likely your profit margin will increase. Unfortunately, making quality content go viral isn’t easy. Understanding what it takes to...

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Launching a business: mistakes to avoid

Launching a business: mistakes to avoid

Launching a new business for the first time is an exciting phase for every entrepreneur. However, it is important to increase your chances for success by being aware of and avoiding common mistakes that can occur when beginning a business. Take a look at these five...

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Landing your first customers

Landing your first customers

You have launched your very own startup, your product or service is ready, but you are stuck on how to land your first customer? Consider these handy tips to get the ball rolling! It’s all about networking Attending industry functions and other networking events is a...

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Understanding redundancy

Understanding redundancy

It is important to understand what your legal obligations entail before you make an employee redundant. You must make sure it is a ‘genuine redundancy’. Otherwise, you risk the employee lodging an unfair dismissal claim against you with the Fair Work Commission. Your...

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Colour psychology in web design

Colour psychology in web design

It is no secret that the colour palette you use to design your website will influence what visitors to the site will think of your business. However, colours do more than this, they can also significantly affect the buying actions your customers will take when...

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Avoid these top tax misconceptions

Avoid these top tax misconceptions

As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card statements as proof of claim Debunked: When...

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Create the perfect call to action

Create the perfect call to action

A great call to action (CTA) can increase customer engagement and boost a business’s website conversion rates. It can convince customers to engage in a particular action, such as visiting a business’s website or motivate them to make a purchase after viewing a...

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Income tax gap results

Income tax gap results

The ATO has released its latest findings on the tax gap for Australian individuals. The estimated gap in 2014-15 is approximately $8.7 billion or 6.4 per cent. The income gap is an estimate of the difference between the tax the ATO collects and the amount that would...

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Superannuation Guarantee Amnesty

Superannuation Guarantee Amnesty

The Superannuation Guarantee Amnesty was introduced on 24 May 2018 by the Minister for Revenue and Financial Services in a bid to tackle non-payment of employee super. The Amnesty provides a one-off opportunity for employers to self-correct any past super guarantee...

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Engaging in effective negotiation

Engaging in effective negotiation

The key to success is remembering that everything is negotiable, and that to get a deal you must ask for one. Many people stop right there because negotiating makes them uncomfortable. They view the process as a contest of wills in which power determines outcome, each...

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‘Tuning in’ to your customers

‘Tuning in’ to your customers

One of the easiest ways a small business can fail is simply by falling out of sync with their target market. However, this can be avoided through actively listening to your customers, rather than merely assuming what will work better when considering any changes to...

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Writing for social media

Writing for social media

Engaging in social media is more than sharing just one basic social message on multiple platforms. When writing posts for social media, businesses must tailor their message to the audience they are trying to reach on each network. Simply publishing the same message on...

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Avoid scams this tax time

Avoid scams this tax time

The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time. With over 37,000 scam attempts reported to the ATO this time, last year, individuals need to be wary of scam artists looking to...

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Reviewing your super

Reviewing your super

The ATO is encouraging taxpayers to review their super this tax time. Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg. There is over $18 billion in lost and unclaimed super. Those who have changed their...

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Growing your small business

Growing your small business

Has your small business hit a slump lately? It may be time to develop a growth-focused strategy that can take your business to the next level. Consider these ideas when designing your plan of attack. Re-evaluate your small business It is important to find out what...

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Why have a dedicated IP address?

Why have a dedicated IP address?

A dedicated IP address provides businesses with higher website stability, control and protection. IP stands for Internet Protocol and is the unique address that is assigned to each computer that is connected to a certain network. The address provides the location of a...

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Penalty relief for taxpayers

Penalty relief for taxpayers

From 1 July 2018, the Tax Office is advising Australians that if they find an error in their tax return or activity statement they will not incur a penalty but will advise of the error and how to get it right next time. Penalty relief will only apply to eligible...

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Bad business habits

Bad business habits

When you run your own business, it can be hard to step back and look at the big picture. Failing to do so, however, not only harms your business; it can also make it even harder to sell. Whether it is failing to track cash flow or not investing correctly in key staff,...

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Beware common drawbacks of split testing

Beware common drawbacks of split testing

Businesses must be aware of the typical drawbacks associated with split testing if they are to improve the success rate of their email marketing campaigns. Split testing can provide businesses with valuable information that can improve email marketing campaigns, but...

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Building a solid startup

Building a solid startup

It is no secret that most startups will fail in their first three years of operation, so building a new business that can not only survive but thrive in the face of a challenge is of the utmost importance. Ensuring your business is strong enough to move past any...

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Hire a virtual assistant

Hire a virtual assistant

For those entrepreneurs building a brand new startup, hiring a virtual assistant as their first employee is a perfect way to delegate work when you do not yet have the budget to hire full-time staff or rent office space. Having a virtual assistant on hand to complete...

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Personal Income Tax Plan passed

Personal Income Tax Plan passed

The Personal Income Tax Plan announced as part of this year’s Federal Budget has been passed by Parliament. The plan introduces: – a new low and middle-income tax offset to reduce the tax payable by low and middle-income earners in the 2018-19, 2019-20, 2020-2021 and...

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Simplifying your marketing

Simplifying your marketing

Overcomplicating your marketing efforts in a bid to increase awareness and boost sales is a common trap. As the marketing industry continues to overcrowd and evolve with technology, businesses need to look for ways to break through the noise and send their audiences a...

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Boost your business’ cash flow

Boost your business’ cash flow

Managing cash flow is the golden rule for most small business success. Too many small businesses fail due to poor cash flow management. To avoid getting your business into trouble, consider the following tips: Prepare a cash flow projection – Cash receipts, including...

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What is link building?

What is link building?

Link building is an SEO strategy that firms can use to improve their search engine ranking. It is a long-term and often time-consuming process of acquiring backlinks, also known as inbound links, from other websites to a firm’s website. Search engines use the number...

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Claiming clothing this tax time?

Claiming clothing this tax time?

The Australian Tax Office (ATO) is cracking down on claims for work-related clothing and laundry expenses this tax time. Last year total claims for work-related clothing and laundry expenses totalled nearly $1.8 billion. The ATO has acknowledged that many of these...

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