How to respond effectively to complaints

  Complaints are an unfortunate part of running a business, but they do happen. No matter how hard you work to please your clients, eventually someone will have something negative to say. However, with the right approach, you can turn complaints into a useful tool to strengthen your business. Here are 6 tips to effectively responding to complaints: 1. Remember that this is not an argument The reason that a…  Read more

5 ways to combat inflation

It seems that every news outlet is sounding the alarm about high inflation these days. While it might sound like it’s time to panic, you don’t have to. With a few adjustments, you can handily fight off inflation and possibly even benefit from the current economic climate. Read on to discover 5 ways you can combat inflation and make your money work harder for you. Find out what you spend…  Read more

5 ways outsourcing payroll can help you

When you start a business, you’re typically your only employee and payroll is about as simple as it gets. But as you grow, you hopefully find yourself in the position of needing to take on more employees. Before you know it, what was once a very straightforward task becomes a giant undertaking that’s sucking up most of your time. This is when it makes sense to outsource your payroll. While…  Read more

Tax Residency of an Individual – Why is it important?

For individuals, the key considerations in determining Australian Tax Residency are:  Source – residents are subject to tax on income from all sources, and capital gains from all sources, whereas non residents are only subject to tax on income from Australian sources, and in respect of capital gains, only if the relevant Capital Gains Tax (CGT) asset is Taxable Australian property (TAP);  Tax free threshold – residents are…  Read more

5 signs you have cash flow issues

Whether it’s for personal use or for your business, cash flow is important. The movement of money in and out keeps everything running smoothly, and you have to know where you stand. But what if it seems that your cash flow isn’t really, well, flowing? If it seems that you’ve tightened your belt in every area and still coming up short, you might have cash flow issues. Here are some…  Read more

How to manage payroll effectively

Payroll is one of those things that starts out simply enough. You start your business, hire a few employees, and things tick along pretty well. It’s straightforward enough to keep everything in line at first, but what happens to most companies is… they grow! This is a great thing, but it also means that payroll becomes more complicated. As such an important aspect of your business, it’s important that payroll…  Read more

How to keep your finances on track

When it comes to your finances, it’s a good idea to check in on your progress periodically, to see if any adjustments to your budget or changes in your habits are necessary. Even if you’ve set your budget for the year, you may learn a new strategy or have a priority come up suddenly that causes you to shift your thinking. Here are ways to take stock of your finances,…  Read more

How do I claim car expenses?

Can I claim car expenses when I drive my car from home to work? The answer is NO because the travel is private even if you do minor tasks on the way to work, such as deposit cash in the bank or collecting the mail. You can claim car expenses if or when: You travel between two places of employment and neither of them is your home You drive from…  Read more

What else can I claim as tax deductions?

Have you heard of the “carry forward unused concessional super contributions” rule? At the end of the financial year, many look to purchase new income-producing assets or make prepayments to reduce taxable income. However, prepayments are just a tax deferral rather than a tax reduction strategy. Making additional concessional super contributions is a tax reduction strategy as concessional super contributions are a tax deduction up to their cap. If you…  Read more

Australian Tax Office Focus Areas 2022

ATO 2022 Focus Areas Key targets for the Australian Taxation Offices (ATO) for the 2022 tax year include work-from-home employees or workers, property inventors, and cryptocurrency traders. A detailed and good record-keeping habit will leave you off the ATO radar. Work-from-home Apart from good record keeping, you will need to be logical in claiming the expenses. The ATO would expect to see a reduction in motor vehicles, dry-cleaning, and other…  Read more

How to Choose the Right Savings Account for You

Virtually everyone can use a savings account to help build up their wealth, but with so many options available, how do you pick the best savings account for you? The number of options available might make it more difficult to select which savings account to choose, but it also means that with a little bit of knowledge, research and strategy, you can almost certainly find a savings account that fits…  Read more

4 Steps to Retiring Early

Early retirement may sound like a big dream, but it is achievable if you’re willing to do some planning and stick to your strategy. Here are four steps you can take to put yourself in a position to retire early. 1. Figure out how much money you’ll need after you retire This involves figuring out what age you want to retire at–if you want to retire at 55 you’ll need…  Read more

Support for Small Businesses

Bonus Tax Deductions for Small Businesses The Technology Investment Boost allows small businesses to claim 120% of the costs of new technologies and training courses to upskill staff as deductions. An annual cap of $100,000 will apply to eligible technology expenditure, with the initiative set to last until 30 June 2023. Super to Cover More Employees From 1 July 2022, you will need to pay super to your employees who…  Read more

3 Ways to Delight Your Online Customers

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

6 Unconventional Ways to Market Your B2B Company

Sometimes you want to try something new when it comes to networking with other business owners. Here are some unconventional ways for you to grow your network and bring in new leads. 1. Collaborate with others in the industry You know your niche, so you know the questions to ask others when it comes to your industry. Collaborate with people who fit your ideal market. For example, you could create…  Read more

5 Effective Ways to Find New Clients

If you want your business to continue growing and thriving, you’ll need to find ways to bring in new clients. Here are 5 ways you can find new clients for your business. 1. Set aside time for marketing Regardless of whether marketing is your preferred activity, you need to set aside time for it. It’s easy to put marketing at the bottom of your priority list, but doing so makes…  Read more

Important Things to Know about an Estate Plan

If putting together your estate plan isn’t at the top of your priority list, you’re not alone. It’s something that people typically don’t want to do–for a variety of reasons. It’s not fun to think about what happens after we’re gone, and we often believe we have a lot of time to get our affairs in order. No matter how large or small your estate is, you need a plan…  Read more

4 Key Areas to Evaluate in Your Business Budget

With the potential for business life to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned…  Read more

Federal Budget 2022: What it means for you

Treasurer Josh Frydenberg has released the 2022 Federal Budget ahead of a Federal election in a few months. This article has a summary of the “Winners and Losers” of the Budget and we’ve compiled a recap of the key points below. Get in touch with us if you have any questions. A Quick Overview Due to soaring fuel prices, the fuel excise tax will be cut in half, saving motorists…  Read more

Nine Tips to Reduce Debtor Days for Construction Business Owners

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

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