Monthly Archives: July 2020
JobKeeper to be extended
The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements. The new JobKeeper flat-rate payment after September will be reduced […]
How well are you using your email list?
Every business owner’s dream is a marketing strategy that is highly efficient while still being cost-effective. Email marketing is one such strategy that has seen a huge return on investment for businesses. Consider implementing the following strategies to get the most value from your email marketing campaigns. What is an email list?An email list is […]
Getting your money back from late-paying customers
Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt is left uncollected, your chances of getting your money back become slim. Consider these tips to avoid and manage debt recovery to save your business […]
How to avoid SMSF disputes
Self-managed super funds (SMSF) can be vulnerable to disputes, especially when family members are involved. SMSF disputes may be caused by a number of reasons such as relationship breakdowns, (common in funds where parents and siblings are in a member and trustee relationship) and fundamental differences in opinions. Other common triggers for SMSF disputes include: […]
What types of income do you need to include in your business’ tax return?
Due to changing economic circumstances, businesses may be receiving income from sources they have never received from, and may be unaware of their tax implications. In the event that they are listed below, you will need to include them in your business’ tax return. Government paymentsDue to COVID-19, many government grants and payments have been […]
Common tax mistakes that businesses make
Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look at them if you’ve failed to identify these errors before lodging tax returns for your business. Most mistakes made with regards to tax […]
What circumstances permit early access to your super?
Early access to your superannuation is permitted under a few limited circumstances outlined by the ATO. In the case that you are experiencing financial struggle and would like to withdraw from your super, be aware of the particular circumstances that will allow you to do so. Compassionate grounds: Withdrawing super on compassionate grounds is permitted […]
What is the criteria for a complying loan agreement?
Private companies may be incentivised to make loans to a shareholder or their associate during the income year in an effort to save on income tax. In order to remedy any inequities as a result of making shareholder loan agreements, the Government enforces compliance through a set number of rules. Loans which follow such rules […]
The Government introduces JobTrainer and wage subsidies
The Government has introduced a $2 billion JobTrainer scheme, which aims to help businesses train or re-skill workers in Australian industries of high demand. What is JobTrainer? The new scheme will create 340,700 job opportunities nation-wide and will be open to recent school graduates and workers looking to re-skill in a new industry. Industries that […]
How to build a successful virtual team
As the pandemic pushes businesses to run their usual operations online, it can be hard to make sure that your virtual teams are working efficiently and productively. Here are some tips to ensure your employees are communicating and working effectively despite being physically distanced. Use multiple communication tools The best way to make sure your […]