Author Archives: Collins and Co
How to motivate and incentivise employees
Each employee is motivated and incentivised by different things. While some employees are more motivated by money, others might feel motivated when their work is recognised. It is important to try to understand what will best work for an employee and reward them accordingly to ensure productivity. Providing an incentive will motivate certain employees to […]
Conducting due diligence when buying an existing business
You’ve found the perfect business for you to buy. It fits all your requirements and you’re in a position where you can comfortably buy the business. What’s next? Before you sign the contract to finalise the buy, it is important to conduct due diligence. For this, you should review the financial records, business operations and […]
Self-managed super funds (SMSF) aren’t just about financial investment
Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this sounds enticing, the downside is that they involve a lot more time and effort as all investment is managed by the members/trustees. Firstly, SMSFs require a lot of on-going investment of time: Aside […]
Partnership Agreements: What you need to know
A partnership agreement formalises the business relationship between two partners. It can cover everything from low-level processes, up to how dispute resolution will take place in the business.  Business partners are personally liable for the business in a partnership, therefore, determining the finer details is extremely important and can prevent complications down the line. The […]
What record-keeping requirements does the ATO have in place?
Record-keeping, if done well, can help running a business much easier. It gives you an overview of the business’ financial progress so that owners can assess their strengths and weaknesses and make decisions accordingly. Record keeping also enables owners to meet their tax and superannuation obligations easily – all the data and information required is […]
Roadmap to a digital transformation
Digital transformation of a business allows you to reach a wider audience and makes interaction with your business a lot more appealing as it is convenient for customers. This will help your business grow and flourish in today’s atmosphere. To start off your transformation, you need to know the rules. You should protect your business […]
The risks involved in debt consolidation
Debt consolidation is a form of refinancing which involves taking one larger loan out to pay off multiple small ones. Although this might make managing repayments easier, you may end up paying more money interest rate or fees. There will be companies that make offers which are too good to be true. If you feel […]
Why company culture is important
Company culture has become an important part of how businesses are perceived. Businesses with a positive culture are more likely to attract clients and customers. Statistics also show that over 50% of executives believe that having a good culture can influence productivity, creativity, profitability, firm value and growth rates. However, while it can be easier […]
Transition to retirement
The transition to retirement (TTR) strategy allows you to access some of your super while you continue to work. You are able to use the TTR strategy if you are aged 55 to 60. You can use it to supplement your income if you reduce your work hours or boost your super and save on […]
Tax contributions on your super
How much tax you pay on your super contributions and withdrawals depends on a variety of factors. The process takes into account your total super amount, your age, and the type of contribution or withdrawal you make. How are super contributions taxed? The money that you contribute to your super account through your employer is […]