Blog

It can be difficult for small businesses to grow their customer base beyond the realms of the local community. Generating new business, however, is fundamental to business success, no matter how challenging it may seem. Here are three ideas small businesses can do to help keep their local customer base strong, while at the sameRead more

Self-managed super funds (SMSFs) are allowed to invest a private company or business provided the business is operated for the sole purpose of providing retirement benefits for fund members and it is allowed under the trust deed. SMSF trustees must take into account the sole purpose test when determining whether purchasing a private company orRead more

The Australian Tax Office allows Australians who work at or from their home to claim a deduction for the additional expenses they incur from running their business. Generally speaking, the deductible expenses that can be claimed are divided into two categories; occupancy expenses and running expenses. Occupancy expenses: relate to ‘the place of business’, i.e.Read more

New PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Government announced in July that the marginal tax rate of 37 per cent, for individual taxpayers, will start at $87,000 instead of the current $80,000. This means the 32.5 per cent tax threshold has increased fromRead more

A new law, introduced from 12 November 2016, will protect small businesses from unfair terms in standard form contracts. A standard form contract is one that has been prepared by one party to the contract and where the other party has little or no opportunity to negotiate the terms. Small businesses enter into and renewRead more

With usual recruitment cycles taking up to two months, business owners may panic when faced with the need for a quick replacement. Fortunately, there are some ways to prepare for a speedy recruitment process: Look internallyExternal hiring can be lengthy, between interviews, background checks and competency tests, an external hire can take months. Consider notifyingRead more

Email marketing is one of the most cost-effective ways to attract customers. However, the challenge in successful email marketing campaigns lies in securing your email subscribers. With the right strategy, businesses can ensure their current subscribers remain engaged whilst gaining new subscribers. Here are three tips to retain your subscriber list: 1. Create enticing subjectRead more

Seasonal businesses can confront many cash flow problems if it is not accurately forecasted and monitored. The cyclical nature of seasonal businesses makes them prone to cash shortfalls as they rely on sales to peak at a certain time of the year. The basic operating expenses still remain in their off-season so it is crucialRead more

Customer complaints are an inevitable part of running a business. Managing customer complaints helps to retain existing customers and improve overall customer service. It is crucial to deal with complaints in an appropriate manner as poorly handled complaints can see customers withdraw their business and encourage others to do so too. Here are four tipsRead more

The Australian Tax Office (ATO) is taking a more serious approach to SMSF non-compliance over the coming year. The Tax Office has found that more than an acceptable number of SMSF trustees are lacking transparency and are operating of the system, i.e. not lodging SMSF annual tax returns and/or not undergoing an annual independent audit.Read more