We're expecting to see a huge increase in the number of tax audits over the next 12 months. As your tax accountants, we're sharing tips on what to be aware of with the ATO, and how you can protect yourself.
In a recent twist in the 'fake tax debt' scam, we have received increasing reports of a new scam method where scammers impersonate registered agents to lend legitimacy to their phone call. How are they doing this? What to do if you receive such a call...
The government has warned taxpayers to be wary of scams that commonly appear around tax time.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. Others will reduce your exposure to an ATO tax audit. We have outlined these important end of financial year action points below to assist you.
Recently, the Minimum Wage Panel (“Panel”) has today handed down its ninth minimum wage decision which increased the National Minimum Wage, together with all Modern Award minimum rates of pay, by 3.5%.
It’s now one week after the Budget was released, and in hindsight there were very few changes that affect most Australians.
Apart from the promised phased personal income tax cuts and the “overhaul” of the R&D tax incentive, the 2018 Federal Budget did not contain many measures that resembled significant tax reform.
There are new mandatory salary and super reporting requirements commencing 1 July 2018.
Single Touch Payroll (STP) is a government initiative that will change the way you report on your payroll to the ATO from 1 July 2018.
On 31 March 2018, the Fringe Benefits Tax (FBT) year ends. With the ever increase budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.
To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about FBT and review every year, such as:
Protecting your business and your data in today’s online world is one of the most important things you can do.
Here’s our top 5 tips to help you and your business.
Welcome to 2018! There are 2 big changes in 2018 that may affect you and your business. Without wanting to panic you, big fines may apply if your business (and your employees) don’t abide by these new laws.
What's holding you back from taking control of your financial future? Discover the five mind tricks that can stop you from achieving financial success and what you can do to avoid them.
How can you make your business worth a larger amount when you want to sell it? Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it.
What is the best way to provide children with financial assistance? Most parents think they are being kind when they gift money to children, but is that the best course of action? In our latest read below we look into two examples, and three tips to being smart, not sad parents.
Why do you own a business? It's interesting to consider this question because we are shocked at how many business owners haven't taken the time to consider this fundamental question...
Everyone wants a great tax refund (or the lowest tax to pay). We're here to help you claim every last dollar you can, by working for you, not Mr Taxman. Here are 4 key essentials to get you started.
After helping thousands of clients over the past 26 years, there's 3 key things I believe you will incredibly benefit from doing in the next month.
Happy new financial year! We hope last year’s was financially prosperous and here’s to another exciting year ahead.
However, as it is the new financial year, it’s time to ensure that you’re paying up to the correct award rates.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you.
We at Change Accountants are here to help you make smart financial decisions now so you can have a beautiful financial future. One way we do that is through careful tax planning! If you haven’t met with us yet, now is the time to contact us to arrange a tax planning meeting, so we can help you limit your tax payments, and grow your wealth.
From 1 July 2017, a new tax measure will come into play for small businesses, and we're here to help prepare you for this tax change.
Major changes to tax and superannuation have just been approved by the Government in early December 2016. These are the biggest changes in the last 10 years. They are significant.
Is your accountant ticking all the boxes and adding value to your business? Here's our promised final 5 out of 10 tips to getting the most out of your accountant while managing the cost of their service.
After eleven months of campaigning, the US has now voted and elected it’s 45th President, Donald Trump.
Family wealth can take a lifetime to accrue, but can also disappear in an instant through poorly considered generosity.
The Australian Tax Office (ATO) have released new tax tables that will take effect next week – whether you pay wages or receive a regular wage, here are some tips to get you ready for the changes.
The best accountants add value to your business, all for an affordable cost that you can control.
Do you run a business with employees? If yes, then we can guide you to take care of your Human Resources (HR) the EASY way.
Many aren’t aware that they can claim home office expenses. Whether your self-employed, a business owner or an employee - do you perform some of your work from home? If you do, here is a quick summary of the tax rules, and what home office expenses are allowed.
Another financial year is about to finish! As a business owner, there are many obligations that you need to consider and action just before and just after 30 June. Some of these will help to minimise your tax. We have outlined these action points below to assist you.
On Tuesday, 3 May 2016, the Federal Treasurer, Scott Morrison, revealed his first Federal Budget. The Budget announcements include some major superannuation tax changes, and other measures which impact individual income tax, small businesses, and corporate taxation.
Let tax planning be more than just getting a bigger refund. It’s the last quarter of the financial year. It’s the best time to review your profits, estimate your tax bill and determine what you can do to get your tax bill as low as possible (or your refund as high as possible).
How do I know if I need to pay FBT? What is exempt from FBT? And what to be aware of come 1 April 2016.
The new way of processing Superannuation Payments is almost here. Are you ready?
What if we could tell you there's a way to boost your superannuation earnings that reduces the amount of tax you have to pay on your contributions at the same time, would you be interested?
Welcome to 2016!
To help your business start 2016 off on the right foot, we’ve put together a list of changes for business that came into effect from 1 January 2016.
Writing a fantastic blog is just the first part in the process of channeling more traffic to your site. To be of any value, it needs to be read and shared by your audience and beyond. Below are five of the most common and effective ways to give your content exposure.
What do Elizabeth Holmes, Sara Blakely, Linda Avey and Arianna Huffington have in common? They are all female entrepreneurs who have successfully built billion dollar businesses. But what does differ dramatically is their age.
If you are a business owner, moving your accounting software from “on-premise” to “the cloud” can bring huge benefits. Not only could you save bucket loads of time, but cloud accounting software is cheaper, more secure and accessible anywhere.
It could be one of the most asked questions by trade contractors: should I be focusing on my cash flow or my profits? It can be a difficult question to answer, as cash flow and profit both play critical roles.
Every business wants to make each year better than the last, and at Vend, we’re all for helping retailers do exactly that. So for this post, we’ve put together some action steps that you can implement to help make 2016 your best year yet.
Whether last year’s performance could use a lot of improvement, or you did extremely well and want to break your own record, the pointers below will help you kick off the year strong:
If you’re a busy business owner with lots on your plate, it can sometimes be overwhelming knowing where to begin. But if you try and do it all, things will undoubtedly get neglected, or you’ll find yourself dreading those painful hours when you have to trawl through hundreds of unread mails.
Here’s ten ways to make sure that you start 2016 with purpose, vision and the courage to super-charge your firm!
Does your business have a story? The kind of story that demonstrates your business is committed to upholding its values? This may be key in retaining staff and making them happy.
Surveys are great. They often provide you the down and dirty data needed to develop or validate a hypothesis.
Market research is another fantastic tool. It provides the broad net needed to understand the intricacies of who your target customer is, and what their pain points and needs are.
Businesses that boost the technical skills of their employees lift their productivity and profits, as well as improve worker satisfaction. Despite knowing this, most firms still suffer from skill gaps.
A recent survey in the UK found that while most companies accepted the business benefits that would flow from improving their staff’s digital skills, only 14 percent felt their staff training was adequate.
Effective and supportive management is a key ingredient in making sure your employees love their jobs. And one of the most important aspects of being a good manager is giving clear feedback to your team members. This is something you should be doing consistently throughout the year. But yearly performance reviews are the perfect opportunity to reflect holistically on what went well and what could use some work. Here are some tips for how to conduct constructive and effective yearly performance reviews.
The holiday season is only a week away. What are you looking forward to doing then?
Fun and festivities with family & friends? “Yes please”, I hear you say.
Frustrating form-filling for FBT? “NO WAY”, you say (shhh, I can hear you from here!!)
Christmas is a great opportunity to relax and recharge, but if you’re like us, you might find it hard to just drop everything and take it easy.
Instead, you are just as likely to spend the first half of your long-anticipated break worrying about an unfinished project, checking your emails, and stuck with your brain in the office while your body is on leave.
The latest you need to know.
In today’s competitive marketplace, there is little room for error for owners and operators in the field services industry. Businesses are under more pressure than ever to deliver an exceptional service that aligns with what customers expect.
So you’ve made a New Year's Resolution. Several in fact. You’ve declared next year is YOUR year. Your business is going to triple, you’re going to be more productive, manage your teams better, nail time tracking on its head, and finally learn all those collaboration tools and apps you’ve been meaning to. You’ve got it sussed...or so you think until February rolls around, you’ve started none of the above and the year is about to slip past as it’s always done.
If January 2016 mirrors the years that have gone before, it will be the busiest month in the calendar for people starting a business. Returning from Christmas to an unfulfilling job and a burning idea to turn a hobby or passion into a way of making a living, people in their droves will take steps to become their own boss. Will you be one of them?
When building a business, it is important to learn as much as possible from industry leaders and people with experience. Fortunately, many of these people have written about their experiences and distilled their most influential and successful ideas into books. There are thousands of business books, each claiming to teach you something vital to your success. Below are some of our favourites and ones we find genuinely enlightening.
In a competitive market, customer loyalty is everything. Keep your customers coming back for more and encourage them to become loyal brand advocates, and profitable growth is a given.
Where to in 2016?
Customers. Without them, you wouldn't be in business. But sometimes they are the sole cause of all our stress and woe. That's especially true during busy times of the year, which for many industries is the leadup to the holiday season.
We all know that cash flow is king. But just how much sway does it have? Well, you might want to ask the nine out of 10 small businesses that have failed because of cash flow problems. That’s, right, according to D&B, 90% of small businesses close their doors because of poor cash flow management.
One of the biggest troubles small business owners face is access to capital. So activities like theft or fraud can cripple a small business in a heartbeat.
I received some excellent marketing advice recently from Lori Nash Byron the founder of Famous in Your Field. Lori was talking about the power of content marketing. And here a few of the tips she shared with me about content marketing.
When you sell an expensive or high priced service there are three marketing challenges you need to solve…
One of my favourite marketing experts is my good friend Troy White in Calgary Canada. 7 years ago Troy had an epiphany. He realized that the best marketing promotions he had done for his clients involved some wacky themes.
Blogging is one of the most valuable tools that a business has to engage with customers; it’s a direct communication channel to share timely and relevant information, plus, it fuels SEO for your business website.
Do you a run a business and express ideas or information in your own unique way? You should understand if your work is protected under the Copyright Act 1968 (the Copyright Act).
As a business owner, you can generally decide who you want to do business with, but in some circumstances you could be breaking the law if you refuse.
Whether you’re a supplier, manufacturer, wholesaler, or distributor, it’s a good idea to understand when refusing to supply is allowed and when it’s against the law.
Does your business use telemarketing or fax marketing to promote goods or services?
If so, you need to be aware of your obligations under the Do Not Call Register Act External Site.
At Xero, we use the power of technology to foster innovation, connection and entrepreneurialism. To create beautiful work that makes a difference. This is why each month, we speak to business leaders within our like-minded community – to see how they apply similar values to shape their businesses, and their futures.
This month, we speak to Ted Gethen – founder of The Black Label Tailoring. Together with his business partner, Brendan, Ted has built a strong supply chain and opened four stores which give men the opportunity to dress with style and comfort, at a price point they can afford.
Ted tells us in his words why personal customer service has become the cornerstone of their success. And also how, in a world of internet shopping, their bricks-and-mortar business continues to thrive.
Want to succeed as a small business owner? Have a mentor or an accountant. Our recent Make or Break? report shows that asking for help from mentors and advisors, and having a good relationship with your accountant, means you have a leg up. The research was timed to coincide with Global Entrepreneurship Week which kicks-off today.
The promise of free-shipping can seem too good to be true, and often it is suspected that the shipping costs have been absorbed into the price of the goods. This can sometimes be true, but with products that are available online direct from the manufacturer, it makes it harder for retailers to add their own mark-up. Competing on price becomes impossible and retailers have to find other ways to set themselves apart. Free shipping becomes the next logical step.
Technology has changed business as we once knew it… And it’s not stopping either. The changes are quickly advancing. In order to thrive and succeed in today’s fast paced environment, your business not only needs to able to adapt, it needs to remain one step ahead.
Are you thinking of starting a retail business? Do you already have a brick and mortar store and have been thinking of making a switch to ecommerce? Operating an online-only store has many advantages, and if you can learn the fundamentals of online marketing for retail, it can be a very fulfilling and liberating endeavour. Let’s consider some of the advantages of trading purely online:
There is never enough time in the day to do everything, which is why it is important to make the most of the time you do have. The biggest hurdle to efficient time use is a lack of planning and structure. Follow these tips and you will find yourself being more productive and less stressed.
Entrepreneurs will often say you’ve got to fail fast and learn faster if you want to succeed. It’s these learnings which not only make you a better business owner but also increase your chances of establishing a successful business.
In honor of Women’s Entrepreneurship Day, we want to celebrate women who are out there working hard on their businesses. We know starting and running your own business presents new challenges everyday. From getting funding, to keeping on top of your cash flow, to trying to be more productive. Every day it’s something new.
We asked 500 small business owners about how the run their business and the things they think about every day. We found that the women in our survey are constantly hustling for their business. Not only that, they tend to only turn to their accountant during tax times. We know that having a great advisor can be the key to maintaining a healthy business.
Take a look at some of the other findings from our survey:
As a small business owner, you should take any edge you can get when it comes to being successful. You never know what piece of advice is going to be the key to breaking your business wide open.
That’s why we launched our Make or Break? report,which looks into what makes businesses more likely to succeed or fail, in honor of Global Entrepreneurship Week. We want to give you all the information you need to make an informed decision about your business.
Here’s a quick flow chart to help you decide how to take the next steps in your business.
Branding is the emotional response your business evokes in its audience. It is more than a logo or a series of advertisements, it encompasses all the accumulated interactions your business has with customers. A brand is the core identity of your business and can be a powerful tool in ensuring your customers return, as well as recommend you to their friends and family. Successful branding is about capturing the hearts and minds of customers and turning them from people who use your product to advocates who go out of their way to choose you over a competitor. This loyalty is the foundation of many successful companies, from Apple to McDonalds, Coca Cola and many more.
Developing product and brand names that become iconic is an art, with a whole range of factors that need to come together at the right time. These include things that are in your control, such as the words themselves, and other societal elements that no one can predict. To give your new name the best chance of success, consider the following when creating a moniker for your business or latest product.
A gift guide is one of the most powerful tools you can have during the holidays. It allows you to showcase your products, inspire shoppers, and stay top of mind throughout the season.
But it’s important to note that creating a winning gift guide takes more than just rounding up your products and putting them in a catalogue. Releasing gift guides is a tradition in the retail world, so you have to be creative with how you craft and market them.
The results are in. If you’re not proactively listening to business online reviews, you might be missing out on key insights into how to grow an online business.
This consumer review survey by BrightLocal highlights how customer reviews play a vital role in helping businesses build trust with their audience.
Instagram is one of the big four social networks, alongside Twitter, Facebook and LinkedIn. It took what people loved most about Facebook, sharing photos, and turned it into a global phenomenon. An average of 55 million photos are uploaded to the platform every day, which means a lot of users and a big opportunity for brands that can harness Instagram’s power.
Social media isn’t just about viral videos or selfies. For consumers, sites and apps such as Facebook, Instagram, and Twitter are playing an increasingly large role in their path to purchase.
This is why it’s so important for retailers to invest in social media marketing. Having a strong presence in relevant social networks not only gives you an avenue to communicate with your audience, it also allows you to stay in the radars of your customers. This in turn, increases the likelihood of a shopper choosing your brand when they’re ready to buy.
I bet we can all agree that we don’t need anything else to be stressed out about. Unfortunately, new research shows that being stressed can affect your health.
We’ve known for a long time that stress and health are closely correlated and it’s easy to put one above the other, but now it seems that they are both of equal importance for day-to-day health.
Chances are, at some point in time you’ve probably messed up a spreadsheet. And when we take into account that nearly 9 out 10 spreadsheets contain errors, that’s to be expected! But when millions of pounds are at stake it becomes a bit more important to get your spreadsheet right…
Employers know the importance of keeping their teams engaged. Engaged staff are more motivated. They collaborate more effectively, driving your business to success. Combined with work-life balance, engagement is the path to retention, productivity and, ultimately, competitive advantage.
So, what’s the real reason the Holiday season is considered so difficult for hospitality businesses down under?
With the end of the year nearing, it won’t be long now until most Australian and New Zealand companies begin winding down, planning their summer holidays and organising what they’re going to do over the long break. However, while most people are winding down, hospitality businesses are gearing up for their busiest period of the year.
You’re a business manager or owner, sitting in a room with 10 employees. Have a good look at them. What do you see? Do they all look like people who are happy and keen to show their talents and make a difference to your bottom line?
Chances are that this is unlikely. Alarmingly, statistics show that six of those 10 aren’t engaged in the business at all and another one, maybe two, are “actively disengaged”. If you’re lucky, two or three of them will understand what you and your business are really trying to achieve.
Why not too much, not too little, but just the right amount of inventory is crucial to your business.
One of the biggest and most important challenges many businesses will face is how to successfully manage and control their inventory. It is usually one of their biggest ongoing costs, and often one of the biggest overall investments.
A key area of business directly affects the overall health of a business is how accurate its inventory levels are. For businesses who fail to maintain a finger on the pulse of inventory as it flows through their operation the consequences can be dire – perhaps even fatal.
If your company is project-based, you probably have a framework or system in place for how you manage each project within your team. But even the most robust project management system will occasionally encounter a snafu.
Are you aware that if any of your children have a failed relationship, their share of your family wealth could end up going to another family?
Customer retention is the most important form of marketing. These are people who have already engaged with your business and their return depends on the quality of your products and the standard of your service. A loyalty program offers added value and a tangible reason to shop with your company again.
Yesterday we sent an email advising recipients they may need to change their Xero password. This email was originally intended for active users in Australia. However, it was distributed more widely. We apologize for any inconvenience or confusion, though this is a useful and timely reminder to change your passwords frequently.
This is general advice only and does not take into account your financial circumstances, needs and objectives. Before making any decision based on this document, you should assess your own circumstances or seek advice from your financial adviser and seek tax advice from your accountants at Change Accountants & Advisors. Information is current at the date of issue and may change.
Change Accountants & AdvIsors Pty Ltd does not give any warranty as to the accuracy, reliability or completeness of information which is contained in this website. Except insofar as any liability under statute cannot be excluded, Change Accountants & Advisors Pty Ltd and its employees do not accept any liability for any error or omission on this website or for any resulting loss or damage suffered by the recipient or any other person.