For some people, early retirement is a choice. For others, it’s a necessity. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about. 1. Know your goals Before you know exactly how much money you need to save, you need to know your goals for retirement. Do you want to live in… Read more
Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to take advantage of opportunities. Here are 6 money management tips… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. VIC: Melbourne’s Lockdown Fate Hangs in the Balance Authorities are locked in emergency talks about placing Melbourne in a five-day lockdown. A fresh cluster of COVID-19 cases in Victoria has grown to 15 in three days, and the next 24 hours are particularly critical as some of the infected… Read more
Accounts receivable is about getting paid for the work you do – in business, it doesn’t get much more important than that. The process covers every part of the payment lifecycle – finding customers, communicating expectations, billing correctly and following up on late invoices. Here’s how to build an effective accounts system in your small business: Pick the right clients – Before you take on new customers, run credit checks and… Read more
Welcome back to our Weekly Digest. Here’s the latest: JobMaker Hiring Credit’s Second Claim Period Now Open The second claim period of the JobMaker Hiring Credit is now open. If you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments: up to $10,400 over a year for each additional eligible employee aged 16 to 29 years up to $5,200 over a… Read more
Every business experiences slow periods when the market for their goods or services lessens and sales drop. Business owners might be tempted to view down times as unproductive or wasted, but there are ways you can make the most of your business during these seasons. Here are four ways to ensure this time isn’t wasted. Take a good look at your business When things are busy it gets easy to… Read more
Welcome back to our Weekly Digest. Read on for the highlights from the Australian Federal Budget, the latest updates and some ideas to help us all move forward. Australia to Reopen Doors to India Australia will lift a ban on its citizens returning from COVID-ravaged India next week, as state officials reported that an outbreak in Sydney appeared to be contained. The Prime Minister stood by his decision to impose… Read more
The Federal Budget for 2021/22 was announced yesterday, 11th May 2021. Here’s the highlights including tax measures, superannuation changes and extensions to Government support post-covid. Tax Related Measures Personal tax rates: No changes to personal tax rates LMITO retained for 2021/22: The Low and Middle Income Tax Offset (LMITO) will be retained for the 2021/22 financial year. This provides a tax reduction ranging up to $1,080 for individuals and $2,160… Read more
Treasurer Josh Frydenberg has released the 2021 Federal Budget and confirmed Australia’s economy is performing more strongly than was expected six months ago. 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 Budget Overview This budget assumes our international borders won’t reopen until mid-2022.… Read more
As your business grows, there will be an increasing need to create new roles and hire new employees. A job description will be an essential document for defining the responsibilities of the role, outlining the kind of applicant you’re searching for, and setting out your aims for how this new employee will fit into your existing operations as a business. So, what are the key elements to include in your… Read more
Gone are the days when an entrepreneur was expected to be entirely focused on making a profit. Obviously, earning money is important to being sustainable and therefore staying in business, but it’s possible to both earn a profit and contribute to a positive difference in the world around you, too. There are great reasons for doing so. Making a positive difference contributes to the greater good. It can also boost… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Perth Dodges New Lockdown West Australian Premier Mark McGowan announced on Sunday that there will be no second snap-lockdown in Perth. However, COVID-19 restrictions will still be imposed after reports that a hotel quarantine security guard and two of his housemates tested positive for the virus. Nightclubs will be… Read more
Congratulations, you have jumped into being a sole trader and left the safety net of having a regular wage each week behind. Success in small business is as much about planning as it is about ability. If the year of Covid has taught us anything as Newcastle based business owners, it is that we need to prepare for the unexpected. It may not be another pandemic; I have seen many… Read more
Everyone would like to become a better investor. People get into a twist trying this method and that only to abandon their stocks for the next new thing. There’s an easier way, and it involves following a few simple suggestions. Stop watching the market and start your watching stocks Just because the market is frothy doesn’t mean your stock’s price is. Just because the market is sinking doesn’t mean… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Flights Between NZ and Western Australia Resumes New Zealand has reopened quarantine-free travel with Western Australia from midday Wednesday. This comes after it was revealed a traveller from Perth was able to enter New Zealand despite the Australian city being locked down. Travellers who have been identified as contacts… Read more
The superannuation guarantee statutory rate has remained at 9.5% since July 2014. However plans have been in place for some years now to increase incrementally increase this to 12%. In July 2021, the rate will rise to 10%. From then on, the rate will increase by 0.5% each year until July 2025 when it will reach the legislated 12%. Prior to the delayed 2020 federal budget, there was discussion about… Read more
Feeling like you’ve lost control of your finances? Everything is going to debt and nothing for you and your family to enjoy life? Living a debt-free life is one of the dreams of many people. However, paying down your debt is easier said than done. Some people struggle to keep up with their monthly bills and become overwhelmed with the amount of debt they have to pay. In these circumstances,… Read more
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. Australia- New Zealand Travel Bubble Now Open The long-anticipated travel bubble between Australia and New Zealand started on Monday, marking the first step towards the gradual reopening to the rest of the world. Since October, Australia allows New Zealanders to arrive without going into quarantine, but New Zealand has… Read more
Turning a profit is at the heart of running any successful company. But should profits be the only financial focus if you’re looking to create a stable, long-term business? Cashflow is the beating heart of your business. Without an even and predictable flow of cash into the company, you can’t cover your overheads, you can’t pay your employees and you can’t run your day-to-day operations – let alone think about… Read more
Seeking outside funding for your business is a big step. Whether you’re expanding your company or starting a new one, it makes sense to feel a little nervous. If you combine your passion for your company with detailed financials and meticulous planning, there’s nothing to be afraid of. Have a plan, know your stuff and add some spark Investors want to know that you have a plan – They also want… Read more