The Federal Budget 2021/22 Explained

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

Federal Budget 2021: What it means for you

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

What do you write in a job description?

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

Contribute to the World While Making Money

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

5 Important tips for Newcastle’s sole traders starting a new business post-COVID

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

Are you prepared for the super guarantee rate rise?

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

Should I focus on profits or cashflow?

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

Funding for business: Passion

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

Is your business ready for hybrid working?

The Covid pandemic has changed the way we work and ushered in a new era of hybrid working. Is your business ready and able to offer this mix of on-site, off-site and remote working? When businesses were forced to close down their physical offices and workspaces, this brought technology to the fore. We’ve seen an increased use of remote working, video technologies and cloud-based business solutions. In 2021, Aussie’s are…  Read more

What do you want from your business?

What do you want from your business? When you started your business, you probably dreamed about flexible hours and highly profitable, stimulating work. Ideally, you would’ve adopted best practice and documented those dreams in a succinct Business Plan. The plan would specify how much cash you need from the business, your role, and the hours you’d be working. In other words, what the business was going to deliver to you…  Read more

Post-Pandemic Marketing Management

After a difficult year and ongoing lock-downs, you need to get back in touch with your customers and re-assess your marketing. Australians have all been through a tough and transformative time over the course of the Covid-19 pandemic. The world that existed pre-Covid has gone and we live in a post-Covid landscape where many areas of life, business and society have changed radically. For example: The standard 9-5 office-based work…  Read more

After funding for your business? Let an expert help

Top tips for successfully securing funding for your business The key enabler for success for many startups and small businesses is securing funding. Even with the growing support around the world for investing in entrepreneurs, many businesses still struggle with the preparation required when applying for funding. Here are our top tips: Network – get out there and build your network. This is invaluable not only to build the business, but…  Read more

Simple things your sales team must avoid

There are certain selling faux pas which your sales team must avoid in order to improve their results: 1. Chasing unsubstantiated leads. You must earn the right to sell to someone. Carefully consider who you target and how to build trust before pitching. You only get one chance to start a relationship; make sure you make a great first impression. 2. Being unprepared. If unprepared, you’ll instantly be on the…  Read more

Is your business eligible for the loss carry back tax offset this financial year?

As part of the Federal Budget 2020-21, the government announced a loss carry back measure to encourage new investment and work with the temporary asset expensing measures also announced at the budget. The new law started on 1 January 2021. Eligible corporate entities that previously had an income tax liability in a relevant year, and have subsequent losses, can claim a refundable tax offset up to the amount of their…  Read more

How to create good habits in business

If you’re like most small business owners, there are never enough hours in the day to complete every task on your list. Often you’re faced with prioritising what you need to do right now – deal with a customer, meet a deadline, attend an event – and the things you know you should do for the ongoing growth of your business. Scheduling time to attend to these business activities on…  Read more

Still Doing Your Own Payroll? Here’s 3 Reasons Why You Should Stop

At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and on time. What could go wrong, right? Well, lots actually. Below are the reasons why…  Read more

Signs You’re Undercharging for Your Work

When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Figuring out how much to charge is stressful, but it’s worth it. If your business doesn’t bring in enough money to pay…  Read more

Is your business eligible for JobMaker credits?

The JobMaker Hiring Credit scheme is designed to encourage businesses to employ additional young Aussie jobseekers aged 16-35 years. The hiring credit subsidises an increase in employee headcount. Eligible employers can receive the hiring credit for up to 12 months for each eligible employee engaged between 7 October 2020 and 6 October 2021. Registration for the scheme has been open since December 2020. Employers can still register for the scheme…  Read more

Developing an effective sales process

Businesses that have a clearly documented sales process generate more revenue; it ensures the sales team knows the correct process and provide a consistent experience. Customers and prospective customers will receive the same service no matter which member of your sales team they deal with, strengthening your brand and building a relationship of trust. Does your business have a documented sales process? Is it followed by every member of your…  Read more

Why banks won’t lend to a business

How to obtain financing is a common concern for new businesses and those preparing to scale. Getting approved for a business loan or line of credit is more difficult than qualifying for a personal loan. It’s crucial that small business owners are adequately prepared to meet with a lender to present their business in the best possible light and qualify for the money they need. Here’s what you can do…  Read more

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