One of the popular remuneration schemes for employees is including a car in a salary package. Doing this as part of a salary sacrifice package will result in a ‘novated lease’. Another item that can be salary sacrificed is costs in operating the vehicle. This is commonly called ‘fully novated lease.’ Under a novated lease, […]
Many small businesses in Australia are still up to their neck in paperwork. A recent global survey of 2,000 small businesses by Intuit found that Aussie business owners consume 25% of their time on admin tasks and only 22% are actually working to expand their business. The item that was listed as the “biggest barrier […]
If you’re feeling like nothing is working the way you want them to or your path towards the future is blurry, you can easily find yourself in a state of paralysis or reluctant resignation. If you want to take control of your destiny, you mustn’t stay stuck or accept defeat. Here are steps to help […]
For taxpayers who could be thinking that the ATO’s recent move to improve and streamline private ruling applications translates into “open slather”, here are some sober facts you need to know. Of course, taxpayers who are worried that their situation may place them in an unfamiliar spot tax-wise can apply for a private ruling. Examples […]
According to the ATO, there are particular behaviours, characteristics and tax concerns that draw its notice. But because it concentrates more on making sure that taxpayers get things right rather than on the trouble and costs of pursuing every tax offender, the tax office has revealed the incidents or circumstances that are more likely to […]
Running a growing business is a constant challenge. But the hard part for business owners comes when they have to make tough decisions that can impact their employees, which they already consider family and therefore, making them people they care about. These hard calls come in various forms, such as terminating an employee, promoting one […]
“A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiary)” – this is how trust is defined in the dictionary. Reasons to set up a trust To protect assets is one of the major reasons for creating a […]
There has been a dramatic change in the manner we communicate in business. For small businesses, deciding on the most economic, efficient and effective strategy to communicate internally and with customers can be difficult. With the changes in the manner by which consumers want to receive information, it is wise to keep up to date […]
All small businesses aspire to grow. But where is the source of that growth? The common answer is “attracting new customers.” But this could come at a massive cost. Competition is stronger than ever. Moreover, marketing is harder now with the proliferation of Internet advertising and social media offering. Virtually all small businesses are online […]
Budgeting is part of operating a business. This task includes predicting your sales and distinguishing your Key Performance Indicators (KPI) to help you in preparing your budget. When you have come up with a figure, you and your team now have targets to meet so it’s worth all the effort. So, where do you begin? […]