Generated by All in One SEO v5.0.0.1, this is an llms.txt file, used by LLMs to index the site. # Deanne Thomas & Co Financial services ## Sitemaps - [XML Sitemap](https://deannethomas.com.au/sitemap.xml): Contains all public & indexable URLs for this website. ## Posts - [News](https://deannethomas.com.au/resources/news/) - [Mid-Year Business Health Check — The Numbers You Should Be Reviewing Right Now](https://deannethomas.com.au/mid-year-business-health-check-the-numbers-you-should-be-reviewing-right-now/) - With the end of the financial year just weeks away, most business owners are heads-down managing day-to-day operations. But this is precisely the time to pause and take stock of how your business is actually performing — not just how it feels. A structured review of your key financial metrics now gives you the chance - [Personal Deductible Contributions — How to Claim a Tax Deduction on Your Super Before 30 June](https://deannethomas.com.au/personal-deductible-contributions-how-to-claim-a-tax-deduction-on-your-super-before-30-june/) - Most people assume superannuation contributions are either made by their employer or set up through salary sacrifice. But there’s a third option many Australians overlook — and it can deliver a meaningful tax saving before 30 June if you act in time. What is a personal deductible contribution? A personal deductible contribution is money you - [Good News for Small Business: The Write-Off You Rely On Is Here to Stay](https://deannethomas.com.au/good-news-for-small-business-the-write-off-you-rely-on-is-here-to-stay/) - For years, the $20,000 instant asset write-off has been a lifeline for small businesses — letting you immediately deduct the full cost of eligible assets rather than writing them off gradually over multiple years. The only problem was the uncertainty. Each year, the question loomed: will it be extended again? That question has now been - [Payday Super Starts 1 July 2026 — Your Employer Checklist](https://deannethomas.com.au/payday-super-starts-1-july-2026-your-employer-checklist/) - One of the biggest changes to hit Australian payroll in a generation is now less than two months away. From 1 July 2026, employers must pay superannuation contributions on payday — and it must land in the bank account of the Super Fund within seven business days of each wage payment — rather than quarterly. - [Are You Accurately Reporting Cash Income? The ATO Is Watching](https://deannethomas.com.au/are-you-accurately-reporting-cash-income-the-ato-is-watching/) - Cash flow is the lifeblood of any small business. And for many businesses — particularly in hospitality, trades and personal services — that includes a mix of card and cash payments. From time to time, headlines hit the stands, reminding business owners not to “hide” cash income. While those messages can sound heavy-handed, the underlying - [Do You Need to Lodge an FBT Return This Year?](https://deannethomas.com.au/do-you-need-to-lodge-an-fbt-return-this-year/) - The fringe benefits tax year runs from 1 April to 31 March — and if your business provided any non-cash benefits to employees or their family members during that period, an FBT return may be due. The lodgement deadline is 21 May, so now is the time to check whether this applies to you. What - [Fraudulent Director Appointments Of Loved Ones Is Becoming A Major Concern](https://deannethomas.com.au/fraudulent-director-appointments-of-loved-ones-is-becoming-a-major-concern/) - Financial fraud perpetrated by abusive partners and family members has emerged as a deeply damaging form of economic abuse, particularly when victims are nominated as company directors without their knowledge or consent. These fraudulent appointments can expose unsuspecting individuals to significant financial and legal liabilities – long after the abusive relationship has ended. At its - [Inherited A Home? If You Sell, Watch Out For These Tax Traps!](https://deannethomas.com.au/inherited-a-home-if-you-sell-watch-out-for-these-tax-traps/) - Inheriting a home can be both an emotional and practical experience. Alongside the personal significance, there are important tax considerations to be aware of – particularly if you decide to live in the property for a period and then sell it. Understanding how the Australian tax rules apply can help you avoid surprises and make - [Warning Signs Of A Poorly Planned Trust](https://deannethomas.com.au/warning-signs-of-a-poorly-planned-trust/) - Trusts can be a powerful tool for managing assets, protecting wealth, and planning for succession, but when they are poorly structured or managed, they can create unexpected complications. Recognising the warning signs of inadequate trust planning can help trustees and beneficiaries avoid legal, tax, and financial pitfalls. Lack of Clear Objectives One of the most - [What Does It Mean For A Business To Be A Going Concern?](https://deannethomas.com.au/what-does-it-mean-for-a-business-to-be-a-going-concern/) - When you’re running a business, there’s a lot going on behind the scenes in your financial reports that you may not think about day to day. One of the most important of these ideas is something called “going concern.” While it may sound technical, the concept is quite simple – and very relevant to your - [Adjusting Your Retirement Planning When Circumstances Change](https://deannethomas.com.au/adjusting-your-retirement-planning-when-circumstances-change/) - Retirement planning is rarely a “set and forget” exercise. While it’s natural to build a plan based on your current circumstances, life has a habit of changing course. Career shifts, family milestones, and unexpected financial events can all reshape your financial position over time. The key to long-term success is recognising when these changes occur - [Forgotten Digital Assets Are Still Important At Tax Time!](https://deannethomas.com.au/forgotten-digital-assets-are-still-important-at-tax-time/) - In today’s digital world, people are accumulating assets in more forms than ever. Some are obvious, such as shares or property, while others exist quietly online and are often forgotten until tax time. Yet even if you haven’t thought about them in months – or years – these digital assets can still have tax implications - [Payroll Mistakes Your Business Can’t Afford To Make](https://deannethomas.com.au/payroll-mistakes-your-business-cant-afford-to-make/) - Payroll might seem like a routine administrative task, but getting it wrong can have serious consequences. Errors in employee payments, superannuation, or tax reporting can create financial, legal, and reputational risks that no business can afford to ignore. Ensuring your payroll is accurate and compliant isn’t just good practice — it’s essential for the health - [Can You Access Income Protection Through Superannuation?](https://deannethomas.com.au/can-you-access-income-protection-through-superannuation/) - Life rarely unfolds exactly as planned. Illness or injury can strike without warning, and when it does, the ability to earn a regular income can be seriously disrupted. For many Australians, income protection insurance held through superannuation provides an important financial safety net, helping to replace part of their income if they are temporarily unable - [Keeping FBT Simple: What Employers Need To Know This FBT Season](https://deannethomas.com.au/keeping-fbt-simple-what-employers-need-to-know-this-fbt-season/) - Fringe Benefits Tax (FBT) is a tax that applies to most non-cash benefits provided to employees in addition to their salary or wages. For employers, understanding FBT is essential to stay compliant, avoid penalties, and manage the financial implications of providing benefits. What Is Fringe Benefits Tax? FBT is separate from income tax and is - [Revisiting Your Business Plan In The New Year: Preventing Issues Before They Arise](https://deannethomas.com.au/revisiting-your-business-plan-in-the-new-year-preventing-issues-before-they-arise/) - The start of a new year is the perfect time for reflection and planning. For business owners, revisiting your business plan isn’t just about setting lofty goals – it’s about proactively identifying potential issues and putting strategies in place to manage them before they escalate. A well-maintained business plan can be the difference between reacting - [Payday Superannuation: What It Is And Why It Matters](https://deannethomas.com.au/payday-superannuation-what-it-is-and-why-it-matters/) - For many Australians, superannuation is one of the most important long-term financial tools, yet it can sometimes feel complicated or distant. One concept gaining attention (and legislative action) is payday super, a practical approach designed to help employees make consistent contributions and maximise retirement outcomes. What Is Payday Super? Payday super isn’t a new type - [Back To Business: Key Tax Obligations To Stay On Top Of After The Holiday Break](https://deannethomas.com.au/back-to-business-key-tax-obligations-to-stay-on-top-of-after-the-holiday-break/) - After a proper break, getting back into business mode can feel tough. January can feel like one long Monday, making your vacation seem further away by the day. But for businesses, it’s imperative. Between catching up on emails, reconnecting with clients and getting your team back into routine, it’s easy for tax and compliance obligations - [Minimising Pay Gap Situations in Your Business: Practical Steps for the New Year](https://deannethomas.com.au/minimising-pay-gap-situations-in-your-business-practical-steps-for-the-new-year/) - As we approach a new year, many businesses are focusing on building stronger teams, improving culture and setting the foundation for sustainable growth. One area that deserves renewed attention is closing pay gaps within the workplace – not just because it’s a compliance issue, but because it’s essential for attracting and retaining talent. The latest - [Using Superannuation To Cover Medical Expenses: What You Can (And Can’t) Claim](https://deannethomas.com.au/using-superannuation-to-cover-medical-expenses-what-you-can-and-cant-claim/) - Superannuation is designed to fund your retirement, but in certain circumstances, you may be able to access it early to help cover significant medical expenses. While it’s not a decision to take lightly, early access can provide relief during challenging times – particularly when essential medical treatment creates financial pressure. Understanding when you can use - [FBT and Christmas Parties: What Businesses Need to Know This Festive Season](https://deannethomas.com.au/fbt-and-christmas-parties-what-businesses-need-to-know-this-festive-season/) - As the year winds down, many businesses are preparing to celebrate with end-of-year parties, staff gifts, and client events. While these celebrations are a great way to recognise your team’s hard work, it’s important to understand the Fringe Benefits Tax (FBT) implications that can arise. Getting it wrong can lead to unexpected tax bills – - [Getting Your Business End-Of-Year Ready](https://deannethomas.com.au/getting-your-business-end-of-year-ready/) - As the year draws to a close, many business owners find themselves juggling festive preparations, staff holidays, and the final rush of customer orders. Amid the chaos, it’s easy to forget that the end of the calendar year is also an important time to get your business organised – both financially and operationally – before - [Don’t Treat Your Super As A Holiday Fund, The ATO Warns](https://deannethomas.com.au/dont-treat-your-super-as-a-holiday-fund-the-ato-warns/) - As the festive season approaches, it’s natural to feel the pinch—extra gifts, extra meals, travel, and year-end celebrations all add up. For members and trustees of a Self-Managed Super Fund (SMSF), the message from the ATO is clear: don’t treat your super as a holiday fund. Why This Warning Matters. There are very limited circumstances - [What Incurs An Audit From The ATO?](https://deannethomas.com.au/what-incurs-an-audit-from-the-ato/) - No one enjoys the idea of an Australian Taxation Office (ATO) audit, but it’s a reality that both individuals and businesses should be prepared for. The good news is that most audits are triggered for specific reasons — and staying honest and transparent with your accountant can make all the difference if the ATO ever - [The Westpac Work-From-Home Case: What It Means For Businesses And Their Teams](https://deannethomas.com.au/the-westpac-work-from-home-case-what-it-means-for-businesses-and-their-teams/) - The Fair Work Commission’s recent ruling against Westpac has sent ripples through workplaces across Australia — and for good reason. In a climate where hybrid work remains a hot topic, this decision reinforces that flexibility is no longer just a “perk” but, in certain situations, a legal right that must be handled carefully and fairly. - [Payday Super: What Employers Need to Know About the Draft Proposal](https://deannethomas.com.au/payday-super-what-employers-need-to-know-about-the-draft-proposal/) - Australia’s superannuation system is set for one of its biggest shake-ups in decades. The government’s “Payday Super” draft proposal aims to make super payments faster, fairer, and more transparent – but it also means significant changes for how employers handle payroll and compliance. Under the current rules, employers pay superannuation guarantee (SG) contributions quarterly. The - [A Last-Minute Tax Checklist: What to Prepare Before 31 October](https://deannethomas.com.au/a-last-minute-tax-checklist-what-to-prepare-before-31-october/) - If you haven’t yet lodged your tax return, you’re not alone. With the 31 October deadline fast approaching, now’s the time to get everything in order so you can lodge on time and avoid penalties. A little organisation in these final days can save you stress and ensure you don’t miss out on legitimate claims. - [Creating Effective Marketing Strategies for Seasonal Events](https://deannethomas.com.au/creating-effective-marketing-strategies-for-seasonal-events/) - Seasonal events like Black Friday, Christmas, Easter, and Mother’s Day are more than just dates on a calendar—they’re opportunities to engage with customers, increase brand visibility, and drive sales. But with so many businesses competing for attention during these busy times, success requires more than generic discounts or themed window displays. A thoughtful, tailored marketing - [Superannuation and Relationship Breakdowns: What You Need to Know](https://deannethomas.com.au/superannuation-and-relationship-breakdowns-what-you-need-to-know/) - When a relationship ends—whether it’s a marriage or a de facto partnership—there’s a lot to work through emotionally, practically, and financially. Among the assets that need to be considered is superannuation. While it’s often thought of as a “retirement-only” fund, super is treated as property under family law and can be divided when couples separate. - [Running A Business From Home? Do You Know Your Eligible Tax Deductions?](https://deannethomas.com.au/running-a-business-from-home-do-you-know-your-eligible-tax-deductions/) - If you run your business from home, you’re not alone—and you may be entitled to valuable tax deductions. The ATO allows deductions for the portion of your home expenses that relate directly to your business. Let’s break down the essentials so that you know what you might be able to claim on your tax return. - [Diversification: When It Makes Sense for Your Business (And When It Doesn’t)](https://deannethomas.com.au/diversification-when-it-makes-sense-for-your-business-and-when-it-doesnt/) - Diversification is often hailed as a smart growth strategy—spreading your business into new products, services, or markets so you’re not reliant on a single revenue stream. When done well, it can open doors to new opportunities, reduce risk, and strengthen resilience in uncertain times. But diversification isn’t always the right move. Expanding too quickly or - [Lodging a Tax Return in Retirement: What You Need to Know](https://deannethomas.com.au/lodging-a-tax-return-in-retirement-what-you-need-to-know/) - Retirement doesn’t automatically mean freedom from tax obligations. While some retirees may no longer need to lodge a tax return, many still do – depending on their income sources. Let’s take a look at a breakdown of the rules around tax returns in retirement and what to watch for. Do You Have to Lodge a - [Selling Your Rental Property: What You Need to Know About Capital Gains Tax](https://deannethomas.com.au/selling-your-rental-property-what-you-need-to-know-about-capital-gains-tax/) - If you’re thinking about selling your rental property, one of the most important things to prepare for is Capital Gains Tax (CGT). Many property investors underestimate how significant CGT can be—but with the proper planning and advice, you can manage your tax position effectively and avoid surprises at tax time. When CGT Applies A CGT - [Estate Planning For A Business: Key Steps Owners Should Be Aware Of](https://deannethomas.com.au/estate-planning-for-a-business-key-steps-owners-should-be-aware-of/) - Estate planning is often thought of in terms of personal assets—homes, investments, and superannuation. But for business owners, the business itself is often one of the most valuable assets they’ll ever hold. Planning for what happens to the business when you retire, step back, or pass away is essential for protecting its value and ensuring - [Why a One-Size-Fits-All Approach to Retirement Doesn’t Work](https://deannethomas.com.au/why-a-one-size-fits-all-approach-to-retirement-doesnt-work/) - When it comes to retirement planning, there’s no shortage of advice — from rules of thumb like “you’ll need 70% of your pre-retirement income” to blanket strategies about when to downsize or how to invest. While these can be helpful starting points, the reality is that no two retirements look the same. Trying to apply - [Apportioning Rental Interest Expenses – Getting It Right for Tax Time](https://deannethomas.com.au/apportioning-rental-interest-expenses-getting-it-right-for-tax-time/) - If you own a rental property, there’s a good chance you’re claiming interest expenses as part of your tax deductions. It’s one of the most common (and often one of the largest) claims for landlords. But there’s a catch – you can only claim interest to the extent that it relates to earning assessable rental - [Do You Need to Lodge a TPAR? Here Are the Signs to Watch For](https://deannethomas.com.au/do-you-need-to-lodge-a-tpar-here-are-the-signs-to-watch-for/) - If your business pays contractors to provide certain services on your behalf, you may be required to lodge a Taxable Payments Annual Report (TPAR). The TPAR is part of the ATO’s efforts to ensure fairness in the business community by making sure all contractors report their income accurately. If you’re unsure whether it applies to - [What Happens if You Illegally Access Your Super?](https://deannethomas.com.au/what-happens-if-you-illegally-access-your-super/) - For most people, super can only be accessed under strict conditions, typically when they retire at 60 or reach the age of 65, regardless of whether they’re still working. Any attempt to access your super early, outside of these legal conditions, can have severe consequences. When Can You Legally Access Your Super? Accessing super early - [The Pros and Cons of Starting a Side Hustle](https://deannethomas.com.au/the-pros-and-cons-of-starting-a-side-hustle/) - Starting a side hustle has become increasingly popular in Australia as more people seek additional income streams, personal fulfilment, or a way to test business ideas while maintaining their full-time jobs. While there are numerous benefits to having a side hustle, there are also challenges to consider. Let’s examine the pros and cons of starting - [The Deductions A Tradesperson Can Claim Vary – But Here’s What They Have In Common](https://deannethomas.com.au/the-deductions-a-tradesperson-can-claim-vary-but-heres-what-they-have-in-common/) - When tax time rolls around, it’s important to know what you can claim to ensure you’re getting the most out of your tax return. As a tradesperson, you’re entitled to claim a range of work-related expenses that can help reduce your taxable income. Let’s break down some of the key deductions you can make to - [6 Key Superannuation Tips For The Self-Employed & Contractors](https://deannethomas.com.au/6-key-superannuation-tips-for-the-self-employed-contractors/) - If you’re a contractor, freelancer, or self-employed, you’re probably already juggling multiple responsibilities, from managing clients to keeping track of your income. One area that often gets overlooked is superannuation, but it’s crucial to think about your future. Even though you may not have an employer making regular super contributions on your behalf, you can - [Employee Perks That Aren’t A Car – Ways To Show Your Employees You Value Them](https://deannethomas.com.au/employee-perks-that-arent-a-car-ways-to-show-your-employees-you-value-them/) - Creating a positive and motivating work environment is vital to any business’s success. One way to achieve this is by offering perks beyond a paycheck. Employee perks boost morale, increase productivity, reduce turnover, and make your company a more attractive workplace. Whether you’re a small business or a large corporation, here are some potential perks - [Closely Held Employees & How To Report Them On Your STP](https://deannethomas.com.au/closely-held-employees-how-to-report-them-on-your-stp/) - Small businesses, especially family-run ones, require careful attention to payroll for closely held employees, such as family members, directors, and shareholders. The Australian Tax Office (ATO) mandates that all employers adhere to Single Touch Payroll (STP) reporting requirements regardless of the employee’s relationship to the business. However, small businesses with fewer than 19 employees have - [Estate Planning: A Necessity For Asset Distribution](https://deannethomas.com.au/estate-planning-a-necessity-for-asset-distribution/) - Estate planning might not be the most exciting topic, but it’s one of the most important ways to protect your loved ones and ensure your wishes are honoured. At its core, estate planning is about making decisions today that will positively impact your family’s future. Let’s explore why it’s essential and how you can get - [Business Responsibilities An Accountant Can Help You With](https://deannethomas.com.au/business-responsibilities-an-accountant-can-help-you-with/) - Running a small business is an exciting and rewarding endeavour but comes with a fair share of responsibilities. Among the most important are the financial obligations that keep your business compliant and financially healthy. That’s where an accountant can be your best ally. With their expertise, accountants can help small businesses navigate the complexities of - [The ABCs of FBT – What Employers Need To Know](https://deannethomas.com.au/the-abcs-of-fbt-what-employers-need-to-know/) - Fringe Benefits Tax (FBT) is a significant aspect of tax compliance for employers in Australia. It applies to the non-cash benefits employers provide to their employees in addition to their salary or wages. Understanding and managing FBT obligations is crucial for businesses to avoid penalties and ensure tax efficiency. The FBT year runs from 1 - [5 Secrets Of Superannuation You Could Use To Your Advantage…](https://deannethomas.com.au/5-secrets-of-superannuation-you-could-use-to-your-advantage/) - Superannuation is one of the most essential tools you have for securing a comfortable retirement. While most people are familiar with the basics—like making contributions and choosing investment options—some hidden gems within the superannuation system can really make a difference. Whether you’re just starting out or on your way to retirement, here are some lesser-known - [The Challenges Surrounding Business Stagnation You Need To Know](https://deannethomas.com.au/the-challenges-surrounding-business-stagnation-you-need-to-know/) - Every business experiences growth and challenges, but one phase can be particularly frustrating—stagnation. Business stagnation occurs when your company’s growth plateaus, sales become flat, and innovation seems to have hit a wall. While it’s a common challenge, the key is recognizing the signs early and taking proactive steps to get things moving again. What Is - [How Does The Tax-Free Threshold Work If You Have Multiple Jobs?](https://deannethomas.com.au/how-does-the-tax-free-threshold-work-if-you-have-multiple-jobs/) - It’s important to know how the tax-free threshold works, especially if you’re earning income from more than one job. Many people mistakenly claim the tax-free threshold from multiple employers, which can lead to an unexpected tax bill. This guide will help you understand how to manage the tax-free threshold while juggling multiple sources of income, - [What Fund Type Works For You](https://deannethomas.com.au/what-fund-type-works-for-you/) - When it comes to retirement planning, choosing the right superannuation fund is a crucial decision that can significantly affect one’s financial future. With so many options available, it’s essential to understand the different types of super funds and how they can impact your retirement outcomes. Let’s explore the main types of super funds and what - [Powering Growth In Your Business – Business Diversification](https://deannethomas.com.au/powering-growth-in-your-business-business-diversification/) - As a business owner, you’re always on the lookout for ways to grow and adapt in an ever-changing market. One strategy that many businesses consider is product diversification. Simply put, this means expanding your product line or offering new products that complement your existing ones. But like any business strategy, product diversification has its pros - [What Do I Do If I Have A Mistake On My Tax Return](https://deannethomas.com.au/what-do-i-do-if-i-have-a-mistake-on-my-tax-return/) - Tax time can be stressful, and it’s not uncommon to discover errors or omissions after submitting your tax return. Fortunately, the Australian Taxation Office (ATO) provides a straightforward process for amending your tax return. This guide will walk you through the steps and considerations involved in changing your lodged return. Why Amend Your Tax Return? - [Young Professionals & Their Super – Why Starting Early Is Important](https://deannethomas.com.au/young-professionals-their-super-why-starting-early-is-important/) - As a young professional, planning for retirement is a distant priority. However, starting early with your superannuation contributions can significantly impact your financial future. Prioritising superannuation now sets the foundation for a wealthier and more comfortable retirement. Benefits of Early Contributions 1. Maximising Compound Interest One of the most compelling reasons to start contributing to - [Key Tools For Business: Operations Checklists](https://deannethomas.com.au/key-tools-for-business-operations-checklists/) - Running a successful business requires meticulous planning, consistency, and efficient operations. One critical tool that can help achieve these goals is the use of operations checklists. These checklists are essential for streamlining processes, ensuring consistency, and facilitating effective onboarding of new employees. Here’s why creating operations checklists is vital for your business and how they - [Vehicles, Expenses & The Tax Return](https://deannethomas.com.au/vehicles-expenses-the-tax-return/) - Making the most of available tax deductions for your business can be an important aspect of starting the new financial year. It’s why planning and strategising with your tax advisor could lead to different and new perspectives regarding tax in areas of your business. One area where you can significantly benefit is through claiming motor - [Are You Ready For The Next SG Contribution Due Date?](https://deannethomas.com.au/are-you-ready-for-the-next-sg-contribution-due-date/) - The next quarterly due date for SG contributions is fast approaching, and there are some critical updates you need to be aware of. Key Dates and Payment Instructions The due date for the next quarterly SG contributions is 28 July. However, since this date falls on a weekend, the super fund must receive your payment - [Turning Business Ideas into Reality: A Practical Guide](https://deannethomas.com.au/turning-business-ideas-into-reality-a-practical-guide/) - Every successful business starts with a simple idea. The journey from concept to a thriving enterprise, however, is fraught with challenges. For aspiring entrepreneurs, the key is not just having an innovative idea but acting on it effectively. Here’s a comprehensive guide to help you transform your business ideas into reality. 1. Ideation: The Birth - [Sustainability Practices Your Business Could Adopt](https://deannethomas.com.au/sustainability-practices-your-business-could-adopt/) - Adopting sustainable practices is not just a trend but a necessity. Embracing sustainability can lead to significant financial savings while contributing positively to the environment. Let’s explore how sustainable practices could benefit your business, showcase case studies of successful green initiatives, and provide tips for starting sustainability programs. Financial and Environmental Benefits of Sustainable Practices - [Not-For-Profit Sporting Organisations & Tax](https://deannethomas.com.au/not-for-profit-sporting-organisations-tax/) - Starting from the 2023-24 income year, not-for-profit (NFP) organisations, including sporting clubs, societies, and associations with an active Australian Business Number (ABN), must lodge an annual NFP self-review return to maintain their income tax exemption status. It’s time to ensure that, if this applies to you, you are aware of the critical steps and considerations - [A How-To On Boosting Spousal Superannuation](https://deannethomas.com.au/a-how-to-on-boosting-spousal-superannuation/) - Boosting retirement savings is a priority for many Australian couples. One effective strategy is co-contributing to your spouse’s superannuation account, which can balance super balances between partners and offer tax benefits. What Can Co-Contributing To My Spouse’s Super Do? Increased Retirement Savings: Helps ensure both partners have sufficient funds for retirement. Tax Offset: You may - [7 Mistakes Often Made At EOFY You Can Rectify](https://deannethomas.com.au/7-mistakes-often-made-at-eofy-you-can-rectify/) - Finding yourself increasingly more busy as the EOFY approaches, particularly with meeting your tax obligations? It’s coming on tax time, so it’s time to ensure you’re prepared for your tax returns. This period can be stressful and complicated, leading to common mistakes that can result in financial penalties or missed opportunities for tax savings. Here’s - [2024-25 FY Thresholds For Cars Newly Announced](https://deannethomas.com.au/2024-25-fy-thresholds-for-cars-newly-announced/) - The 2024-25 financial year is in sight, and significant changes have been made to car thresholds, which are crucial for business owners to understand for tax purposes. Here’s a detailed overview of what’s new and how it might affect your business. Income Tax: Car Limit Increase The car limit for the 2024–25 income year has - [A Checklist For Your Business’s EOFY Obligations](https://deannethomas.com.au/a-checklist-for-your-businesss-eofy-obligations/) - As the End of the Financial Year (EOFY) approaches in Australia, businesses must gear up to meet their tax obligations efficiently and accurately. This period can be hectic, but with careful preparation, you can ensure compliance with Australian Taxation Office (ATO) requirements and optimise your financial outcomes. Here’s a comprehensive checklist to help your business - [If You Fail To Plan, You Plan To Fail – A Guide For Businesses At EOFY](https://deannethomas.com.au/if-you-fail-to-plan-you-plan-to-fail-a-guide-for-businesses-at-eofy/) - Benjamin Franklin once famously said, “If you fail to plan, you are planning to fail.” While he may not have been specifically referring to businesses, his words are profoundly relevant to both individuals and businesses alike. Planning is essential, whether it’s for a simple holiday or the strategic development of a business over the next - [Preparing For EOFY: The Superannuation Clearing House](https://deannethomas.com.au/preparing-for-eofy-the-superannuation-clearing-house/) - As the End of the Financial Year (EOFY) approaches, employers and self-employed individuals must ensure their superannuation contributions are processed efficiently and on time. Utilising a superannuation clearing house can streamline this process, ensuring compliance and maximising the benefits of super contributions. Here’s a comprehensive guide on why and how to get your super into - [Ethical Superannuation Concerns For Members Of Funds](https://deannethomas.com.au/ethical-superannuation-concerns-for-members-of-funds/) - Ethical investing has become increasingly important for individuals managing their superannuation funds. 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Between paying off HECS debts/HELP loans and saving for a first home, these immediate concerns can often overshadow long-term goals like retirement planning. Amid these immediate concerns, it’s easy to overlook long-term goals like retirement planning. However, - [What Is ATO-Held Super?](https://deannethomas.com.au/what-is-ato-held-super/) - In the labyrinth of finance and retirement planning, superannuation stands as a beacon of financial security for many Australians. It’s the nest egg we diligently contribute to throughout our working lives, hoping it will sustain us in retirement. However, what happens when these contributions fall through the cracks or accounts are left dormant and forgotten? - [What Your Tax Return Needs When Dealing With A Trust](https://deannethomas.com.au/what-your-tax-return-needs-when-dealing-with-a-trust/) - Managing a trust comes with its share of responsibilities, especially regarding tax compliance. 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The Australian Taxation Office (ATO) administers FBT, a tax on certain non-cash benefits provided to employees in connection with - [An Employer’s Introduction To FBT](https://deannethomas.com.au/an-employers-introduction-to-fbt/) - Fringe Benefits Tax (FBT) is a tax levied on particular benefits employers provide to their employees or their families. It is separate from income tax and is calculated based on the taxable value of the fringe benefit provided. As an employer, it is crucial to understand your FBT obligations to ensure compliance with tax laws - [Cost-Cutting Measures That Don’t Conflict With Your Business Aims & Goals](https://deannethomas.com.au/cost-cutting-measures-that-dont-conflict-with-your-business-aims-goals/) - For businesses, maintaining profitability and financial stability is essential for long-term success. At times, this can lead to costs needing to be cut. 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Purpose and Administration Land tax is levied by state and territory governments - [2024 Business Resolutions – How To Make Yours Work For You](https://deannethomas.com.au/2024-business-resolutions-how-to-make-yours-work-for-you/) - With business operations underway, a new calendar year presents a perfect opportunity for entrepreneurs and business professionals to reflect on the past and set the stage for future success. Crafting a meaningful business resolution is not just about setting lofty goals; it’s about creating a plan that resonates with your unique aspirations and challenges. So, - [Reshape The Way Your Business Operates: The Digital Transformation Guide](https://deannethomas.com.au/reshape-the-way-your-business-operates-the-digital-transformation-guide/) - The ability to adapt and leverage technology is not just an advantage—it’s a necessity for business survival and growth. 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However, amidst these trying times, business owners must be aware of the tax implications associated with the - [New Rules For Off-Market Share Buy-Backs Now Law](https://deannethomas.com.au/new-rules-for-off-market-share-buy-backs-now-law/) - In a move to streamline and align the tax treatment of off-market share buy-backs, the 2023 October Budget introduced changes that have now become law (as of December 2023). These alterations, effective for listed public companies offering off-market share buy-backs post 7:30 pm AEDT on October 25, 2022, bring about significant shifts in how shareholders - [End Of Year Invoicing – Following Up To Prevent Cash Flow Crisis](https://deannethomas.com.au/end-of-year-invoicing-following-up-to-prevent-cash-flow-crisis/) - As the calendar year draws to a close, businesses often find themselves in a familiar but often challenging position – chasing invoices. 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This includes cars and certain other vehicles that play a role in running your business smoothly. The good news is that claiming motor vehicle expenses can help reduce your - [Your Tax Obligations After A Natural Disaster](https://deannethomas.com.au/your-tax-obligations-after-a-natural-disaster/) - As Australia braces for another bushfire season, it’s crucial to be prepared for a range of challenges, from evacuation plans to emergency-go-bags. Amidst all the chaos, you might wonder if your tax obligations should be a top priority. While it may not be your primary concern, understanding how to handle your tax records in the - [The Origin Story Of Your Business Could Help You Find Your Way Now…](https://deannethomas.com.au/the-origin-story-of-your-business-could-help-you-find-your-way-now/) - Have you ever wondered about the origin story of your business? What drove you to start it in the first place? 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Split Your Concessional Contributions With - [Am I Eligible For The Small Business Technology Investment Boost?](https://deannethomas.com.au/am-i-eligible-for-the-small-business-technology-investment-boost/) - Could your small business claim a 20% bonus deduction on technology expenditure that supports their digital operations or the digitisation of their operations? The small business technology investment boost is a broad measure intended to cover a wide range of business expenses and assets; however, questions may arise when you go to claim. Can I - [Get Prepared For 31 October – What Income Do You Need To Declare?](https://deannethomas.com.au/get-prepared-for-31-october-what-income-do-you-need-to-declare/) - If you haven’t finalised your tax return, you need to do so before October 31 2023. However, sometimes the form can be daunting, particularly if you’re unsure what to declare regarding income. Certain types of income must be declared on your tax return. Whether your income results from a side hustle, a full-time or part-time - [Company Culture Is An Important Aspect Of The Workplace – Here’s How To Make It A Good One](https://deannethomas.com.au/company-culture-is-an-important-aspect-of-the-workplace-heres-how-to-make-it-a-good-one/) - Company culture has become an important part of how businesses are perceived. Businesses with a positive culture are more likely to attract clients and customers. Statistics also show that over 50% of executives believe that having a good culture can influence productivity, creativity, profitability, firm value and growth rates. However, while describing and quantifying a - [Is Your Next Major Purchase An Existing Business?](https://deannethomas.com.au/is-your-next-major-purchase-an-existing-business/) - You’ve found the perfect business for you to buy. It fits all your requirements and you’re in a position where you can comfortably buy the business. What’s next? 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Superannuation Australia’s mandatory superannuation system is a cornerstone of - [How Connected Are You In The World Of Tax?](https://deannethomas.com.au/how-connected-are-you-in-the-world-of-tax/) - In the realm of tax law, a critical concept revolves around understanding the notion of “entities connected with you.” This concept serves as a linchpin in several aspects of taxation, from determining one’s status as a Small Business Entity to ascertaining the value of assets when seeking eligibility for Small Business Capital Gains Tax (CGT) - [What Do I Need To Know About My Trust Tax Return?](https://deannethomas.com.au/what-do-i-need-to-know-about-my-trust-tax-return/) - Like how individuals and businesses must complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) which should be used to complete tax returns. Trusts can also apply for an Australian business number (ABN) if the trust carries on an enterprise. If a trustee applies for - [What Can A Business Adviser Offer Your Business?](https://deannethomas.com.au/what-can-a-business-adviser-offer-your-business/) - Feel like your business is stuck in a rut? Are you unable to solve a problem that you know will cost you in the long run? Struggling to navigate your way through a difficult time? It might not be financially tanking, and it might not be that your revenue stream is down; however, if you’re - [Creating A Simple Business Succession Plan In 5 Steps](https://deannethomas.com.au/creating-a-simple-business-succession-plan-in-5-steps/) - Whether you want to change careers or are ready to start a new journey, passing on your business can be more appealing than shutting it down altogether. Having a succession plan you can follow with the new owner could help the process run more smoothly and avoid confusion. 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Getting early advice on setting up an estate plan can help you to achieve peace of mind in knowing - [The Last Thing On Our Minds After The Death Of A Loved One Is Tax – But The Final Return Is Important](https://deannethomas.com.au/the-last-thing-on-our-minds-after-the-death-of-a-loved-one-is-tax-but-the-final-return-is-important/) - At the worst time of your life, the last thing you want to think about is tax. However, when a loved one dies, their affairs must be dealt with at some stage. This includes their tax obligations. You must lodge a date of death tax return if any of the following apply to the deceased - [Watch Out For Incorrect Claims! Property-Related Deductions Are On The Watchlist](https://deannethomas.com.au/watch-out-for-incorrect-claims-property-related-deductions-are-on-the-watchlist/) - Ensure you are doing the right thing with your property-related claims this tax return season. The tax office is paying close attention to rental property owners, especially those who own a holiday home, who incorrectly claim for initial repairs to recently acquired rental properties. One key concern is people claiming expenses when the property is - [Making The Business Seem Bigger: The Importance Of Illusion For Small Business Growth](https://deannethomas.com.au/making-the-business-seem-bigger-the-importance-of-illusion-for-small-business-growth/) - Making your business seem more significant than it actually is can go a long way in helping you secure larger clients. Appearing larger can help customers feel more secure when dealing with you and possibly give your voice or presence more authority. 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Those who fail to meet their super obligations risk facing severe and even damaging liabilities, penalties and even potential imprisonment. Are you aware of your obligations? Employees (after entering - [The Impact Of Compensations Payments On Your Super](https://deannethomas.com.au/the-impact-of-compensations-payments-on-your-super/) - Compensation is usually paid out due to a work-related injury or illness, injuries received in a car accident or injuries received because of the negligence or fault of another person. If a super contribution arises from a personal injury payment or a structured settlement (from a compensation payout), you may be able to exclude all - [Earning Income Via The Sharing Economy? Don’t Make A Critical Tax Mistake…](https://deannethomas.com.au/earning-income-via-the-sharing-economy-dont-make-a-critical-tax-mistake/) - In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, further complications can result from incorrect understandings of how the income tax and goods & services tax may apply to those individuals. ‘ The sharing - [Make Sure You Have Everything Before Lodging!](https://deannethomas.com.au/make-sure-you-have-everything-before-lodging/) - While lodgement of your tax return can begin from 1 July, you have a much higher chance of submitting a return with incorrect or missing information. This is because some information that will automatically be pre-filled on your return (such as PAYG or STP information from your employer) will likely not have been lodged with - [Business Or Hobby? 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With the challenges facing companies in today’s business environment, technological innovation and adaptability are critical to ensuring efficiency and productivity do - [Bankruptcy, Superannuation & What Comes Next](https://deannethomas.com.au/bankruptcy-superannuation-what-comes-next/) - Have you ever wondered what happens to superannuation when someone claims bankruptcy? Bankruptcy is a legal process that can be commenced when you are declared unable to pay your debts. It is a process that can release you from most debts, provide relief and allow you to make a fresh start. However, bankruptcy is not - [Unpaid Super Is The Worst Form Of Wage Theft – Have You Checked?](https://deannethomas.com.au/unpaid-super-is-the-worst-form-of-wage-theft-have-you-checked/) - Do you trust that your employer is paying you the right amount of superannuation just because it says so on your payslip? Every year, thousands of employers fail to pay their staff the correct amount of superannuation, costing those workers billions of dollars every year. In many instances, it’s an honest mistake and easily rectified. - [Are You A Home-Based Business? Here’s How To Maximise Your Tax Deductions](https://deannethomas.com.au/are-you-a-home-based-business-heres-how-to-maximise-your-tax-deductions/) - Small business owners may be able to claim deductions for the costs of using their home as a principal place of business when filing their income tax returns. A home-based business is one where an area of your home is set aside and used exclusively as a place of business. If you do not have - [Capital Ideas To Raise Business Funding](https://deannethomas.com.au/capital-ideas-to-raise-business-funding/) - Raising capital is essential when aiming to grow or finance your business with new ideas. While it certainly isn’t easy to do, there are a few tips you can keep in mind. Build A Strong Company Identity: In order to attract general interest from potential investors and partners, it is recommended that you form an - [Cars, Phones, Laundry: What Can Tradies Claim In 2023?](https://deannethomas.com.au/cars-phones-laundry-what-can-tradies-claim-in-2023/) - Are you involved in a trade, or do you know someone who is involved in one? It’s vital that these individuals understand what they can claim work-wise on their tax returns this year (and that they should be preparing for it sooner rather than later). Car Expenses You can claim a deduction for the cost - [The Average Super For Women Is ⅓ Of A Man’s – How Do We Bridge The Gap?](https://deannethomas.com.au/the-average-super-for-women-is-⅓-of-a-mans-how-do-we-bridge-the-gap/) - The superannuation gender gap has been a subject of serious concern for at least half of Australia’s population. Women are more likely to have significantly less money saved for their retirement, less assets and far less super than men, putting them in a place of greater financial stress and concern. For example, a woman in - [New Financial Year, Better Cash Flow – 3 Ways To Health Check Your Business](https://deannethomas.com.au/new-financial-year-better-cash-flow-3-ways-to-health-check-your-business/) - Throughout the financial year, there may be periods where your business finds itself facing a recurring problem with its cashflow. Small businesses with cash flow issues may find themselves more at risk of failing or suffering significant financial hardship – during these critical times in the business landscape, this is not an ideal situation. Cash - [Contributions To Your SMSF Need To Be Made By 30 June – Know What Counts?](https://deannethomas.com.au/contributions-to-your-smsf-need-to-be-made-by-30-june-know-what-counts/) - Since superannuation contributions come in several forms, SMSF members would be wise to understand what contributions are available and how they might impact them regarding the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one - [Tax Planning Tax Tips For Business Owners](https://deannethomas.com.au/tax-planning-tax-tips-for-business-owners/) - As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023. At the end of every financial year, business owners should be reviewing and measuring their performance in comparison to the previous year. By regularly reviewing this information, - [What You Can & Can’t Claim For 2022-23’s Return](https://deannethomas.com.au/what-you-can-cant-claim-for-2022-23s-return/) - The 2022-2023 tax return may look different to your previous returns, but there’s a reason – and it’s probably due to an expiry date. Here are our top reasons that your tax refund this year might not feel as bountiful as the previous year (and a few others to remember when lodging) Work From Home - [Demystifying The Process Behind Implementing New Roles](https://deannethomas.com.au/demystifying-the-process-behind-implementing-new-roles/) - As businesses grow, you will inevitably need to create new roles and hire new staff. Adding a new member to your team is always challenging; when hiring someone to fill a new position, there is even more pressure to make the right call. Business owners who can allocate workplace responsibilities efficiently and logically stand to - [Avoid Incorrect Classifications Of Your Employees…](https://deannethomas.com.au/avoid-incorrect-classifications-of-your-employees/) - A casual worker with fixed hours can become a compliance nightmare for payroll, mainly if awards and rates are not applied correctly, especially given the legal definition of the type of employment. Four factors must be taken into account to determine if an employee is in a casual position: Choice: An employer can elect to - [Superannuation Contributions & My Return: What Can I Claim?](https://deannethomas.com.au/superannuation-contributions-my-return-what-can-i-claim/) - In some circumstances, superannuation contributions can be claimed on your tax return if made to a super fund or retirement savings account. However, these circumstances are limited and may require professional advice to maximise the benefits. Superannuation contributions paid by your employers directly to your super fund from your before-income tax cannot be claimed. These - [Superannuation Tips For The Self-Employed](https://deannethomas.com.au/superannuation-tips-for-the-self-employed/) - For self-employed individuals, superannuation may become a neglected aspect of your payroll to yourself. It is not a requirement for self-employed individuals to pay themselves it (though it is strongly recommended). To prevent losing out on the compounding interest of superannuation (and a potentially boosted financial situation in your retirement), paying superannuation contributions now can - [The 6 Investment Income Types That Need To Be Declared On Your Income Tax Return](https://deannethomas.com.au/the-6-investment-income-types-that-need-to-be-declared-on-your-income-tax-return/) - If you’ve made a major investment in the last financial year, any income made from it will need to be included on your tax return. Any income earned from investments and asses must be declared in your tax return. This may include amounts from interest, dividends, rental income, managed investment trust credits, crypto assets and - [Is Your Business’s Income Prepaid?](https://deannethomas.com.au/is-your-businesss-income-prepaid/) - If your business receives income before a service is rendered to a client, when is the income recognised? Is it when the income is received or after the service rendered? That was what the Arthur Murray case in tax law argued, creating a landmark decision regarding tax precedent that affected how pre-paid income derived from - [Understanding The Right Structure For Your Business Can Be Hard, So We’ve Made It Simpler](https://deannethomas.com.au/understanding-the-right-structure-for-your-business-can-be-hard-so-weve-made-it-simpler/) - One of the most important decisions you must make before starting a business is in what structure your business will be operating under. This will be reflected in all facets of your business, so you should spend time understanding the implications of each structure before making a decision. Sole Proprietorship A sole proprietorship business structure - [Does Your Business Face Debt This EOFY?](https://deannethomas.com.au/does-your-business-face-debt-this-eofy/) - The end of the financial year is the best time to work out the potential debts your business may incur or have already incurred. Businesses can go into two kinds of debt – good debt and bad debt. Determining the type of debt is highly dependent on how the debt has been used for your - [Calls For Super To Be Paid With Payroll](https://deannethomas.com.au/calls-for-super-to-be-paid-with-payroll/) - There’s been a lot of buzz around superannuation since the 2023-24 Federal Budget was announced. One such buzz involves the concept of ‘payday super’. Payday super has been introduced by the government to avoid the discrepancies that those in lower-paid, casual and insecure work often encounter with their superannuation compared to others in more secure - [What’s In The Works For Superannuation?](https://deannethomas.com.au/whats-in-the-works-for-superannuation/) - Superannuation was not a source of significant surprises in this year’s Federal Budget, as many of the changes announced had already been previously discussed. However, these changes are still important to consider when planning your superannuation strategies for the next financial year. $3 Million Super Balances & Tax As announced in March 2023, extra tax - [The Return Of The Instant Asset Write-Off & The Expiry Of Temporary Full-Expensing](https://deannethomas.com.au/the-return-of-the-instant-asset-write-off-the-expiry-of-temporary-full-expensing/) - The Federal Budget has reintroduced the $20,000 Instant Asset Write Off to benefit small businesses amidst the myriad of measures announced by the government. The instant asset write-off will return for the 2023-24 financial year (1 July 2023 to 30 June 2024). If you buy an asset to use for business purposes and it costs - [Want To Digitise Your Vehicle Logbook?](https://deannethomas.com.au/want-to-digitise-your-vehicle-logbook/) - Are you in the market for a smartphone-based car logbook app? 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PAYG is generally a good thing, but there can be confusion between PAYG withholding and PAYG instalments, particularly if you’re an individual who is eligible for both. Both are amounts by which your tax bill can be offset at the end of the financial - [Understanding The Medicare Levy On Your Return](https://deannethomas.com.au/understanding-the-medicare-levy-on-your-return/) - The Medicare levy is an amount you pay in addition to the tax you pay on your taxable income. The Medicare levy is used to help fund some of the costs of Australia’s public health system (Medicare). Generally, the pay-as-you-go amount your employer withholds from your salary or wages includes an amount to cover the - [Keeping The Business In The Family? That’s Why You Need A Succession Plan…](https://deannethomas.com.au/keeping-the-business-in-the-family-thats-why-you-need-a-succession-plan/) - Family-run businesses form an essential part of the economy. 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These may be personal circumstances (such as a divorce or another trustee dying), financial reasons (investments not performing as they should or you aren’t taking a pension - [Superannuation, Divorce, & Your Options](https://deannethomas.com.au/superannuation-divorce-your-options/) - A relationship breakdown can be a messy, frustrating time fraught with plenty of paperwork. Did you know that your or your partner’s super could be affected? If you were to split up with your current partner, you may be able to file a legal claim for up to half your superannuation (under certain circumstances). In - [If I’ve Lost My TFN, What Can I Do?](https://deannethomas.com.au/if-ive-lost-my-tfn-what-can-i-do/) - Your tax file number (TFN) is a critical piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN is misplaced or forgotten. What are you supposed to do? If you forget your TFN or lose it, this can be a significant issue. A - [Can Minors Have A Superannuation Fund?](https://deannethomas.com.au/can-minors-have-a-superannuation-fund/) - You’re likely aware that people can put money into their super until they reach 67 years and probably already do so yourself. But did you know you can put money into your underage children’s superannuation for them if they are under 18? Superannuation For Minors Some superannuation fund providers can have special accounts that can - [What Do I Need To Know Before Beginning A Partnership?](https://deannethomas.com.au/what-do-i-need-to-know-before-beginning-a-partnership/) - Starting a partnership may be a high-yielding decision whether you are in the business game or setting your sights on a new business venture. A partnership business structure is an incorporated business with 2-20 owners. The individual owners work together to achieve the business’s goals, sharing responsibility and profits. In a partnership, control or management - [Marketing Tips For Your Business To Break Through The Noise](https://deannethomas.com.au/marketing-tips-for-your-business-to-break-through-the-noise/) - Overcomplicating your marketing efforts to increase awareness and boost sales is a common trap. As the marketing industry continues to overcrowd and evolve with technology, businesses must look for ways to break through the noise and send their audiences a clear message. Here are three tips to simplify your marketing: Avoid Attempting To Master All - [No More Shortcuts For Work From Home Deductions](https://deannethomas.com.au/no-more-shortcuts-for-work-from-home-deductions/) - With a new norm surrounding how Australians work (hybrid, remote or office-based), there has been a change in how work-related expenses will be claimed this year during tax season. Where once the expenses and claims that needed to be made during tax return season could be more clearly defined in terms of business or pleasure, - [Side Hustle Income And Your Tax Return](https://deannethomas.com.au/side-hustle-income-and-your-tax-return/) - If you or someone you know began a side business (or “side hustle”) during the last financial year, you would have to meet the tax obligations that come with that business, along with the tax obligations of your primary business. All income earned through a side business is taxable income. That means every sale you - [New Rate Of Tax Concession For Super Balances Over $3 Million.](https://deannethomas.com.au/new-rate-of-tax-concession-for-super-balances-over-3-million/) - Last week, the government announced a change to superannuation, introducing a new tax that will apply to member balances above $3 million. From July 1, 2025, super earnings over $3 million will be taxed at 30 per cent, double the current rate of 15 per cent. According to the government, this change aims to ensure - [Foreign Service & Income Declaration](https://deannethomas.com.au/foreign-service-income-declaration/) - Have you been employed by someone outside of Australia? If you have, you’ll likely need to lodge a tax return to declare any foreign earnings from foreign service. Foreign service is the service Australian residents provide in a foreign country as an employee or an office holder. Your foreign earnings include income you earn, such - [4 Strategies That Could Help Your Business Grow](https://deannethomas.com.au/4-strategies-that-could-help-your-business-grow/) - Creating a business is not an easy avenue to explore. It requires commitment, frequent planning, substantial financing and good business sense. However, not only do you have to think about the beginning of your new venture, but you also have to think about the company’s continued growth. 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Are you earning - [What To Do If You Lose Your Tax File Number](https://deannethomas.com.au/what-to-do-if-you-lose-your-tax-file-number/) - Your tax file number (TFN) is an essential piece of information in your possession and should be a constant companion throughout your life. However, there are times when a TFN is misplaced or forgotten. What are you supposed to do? If you forget your TFN or lose it, this can be a major issue. A - [6 Business Resolutions You Could Adopt In 2023](https://deannethomas.com.au/6-business-resolutions-you-could-adopt-in-2023/) - Coming out of the holiday period is usually a slow time for businesses but there’s never been a better time to get on top of things. A new year brings business owners great motivation and opportunities to bring their businesses to greater heights. Whether you want to get on top of your business’ finances, relationships, - [What’s The Difference Between An Employee Or A Contractor?](https://deannethomas.com.au/whats-the-difference-between-an-employee-or-a-contractor/) - Do you know if your new worker is an employee or a contractor? When employing a worker, it’s important to correctly classify them because it affects tax, super or other obligations (such as workers compensation insurance or other workers’ entitlements). Correctly working out whether a worker is an employee or contractor helps to build a - [How Does Superannuation & Contracting Work?](https://deannethomas.com.au/how-does-superannuation-contracting-work/) - Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. A contractor (also known as an independent contractor, a subcontractor, or a subbie) who is paid wholly or principally for their labour is considered to be an employee - [Tax Deductions & Claims: Life Insurance](https://deannethomas.com.au/tax-deductions-claims-life-insurance/) - Have you recently purchased life insurance? The type of cover, deductibility of premiums and treatment of claims make life insurance a complex topic for tax. It’s a topic that individuals and businesses alike seek assistance from accountants. The deductibility of premiums and treatment of claims payouts can be a complex, nuanced topic. The opportunities and - [Compensation, Disability & Life Payments – This Super Contribution Could Make A Difference.](https://deannethomas.com.au/compensation-disability-life-payments-this-super-contribution-could-make-a-difference-2/) - Disasters, be they natural or man-made, can happen to anyone. It could be a car accident, a tree crashing through the roof, or a bushfire hitting your residence. In any case, an event that causes significant harm or impact that affects someone’s everyday life in an adverse way is never pleasant. Thankfully, in Australian society, - [Charitable Donations In The Season Of Giving & Tax](https://deannethomas.com.au/charitable-donations-in-the-season-of-giving-tax/) - It’s coming close to the season of giving, and Australians might be looking to pay it forward to those in need. Making a charitable donation is a great way to round out the end of the year and boost the deductions that you’ll be able to make in next year’s return. It’s also for a - [Starting A New Business In The New Year?](https://deannethomas.com.au/starting-a-new-business-in-the-new-year/) - The coming new year of 2023 may be bringing you a fresh start regarding your business adventures. You may even be looking to start your next adventure on your own terms. Why not make the coming year your year to start a business? Understandably, you may have concerns and trepidation about the process (particularly amidst - [Do You Know What Your Business Is Worth?](https://deannethomas.com.au/do-you-know-what-your-business-is-worth/) - One of the first and most important steps to take when you consider selling your business is to determine the value of your business and its assets to potential buyers. It is a sad fact, but less than half of business owners in Australia are aware of how much their business is worth in monetary - [Funding The Retirement Adventure By Downsizing Your Property](https://deannethomas.com.au/funding-the-retirement-adventure-by-downsizing-your-property/) - Downsizing during retirement can help you reduce costs and put some more money in your pocket so that you feel more secure about your finances during retirement. Downsizing by selling your property has advantages and disadvantages, which you should evaluate before making this decision. Advantages Increased cash flow: Downsizing should reduce your mortgage payments and - [How Does A Binding Financial Agreement Protect My Assets?](https://deannethomas.com.au/how-does-a-binding-financial-agreement-protect-my-assets/) - A Binding Financial Agreement (BFA) is the Australian equivalent of a prenup, covering financial settlement, spousal maintenance and any other incidental issues. BFAs are used to agree in advance on how a couple’s property and other assets would be distributed should their marriage or de facto relationship break down. They can be entered into at - [How Can A Natural Disaster Event Impact FBT?](https://deannethomas.com.au/how-can-a-natural-disaster-event-impact-fbt/) - Australians can experience a range of natural disasters, such as floods, bushfires, tropical cyclones, severe storms and even earthquakes. These events can cause devastation to communities and financial hardship for individuals and businesses. While FBT may not be at the forefront of your mind when helping your employees after an emergency, it can result in - [What Happens To My Tax If I’ve Been Affected By Natural Disasters?](https://deannethomas.com.au/what-happens-to-my-tax-if-ive-been-affected-by-natural-disasters/) - Natural disasters, be they floods, fires or cyclones, can impact many parts of Australia. When they strike, your tax obligations (personal or business-related) are probably not a top priority. If your records have been lost, damaged or destroyed in a natural disaster, such as the recent flooding events, there are many ways you can reconstruct - [Employee Salary Expectations Amidst Cost Of Living Pressures Are High – Can You Meet Them?](https://deannethomas.com.au/employee-salary-expectations-amidst-cost-of-living-pressures-are-high-can-you-meet-them/) - Setting the right salary level for your employees is essential to finding the right people to help you run your business. However, it can be difficult to determine the most appropriate level based on your business and what it can afford while also being attractive to prospective employees. When setting pay levels, particularly for advertising - [Feeling A Loss Of Momentum Running The Business? You’re Not Alone…](https://deannethomas.com.au/feeling-a-loss-of-momentum-running-the-business-youre-not-alone/) - Feel like you don’t want to go to work, but you’re the owner of the business? It happens to everyone that runs a business. Sometimes it is easier not to make decisions, pay the bills, handle a difficult customer, or deal with a problem employee. Even when everything is going well, some days you would - [Is Your Super Fund’s Investment Strategy Going To Meet Your Retirement Goals?](https://deannethomas.com.au/is-your-super-funds-investment-strategy-going-to-meet-your-retirement-goals/) - When it comes to investing, there is always a certain amount of risk involved. The key to a great investment strategy is to discern how much risk you are willing to take. The risk profile of your superannuation investment strategy should be determined by combining your financial goals and the time frame in which you - [5 Ways SMSF Members May Have Contributed To Their Fund](https://deannethomas.com.au/5-ways-smsf-members-may-have-contributed-to-their-fund/) - Since superannuation contributions come in several forms, SMSF members would be wise to understand what contributions are available and how they might impact them regarding the contribution limits. The ATO considers a ‘contribution’ as anything of value that increases the capital of a superannuation fund provided by a person whose purpose is to benefit one - [It’s Beginning To Look A Lot Like FBT Gifts This Season](https://deannethomas.com.au/its-beginning-to-look-a-lot-like-fbt-gifts-this-season/) - At the end of the year, you may look for extrinsic ways to thank your hardworking employees or faithful customers/clients. A work Christmas/end-of-year party may be a method employed by many businesses to demonstrate their gratitude towards staff, but the expense can be a deciding factor. Christmas/holiday parties are regarded as “entertainment” expenditures, which means - [CGT In The Event Of An Inherited Property Can Amount To An Expensive Tax Bill](https://deannethomas.com.au/cgt-in-the-event-of-an-inherited-property-can-amount-to-an-expensive-tax-bill/) - There is often some confusion relating to the treatment and operation of capital gains taxes in the case of deceased estates. Generally speaking, CGT events are considered to take place when an asset changes ownership. In the case of deceased estates, the CGT event is considered to have taken place on the day that the - [Hiring Family Or Friends? 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Remember that creating a supporting marketing campaign to bring awareness to your price change or seasonal deals will be critical in - [Get Familiar With The Rules Around Superannuation Death Benefit Nominations](https://deannethomas.com.au/get-familiar-with-the-rules-around-superannuation-death-benefit-nominations/) - You must make a binding death benefit nomination to maintain control and certainty over who will inherit your superannuation assets after you pass away. Contrary to what you may think, your will does not automatically control the payment of your death benefits. If you do not make a binding death benefit nomination, your super trustee - [When Can An SMSF Carry On A Business?](https://deannethomas.com.au/when-can-an-smsf-carry-on-a-business/) - SMSFs can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. Carrying on a business through an SMSF does have restrictions that other businesses do not have, such as entering into credit arrangements or having overdrafts. SMSF trustees - [Why Is A GST Refund An ‘Outstanding Indirect Tax Refund’?](https://deannethomas.com.au/why-is-a-gst-refund-an-outstanding-indirect-tax-refund/) - Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from the due date of the earliest activity statement in which you could have claimed it. GST refunds are claimed under the indirect tax concession scheme - [Tax Return Deadline Is 31 October – Is Yours Lodged?](https://deannethomas.com.au/tax-return-deadline-is-31-october-is-yours-lodged/) - The last day to lodge a tax return to the ATO if it is not being completed by a registered tax agent or with an extended deadline is the 31st of October. Someone else can assist you with completing your tax return, but only in the following circumstances: A family member or friend can help - [A 10 Point Strategy To Market Your Business To New Prospects](https://deannethomas.com.au/a-10-point-strategy-to-market-your-business-to-new-prospects/) - Simply put, marketing your services should consist primarily of four steps: Informing as many people as possible of your existence Leading them to develop an interest in your services Persuading them to meet with you Move from client enquiry to client engagement Here is a simple ten-point strategy for achieving these objectives: Emphasise Persuasion Making - [Your Small Business Cash Flow Issues Can Be Resolved – Here’s How](https://deannethomas.com.au/your-small-business-cash-flow-issues-can-be-resolved-heres-how/) - Throughout the financial year, there may be periods where your business finds itself facing a recurring problem with its cash flow. 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While you don’t need to pay super to yourself, it might help you feel more secure about your finances during - [Straightforward Steps To Prevent Your Superannuation From Becoming Victim To Scams](https://deannethomas.com.au/straightforward-steps-to-prevent-your-superannuation-from-becoming-victim-to-scams/) - Superannuation is an attractive target for scammers as a significant volume of funds are placed into super funds by Australians. You can take some straightforward steps to protect yourself from super scams. Know The Rules Becoming familiar with the rules surrounding superannuation will alert you against scams that make false claims e.g. offering early access - [Tax Tips You Should Know For Buying A Car For Your Business Before You Grab The Key](https://deannethomas.com.au/tax-tips-you-should-know-for-buying-a-car-for-your-business-before-you-grab-the-key/) - Regardless of whether or not the owner is a company or an employee, a car purchased for business use can provide tax benefits to the owner. However, there are also tax implications that can impact these supposed benefits. Certain advantages and disadvantages to purchasing a car for a business may not necessarily apply to your - [In The Event The ATO Decide To Audit You, What Should You Do?](https://deannethomas.com.au/in-the-event-the-ato-decide-to-audit-you-what-should-you-do/) - Tax audits are conducted when the ATO deems that a more extensive examination of an issue is necessary. These audits can be conducted on a fairly basic level, or they can be much more in-depth and analytical. In most cases, a review will lead to an audit, but this isn’t always necessary. A review may - [Insurance, The Law & Keeping Your Business Covered & Operational](https://deannethomas.com.au/insurance-the-law-keeping-your-business-covered-operational/) - Providing your business with insurance is like providing a safety net to a trapeze artist. You hope that you won’t need it, but having it in place adds security and protection if the worst-case scenario should occur. Your business may require certain types of insurance, depending on the circumstances. These may be because it is - [Has Your Business Approached Electronic Invoicing?](https://deannethomas.com.au/has-your-business-approached-electronic-invoicing/) - Are you tired of chasing invoices, correcting invoice errors and avoiding email scams? Is this impacting your business cash flow? Electronic invoicing saves time and simplifies invoice management directly within your business’s software. Businesses will no longer need to generate paper-based or PDF invoices which need to be printed, posted or emailed, and buyers will - [Working Out Your Employees Super Guarantee Payments: Common Questions](https://deannethomas.com.au/working-out-your-employees-super-guarantee-payments-common-questions/) - Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super. Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to 12%. This - [Now Is The Time To Consolidate Your Superannuation Funds](https://deannethomas.com.au/now-is-the-time-to-consolidate-your-superannuation-funds/) - Have you had a superannuation account opened on your behalf by an employer before November 2021, in which employer contributions were made, that is not your main superannuation fund? Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one - [Electric Vehicles & FBT: What’s On The Radar?](https://deannethomas.com.au/electric-vehicles-fbt-whats-on-the-radar/) - You may have heard a lot of buzz in the news regarding electric cars. What was once a car for the elite is now a far more common sight on the streets. Electric cars are becoming hot commodities, with one-third of electric vehicle sales in Australia occurring within New South Wales alone. There have been - [If You’re A Primary Producer, You Need To Know This About Your Tax…](https://deannethomas.com.au/if-youre-a-primary-producer-you-need-to-know-this-about-your-tax/) - Across the country, many individuals, trust or companies may be involved in a business that deals with primary production. These are primary producers involved in businesses undertaking plant or animal cultivation, fishing or pearling, tree farming or felling operations. Over the last few years, numerous challenges have arisen that primary producers have had to meet. - [The Top 5 Things You Need In Your Business’s Start-up Strategy](https://deannethomas.com.au/the-top-5-things-you-need-in-your-businesss-start-up-strategy/) - Starting a successful business requires three things: A good idea, The right amount of capital you’ll need, and Creativity. However, with the challenges many businesses faced over the last few years (particularly those who were finding their feet and starting up, having just those three things to face the pressures of the business environment might - [The Potential Of A Millennial In Your Business Could Spark Opportunity – But How Do You Get One?](https://deannethomas.com.au/the-potential-of-a-millennial-in-your-business-could-spark-opportunity-but-how-do-you-get-one/) - Millennial job seekers are often far from the irresponsible job-hoppers many make them out to be. While they may come from a generation unfamiliar to many entrepreneurs and other business owners, it can pay to learn what makes them tick and how owners and managers can attract them to their company. Recruiting Millennials involves accepting - [Is Having An SMSF The Right Move For You?](https://deannethomas.com.au/is-having-an-smsf-the-right-move-for-you/) - Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this may have traditionally been the domain of middle-aged, experienced investors with higher fund balances, a new breed of investors is arising. Millennials and Gen Y represent the fastest-growing segment of newly created SMSF - [When Can You Access Your Superannuation?](https://deannethomas.com.au/when-can-you-access-your-superannuation/) - During the onset of the pandemic in 2020, many Australians took advantage of the early access to their super that was a part of the financial support options offered by the government during COVID-19, and withdrew amounts to assist themselves. If individuals and sole traders had suffered financial hardship of at least 20 per cent - [How To Avoid Tripping Up With Your Trust Tax Return](https://deannethomas.com.au/how-to-avoid-tripping-up-with-your-trust-tax-return/) - Just like how individuals and businesses have to complete tax returns when it’s tax season, so too do trusts. Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts can also apply for an Australian business number (ABN) on the condition that the trust carries on an enterprise. - [Let’s Talk About Fuel – Tax, Excise & Credits](https://deannethomas.com.au/lets-talk-about-fuel-tax-excise-credits/) - For Australians, many across the country are restricted in their options for mitigating the rising petrol prices once the fuel excise reaches its deadline in September. After halving the excise rates for petrol, diesel and all other fuel and petroleum-based products from 44.2 cents to 22.1 cents per litre, the expiration of the fuel excise - [6 Upscaling Factors To Consider For Your Business To Keep It Running Smoothly](https://deannethomas.com.au/6-upscaling-factors-to-consider-for-your-business-to-keep-it-running-smoothly/) - It’s a wonderful feeling when you have reached a point where your business is so successful that you need to upscale. Whether hiring more people or moving location, upscaling has its unique challenges. What can you do to ensure that you are hitting the ground running while upscaling? Set Realistic And Actionable Goals Businesses should set - [Wage Theft Is Major Concern For Fair Work Ombudsman This Year…](https://deannethomas.com.au/wage-theft-is-major-concern-for-fair-work-ombudsman-this-year/) - This year has unveiled many concerns about employee underpayments from businesses across different industries by the Fair Work Ombudsman. It is legally defined as the deliberate and dishonest withholding of wages from employees or the falsification or avoidance of keeping employer records to obtain an advantage. Also known as wage theft, employee underpayments fail to - [Why Pick One Trustee Type Over The Other When Setting Up Your SMSF?](https://deannethomas.com.au/why-pick-one-trustee-type-over-the-other-when-setting-up-your-smsf/) - If you have a Self Managed Superannuation Fund (SMSF), the Fund is considered to be a trust and must have a trustee. There are two options as to who this trustee can be. Barring a few exceptions, it can be individual members, or it alternatively can be a company with the members as the directors - [Superannuation & Divorce: The Split Of Assets Isn’t Always 50/50…](https://deannethomas.com.au/superannuation-divorce-the-split-of-assets-isnt-always-50-50/) - Were you aware that if you were to split up with your current partner, you may be able to file a legal claim for up to half your superannuation (under certain circumstances? In all states (bar Western Australia), you don’t need to be married, have kids or even own a house together for your super - [Tax Return Items To Discuss With Your Accountant Before Lodging](https://deannethomas.com.au/tax-return-items-to-discuss-with-your-accountant-before-lodging/) - Lodging your tax return for the 2021-22 financial year? As registered tax agents, we are able to assist you with the process of lodgement to ensure your compliance with the requirements of the ATO. To ensure that your return is correct, here are our top nine key items to be aware of. COVID-19 Support Payments/Natural - [The Family Home, CGT & Your Records: What The ATO Needs To Know](https://deannethomas.com.au/the-family-home-cgt-your-records-what-the-ato-needs-to-know/) - Selling your family home is usually exempt from capital gains tax (CGT). However, your entitlement to a full exemption may vary depending on your circumstances, such as renovations to your home or using it for business or Airbnb. General records to keep which help to form part of the cost base (used to work out - [From Ordering Your Products To Sending Emails, What Processes Could Your Business Automate?](https://deannethomas.com.au/from-ordering-your-products-to-sending-emails-what-processes-could-your-business-automate/) - With client needs and team capabilities constantly changing within the business world, we recommend you pause and reflect on your own critical business processes to see if you can spot opportunities for improving efficiency and reducing waste. There’s no better time to do this than at the beginning of a new financial year. Get your - [Recovering After The Impact Of A Natural Disaster On Your Business](https://deannethomas.com.au/recovering-after-the-impact-of-a-natural-disaster-on-your-business/) - Natural disasters within Australia are not unheard of, unfortunately. When fire, floods and tropical storms threaten business operations, employers must often make hard decisions about leaving their shops to weather what nature throws at them. Over the last few years, the news has often featured the ongoing aftermath of natural disasters on towns and their - [Your Employees, Their Super: What Do You Have To Do?](https://deannethomas.com.au/your-employees-their-super-what-do-you-have-to-do/) - It is your responsibility as an employer to set up your business to pay super into your eligible employees’ chosen super funds or their stapled super fund where no choice has been made. If your employee hasn’t made a choice and doesn’t have a stapled super fund, you can contribute their super to your default - [Women’s Average Superannuation Balance Likely To Be 28% Less Than Men](https://deannethomas.com.au/womens-average-superannuation-balance-likely-to-be-28-less-than-men/) - As women approach retirement, a lifetime of gender inequality can often come into sharp focus. Particularly so when that focus is on superannuation. Some of the causes of the super gender gap include: Unequal pay – while the increase to the national minimum wage is a step in the right direction, women in full-time work - [Work-Related Deductions Major Flag For ATO Scrutiny](https://deannethomas.com.au/work-related-deductions-major-flag-for-ato-scrutiny/) - Are you up to date and aware of what you can and can’t claim on your tax return this year? Brushing up on the three rules of work-related deductions can make tax time a lot easier. In order to be able to claim a deduction for a work-related expense on your tax return, you must - [Trading Crypto? It Can Be A Taxing Asset To Deal With In Your Return](https://deannethomas.com.au/trading-crypto-it-can-be-a-taxing-asset-to-deal-with-in-your-return/) - No matter if you’re a dedicated crypto trader or just someone who’s been doing a spot of dabbling with the digital asset, it is still required that you let your accountant know just how much they’ll be dealing with this tax return season. Cryptocurrency isn’t an easy tax matter to handle either. According to the - [6 Ways Your Business Could Approach Rising Costs This Financial Year](https://deannethomas.com.au/6-ways-your-business-could-approach-rising-costs-this-financial-year/) - Understanding how and preparing your business for the impact of inflation is a critical element of business planning that now more than ever needs to be addressed. Interest rates rising are putting a strain on businesses across the country, as the costs for running these businesses rise in turn. Further spikes in inflation could provide - [Thinking About Adopting E-Invoicing? Here’s What You Need To Know](https://deannethomas.com.au/thinking-about-adopting-e-invoicing-heres-what-you-need-to-know/) - Invoicing is an important element of operating a business. It’s how the business receives payments. But if you are tired of having to chase invoices, correct errors and avoid email scams, and noticing an impact on your business’s cash flow, you may want to consider switching to electronic invoicing (or e-invoicing). E-invoicing is a digital-based - [Mortgage Debt & Superannuation – An Unlikely Pair?](https://deannethomas.com.au/mortgage-debt-superannuation-an-unlikely-pair/) - A relationship has been established around superannuation and mortgage debt that could impact the stability of your retirement. As prospective Australian retirees approach their preservation ages and retirement, those who are yet to own their own homes may struggle to maintain a comfortable retirement. Retirement plans often work out a prospective financial situation, and assume - [$450 Threshold Requirement Being Removed From Superannuation Guarantee This July](https://deannethomas.com.au/450-threshold-requirement-being-removed-from-superannuation-guarantee-this-july/) - Employees will no longer need to meet the monthly minimum income threshold of $450 to receive superannuation guarantee payments from their employers from the 1st of July 2022. At this point in time, employers are not required to pay super guarantee payments to their employees if they have not earned $450 per month. It does - [Taking Cash Payments For Services Rendered? Everything Needs To Be Reported…](https://deannethomas.com.au/taking-cash-payments-for-services-rendered-everything-needs-to-be-reported/) - If your business earns a part of its income in cold, hard cash, be prepared to have the Australian Taxation Office’s eyes on you this tax time. To protect honest, compliant Australian businesses, the Australian Taxation Office (ATO) has placed a strong emphasis on targeting the cash and hidden economy (known to be a part - [Are All Of Your Details Correct Ahead Of The Tax Return Season? It Might Be Worth Checking Again…](https://deannethomas.com.au/are-all-of-your-details-correct-ahead-of-the-tax-return-season-it-might-be-worth-checking-again/) - It’s getting close to the time of year when your tax return may be on your mind. You may have even already started looking into what is required to lodge your income tax return. Making sure that your details are correct and that any information regarding your earned income from the year is lodged is - [Why Your Business Planning & Strategising Should Be Happening This EOFY](https://deannethomas.com.au/why-your-business-planning-strategising-should-be-happening-this-eofy/) - What is the origin story of your business? Why did it begin? Many people might say publicly that they went into business to make a better future. Others might say that they began the business to pursue a passion. You may have simply wanted to earn money on your own terms, and create a better - [Small Business Policies Proposed By Labor Government](https://deannethomas.com.au/small-business-policies-proposed-by-labor-government/) - Labor has made announcements about policies designed to help small business owners, but there is not much detail set in stone at this point. This is to be expected though, as Labor has a vision that will require the Treasury’s assistance to get right. An announcement has been made regarding a plan that aims for - [What Happens If I Can’t Make A Decision About Financial Matters?](https://deannethomas.com.au/what-happens-if-i-cant-make-a-decision-about-financial-matters/) - As you grow older, your aim may be to live a long, happy and healthy life. This is hopefully with the mental capacity to make your own financial and lifestyle decisions, and the appropriate superannuation to fund it. But not everyone is always able to do this as they grow older. In the worst-case scenario, - [Superannuation & The Election Results – What Does It Mean For Your Fund?](https://deannethomas.com.au/superannuation-the-election-results-what-does-it-mean-for-your-fund/) - First and foremost, Labor has announced that it will not overhaul a “tsunami” of changes to superannuation. This is good news as change only undermines confidence in the existing system. Labor is the author of our current superannuation system though significant changes to it have also been made by different Liberal governments. It was the - [Fraudulent GST Refunds Noticed By ATO](https://deannethomas.com.au/fraudulent-gst-refunds-noticed-by-ato/) - Registering for an ABN and applying for GST refunds when you don’t own a business or are not eligible is fraud. The Australian Taxation Office (ATO) has identified a significant number of GST refund fraud attempts, totalling an estimated $850 million to around 40,000 individuals. This fraud involves predominantly participants inventing fake businesses to claim - [Digital Assets & Your Tax – Reporting Cryptocurrency On Your Return](https://deannethomas.com.au/digital-assets-your-tax-reporting-cryptocurrency-on-your-return/) - Cryptocurrency is a hot topic of discussion in the taxation industry, due to its digital nature as an asset and the reporting requirements behind the tax on its earnings Cryptocurrency may seem like another form of money to you (albeit in digital form), but it isn’t to the Australian Taxation Office (ATO). From their point - [Here’s What Businesses Need To Know About Their Super Guarantee Obligations](https://deannethomas.com.au/heres-what-businesses-need-to-know-about-their-super-guarantee-obligations/) - It is easy to get caught out with superannuation, particularly when you are the owner of a business. With so many things to occupy your mind, superannuation may slip from the forefront. But as a business owner, you must pay the superannuation guarantee for your staff, and you must pay it on time. A failure - [Could Your Business Handle Inflation](https://deannethomas.com.au/could-your-business-handle-inflation/) - With inflation surging, costs rising and interest rates increasing (after being stable for a decade), businesses may be feeling the heat about their profit margins. Your business may be struggling to absorb these rising costs amid labour shortages, while also requiring spare capital to expand and further digital transformation initiatives. In a time where growth - [Individual Or Corporate Trustee? Single Or Multiple Member Fund? What Works For Your SMSF?](https://deannethomas.com.au/individual-or-corporate-trustee-single-or-multiple-member-fund-what-works-for-your-smsf/) - The way in which a self-managed super fund is structured could change its legal compliance requirements. If you are in the process of setting up an SMSF, you will need to make a decision about how to structure it appropriately to suit. An SMSF can be structured as a single-member fund or a multiple-member fund, - [Retirement Planning Scheme Could Have Severe Consequences For Those Involved](https://deannethomas.com.au/retirement-planning-scheme-could-have-severe-consequences-for-those-involved/) - With a significant number of Australians approaching retirement and looking at the best ways to maximise their retirement assets and income from their super for it, retirement planning makes sense. Unfortunately, there are those who want to target people approaching and planning for their retirement with schemes designed to ‘help’ retirees and prospective retirees avoid - [Tax Returns Made Easy With The Do’s & Do Not’s Of Work-Related Expenses](https://deannethomas.com.au/tax-returns-made-easy-with-the-dos-do-nots-of-work-related-expenses/) - The end of the financial year is coming up next month (30 June), and you may be looking for ways in which you could make tax savings in this year’s tax return. 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Existing directors were required to obtain a DIN prior to the end of the transitional period (30 November 2022), whereas directors of Indigenous Corporation have until 30 November 2023. Failure - [5 Ways To Ensure That Your Business’s Service Quality Is Up To Standard](https://deannethomas.com.au/5-ways-to-ensure-that-your-businesss-service-quality-is-up-to-standard/) - The hard part in obtaining favourable judgements for your business or service is making sure clients and others perceive all you have done for them – in other words, getting credit for what you have done. There are five principal dimensions to service quality: Reliability Reliability is the ability to provide the promised service dependably - [Interested In Setting Up An SMSF? 3 Things To Keep In Mind Before You Commit](https://deannethomas.com.au/interested-in-setting-up-an-smsf-3-things-to-keep-in-mind-before-you-commit/) - One of the benefits of establishing or opting for an SMSF is due to the control they are given over where the money is invested. While this sounds enticing, the downside is that they involve a lot more time and effort as all investment is managed by the members/trustees. They are also often the targets - [Avoid ATO Penalties For Superannuation By Following These Simple Strategies](https://deannethomas.com.au/avoid-ato-penalties-for-superannuation-by-following-these-simple-strategies/) - Paying super is compulsory for all employers, regardless of whether their staff are employed part-time, full-time or contracted. It’s important to remember that paying super for your workers isn’t a ‘tax’ or form of government revenue; it’s an entitlement to serve your workers in retirement. With regular changes being introduced in regards to super contributions, - [Car Parking Benefit Readdresses FBT Definition, Employers To Benefit](https://deannethomas.com.au/car-parking-benefit-readdresses-fbt-definition-employers-to-benefit/) - It’s getting closer to the time that FBT returns need to be lodged, so it’s important to understand that there may be a change to the FBT liability of your business when it comes to one employee benefit. Car parking as an FBT benefit is provided on a particular day when, between 7.00am and 7.00pm: - [Tax Losses & Business – How To Work Out Your Claim](https://deannethomas.com.au/tax-losses-business-how-to-work-out-your-claim/) - Before you claim a tax loss for your business, you need to make sure that you have correctly claimed the expenses that you are entitled to. If you overclaim expenses, your business can be put into an incorrect tax loss situation, which can make things complicated. Generally, a business can make a tax loss when - [20 Weeks Of Paid Parental Leave From Federal Budget Announcements](https://deannethomas.com.au/20-weeks-of-paid-parental-leave-from-federal-budget-announcements/) - If you have employees who are expecting to expand on their family (whether they are adopting or looking to become pregnant), the Federal Budget 2022-23 announced a change to paid parental leave that could impact you and your employees. Single parents and fathers are now eligible for longer paid parental leave after the government proposed - [Don’t Get Caught Out – Your Business Should Have A Plan For Every Eventuality](https://deannethomas.com.au/dont-get-caught-out-your-business-should-have-a-plan-for-every-eventuality/) - Just as you need to have an individual or family plan for how to manage in an emergency, so too should your business. The better prepared you are to navigate through any situation that might arise, the easier it will be to get back into the usual operation. Unexpected disruptions to business operations can be - [Superannuation, Pensioners & The Federal Budget – Announcements From 2022-23, And What’s Still Being Delivered](https://deannethomas.com.au/superannuation-pensioners-the-federal-budget-announcements-from-2022-23-and-whats-still-being-delivered/) - The Federal Budget was released last Tuesday, announcing key changes to taxation and business. For superannuation, the minimum pension drawdown amount was in the spotlight. The reduction in the minimum pension drawdown amount for superannuation pension recipients has been extended for another year by the Federal Government, as announced in the Budget for 2022-23. The - [Accessing Super After Retirement Can Complicate Things If You Need To Come Back To Work.](https://deannethomas.com.au/accessing-super-after-retirement-can-complicate-things-if-you-need-to-come-back-to-work/) - Regardless of the careful planning you dedicate to your retirement, individuals who leave the workforce to retire and access their super may decide they want or need to return to work. Understanding how the choice to exit retirement can impact upon your superannuation is important; disregarding the potential risks involved with returning to work after - [Individuals May Be Able To Claim On These COVID-19 Related Expenses On This Year’s Return…](https://deannethomas.com.au/individuals-may-be-able-to-claim-on-these-covid-19-related-expenses-on-this-years-return/) - People across different industries may have different items for work that they can claim a deduction on their tax returns for, but this season may see a few common occurrences across individual tax returns for 2022. On your individual tax return this year, you may notice a few expenses pertaining to COVID-19-related purchases, such as - [What Does A Rise In Petrol Prices Mean For Your Tax?](https://deannethomas.com.au/what-does-a-rise-in-petrol-prices-mean-for-your-tax/) - With the rise in petrol prices making everyone’s eyes turn to the Federal government for some relief, businesses may be feeling the pinch of the additional expense in running their vehicles. Whether you’re a business owner or simply an individual that uses their car for work-related purposes, fuel is a taxation topic that you might - [What You Need To Keep In Mind When Succession Planning For The Family Business](https://deannethomas.com.au/what-you-need-to-keep-in-mind-when-succession-planning-for-the-family-business/) - Succession planning for the family businesses has a number of factors that could impact the decision to pass the business onto the next generation. Namely, you’ll be looking for someone in the family who is willing to assume the responsibility. But if you intend to pass your business down the family tree there are also - [Is Your Business Data Secure For The Sake Of Your Customers?](https://deannethomas.com.au/is-your-business-data-secure-for-the-sake-of-your-customers/) - The trust that your customers place with your business often revolves around the personal information that they have shared with you. Contact details, payment information, even their demographical data are stored within your databases. That’s why it’s critical that your business maintains confidentiality and the trust that has been established with how you use their - [Why Keeping Money In Your Superannuation Needs To Consider Death Benefit Taxes](https://deannethomas.com.au/why-keeping-money-in-your-superannuation-needs-to-consider-death-benefit-taxes/) - Most people will want to keep as much money in their superannuation account for as long as possible. One of the primary reasons behind this is that the longer the superannuation has a chance to stay within the account, the more returns may be seen (depending on how the investment assets are performing). Often, people - [There Are 4 Things Your SMSF Asset Needs To Be To Be An Arms-Length Transaction…](https://deannethomas.com.au/there-are-4-things-your-smsf-asset-needs-to-be-to-be-an-arms-length-transaction/) - Strict investment rules govern how trustees can acquire assets through self-managed super funds (SMSF) from related parties When it comes to acquiring an asset from a related party, a trustee must ensure it is an ‘arm’s length transaction’, in other words, the asset is purchased at market value. 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Lockdowns, a hybridisation in work practices and increased flexibility due to newer technologies on where we’re now able to work, now mean that careful consideration - [What Exactly Should Your Business Plan Include?](https://deannethomas.com.au/what-exactly-should-your-business-plan-include/) - When you are first setting up a business, understanding exactly what you are setting out to achieve can be a daunting task. But a business plan takes some of that stress away by helping to cement your business idea into achievable goals. It can be as simple as dot pointing your strategy on the back - [Visions, Staff & Driving The Way Forward For Your Business – What Could Change Mean For You?](https://deannethomas.com.au/visions-staff-driving-the-way-forward-for-your-business-what-could-change-mean-for-you/) - All businesses, at one stage or another, will have to go through significant change. 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These are what’s known as fringe benefits, which is a ‘payment’ to an employee that takes a different form to salary or wages. This incurs a specific kind of tax - [Educating Your Employees Is A Tax-Deduction Worth Taking…](https://deannethomas.com.au/educating-your-employees-is-a-tax-deduction-worth-taking/) - Sometimes business owners need their employees to develop or grow their expertise and skills in a particular area. While training courses like seminars and one-day intensive sessions can be a worthwhile investment in your employee’s development, there are still a few things employers should consider from a tax point of view. Although employers can claim - [What Might Unpaid Invoices, Debt & Too Much Stock Be Doing To Your Business’s Cash Flow?](https://deannethomas.com.au/what-might-unpaid-invoices-debt-too-much-stock-be-doing-to-your-businesss-cash-flow/) - After the stress of the holiday period, there are plenty more times throughout the year that cashflow issues can become a recurring problem that you need to get on top of. Small businesses with cash flow problems may put themselves at risk of failing or suffering significant financial hardship. Cash flow provides a business with - [Make Sure Your Business Is Ready This Season To Satisfy Your Customer’s Needs](https://deannethomas.com.au/make-sure-your-business-is-ready-this-season-to-satisfy-your-customers-needs/) - Summer falls into autumn, and winter’s close behind. As the seasons change, businesses need to be taking note. Seasonal changes can impact and should correlate with the changes in purchasing habits for a business’s customers, or they can suffer. Individuals are more likely to purchase certain products or access certain services more than others in - [4 Mistakes That SMSF Trustees Make (And 4 Ways To Avoid Them)](https://deannethomas.com.au/4-mistakes-that-smsf-trustees-make-and-4-ways-to-avoid-them/) - Involvement in an SMSF can put certain responsibilities in their trustees hands, and those who overlook important details or find themselves reported to the ATO for failing to fulfil those responsibilities may risk incurring financial, civil or criminal penalties. As SMSFs often involve multiple members, the risk of non-compliance grows. You might be doing the - [Super Fund Contributions Turn Into Investments That Differ According To The Fund Type](https://deannethomas.com.au/super-fund-contributions-turn-into-investments-that-differ-according-to-the-fund-type/) - For any contributions, that are made into your super fund (be that Super Guarantee contributions or any additional and voluntary contributions), your superannuation fund provider will typically invest your super savings over the course of your working life, so you can hopefully retire comfortably. But how do they ensure that your funds do not simply - [Business Activity Statements – How To Take The Sting Out Of The Quarterly Payment](https://deannethomas.com.au/business-activity-statements-how-to-take-the-sting-out-of-the-quarterly-payment/) - Been hearing a lot about business activity statements, and feeling more than a little pressure? Kicking off the new year for your business shouldn’t be shrouded in the darkness that can be a looming BAS. But how can you be certain that your business is prepared? To start with, demystifying the BAS might alleviate some - [In The Spirit Of Giving These Holidays? Here’s What You Need To Know About Tax On Gifts Made To Your Employees](https://deannethomas.com.au/in-the-spirit-of-giving-these-holidays-heres-what-you-need-to-know-about-tax-on-gifts-made-to-your-employees/) - Are you considering giving your employees a treat this year as a thank you for their hard work? Certain gifts that are given to your employees may be claimable as a tax deduction under strict conditions and rules. During this time of giving, a Christmas gift can be rewarding to both the employee and the - [New Extension To SME Recovery Loan Scheme To Aid Business’s Financial Recovery](https://deannethomas.com.au/new-extension-to-sme-recovery-loan-scheme-to-aid-businesss-financial-recovery/) - Are you an SME who has been impacted economically by COVID-19, and who could use financial assistance to get back on their feet? The SME Recovery Loan Scheme has been extended to 30 June 2022 with a reduced Government guarantee of 50 per cent. This is known as the 2022 Scheme expansion, where loans will - [Is Your ABN At Risk Of Being Cancelled?](https://deannethomas.com.au/is-your-abn-at-risk-of-being-cancelled/) - Is your ABN at risk of cancellation? You might not have thought about it, but it’s a distinct possibility for businesses, especially after a few years of considerable fluctuations. As a resident of Australia, you are entitled to an ABN if you’re: carrying on or starting an enterprise in Australia making supplies connected with Australia’s - [What Course Of Action Could You Take For Your Super To Maximise The Balance?](https://deannethomas.com.au/what-course-of-action-could-you-take-for-your-super-to-maximise-the-balance/) - There are plenty of ways to maximise your superannuation contributions prior to your retirement at any time of your life. As the means of funding your nomadic lifestyle, your seachange or your downtime after retiring, you want to make sure your superannuation is equipped to handle it. The Australian Taxation Office recommends that you should - [Super Can Be Confusing, But What Happens If You Develop Dementia?](https://deannethomas.com.au/super-can-be-confusing-but-what-happens-if-you-develop-dementia/) - Superannuation can be confusing at the best of times for the average Australian. However, for those experiencing the effects of dementia, or living with those affected by it, access to their superannuation can become a financial issue of great magnitude. Dementia is not a specific disease, but rather a term that describes symptoms associated with - [What Tax Deductions Could You Be Claiming Back Because Of Your Office Christmas Party?](https://deannethomas.com.au/what-tax-deductions-could-you-be-claiming-back-because-of-your-office-christmas-party/) - While your business may not necessarily be planning an extravagant bash after the events of this year, a Christmas party may be on the menu for your hard-working employees. Planning out your Christmas party in a COVID-safe manner with a little knowledge of the tax deductions you might be able to claim back can make - [Ready For A New Start? Watch Out For The Tax On Your Unused Leave…](https://deannethomas.com.au/ready-for-a-new-start-watch-out-for-the-tax-on-your-unused-leave/) - Thinking about starting the new year with a new job? It’s coming to that time of the year where a lot of Australians may be thinking about refreshing their careers with a change of pace, but that could leave them with taxable consequences for their unused leave. For example, if you currently hold a job - [Are You Meeting The New Minimum Rate For Your Employees Wages?](https://deannethomas.com.au/are-you-meeting-the-new-minimum-rate-for-your-employees-wages/) - From 1 November 2021, minimum wages in 21 awards were increased. If you are not paying your employees this new rate of pay, you may find yourself facing significant penalties for failure to comply with the Fair Work Ombudsman. This increase is to be applied to anyone who is paid the minimum award wages or - [Competitive Pricing For Tradies Can Drive Customer Retention – But Are Your Prices Too Cheap?](https://deannethomas.com.au/competitive-pricing-for-tradies-can-drive-customer-retention-but-are-your-prices-too-cheap/) - If you’re someone employed in a trade, the next few months are likely to be among the busiest of your year. With the added pressure of the pandemic’s effect on delaying site access and work progress, completing jobs is sure to be a high priority on your mind. In the business process of providing your - [What Are Death Benefit Payments, And What Might They Mean For Your Super?](https://deannethomas.com.au/what-are-death-benefit-payments-and-what-might-they-mean-for-your-super/) - What happens to your super when you die? It might not be a question that has cropped up in many people’s minds, but it is something that you should be concerned about. Upon the untimely death of someone, their superannuation may be one of the elements of the estate that can be bequeathed and divided - [Making Additional Or Extra Super Contributions To Your Employees? Here’s What You’ll Have To Report](https://deannethomas.com.au/making-additional-or-extra-super-contributions-to-your-employees-heres-what-youll-have-to-report/) - If you are an employer who makes additional or extra super contributions, you are required to report them through Single Touch Payroll (STP) or on the employee’s annual payment summary. However, there are two kinds of super contributions that can be made – reportable and non-reportable. As an employer, it’s important to know the difference - [The Tax-Threshold Only Applies To One Job But What Happens If I Have Two?](https://deannethomas.com.au/the-tax-threshold-only-applies-to-one-job-but-what-happens-if-i-have-two/) - Are you in the process of getting a second job to supplement your income? Or have you already received one, and are now simply confused about what you are being taxed on? Gaining employment in a second position or job means that you may have a higher amount of tax withheld from your pay. Though - [Learn How To Navigate Your Business Being In Debt With These Simple Steps](https://deannethomas.com.au/learn-how-to-navigate-your-business-being-in-debt-with-these-simple-steps/) - Money is the lifeblood of business, and ensuring optimal cashflow keeps its heart beating and makes for smoother operations and its continuation. Sometimes, however, a business accrues debt during its operations. This could be due to a loan, start-up costs, inventory and stocking costs, or even invoices not being paid for services rendered. There are - [Taxable Consequences For Grants, Payments And Loans Made To Creative Industries Organisations](https://deannethomas.com.au/taxable-consequences-for-grants-payments-and-loans-made-to-creative-industries-organisations/) - The creative arts industry has been one of those affected over the past two years by COVID-19, with countless cancellations, uncertainty and threats to the continued viability of the businesses and individuals involved within.With more than 600,000 Australians within the industry, the government aimed to ease the burden of the countless employers within. The COVID-19 - [What Management Style Your Business Uses Could Impact Your Employee Relationships – And Not Always For The Better](https://deannethomas.com.au/what-management-style-your-business-uses-could-impact-your-employee-relationships-and-not-always-for-the-better/) - The business management style you adopt will depend on the needs of your business, what motivates your employees, and your style of work. Therefore, you do have some flexibility when it comes to the choices you make and how you manage your business. However, there are some which you should always avoid due to the - [Retiring Isn’t Always The Stopping Point In Your Career, But What Happens To Super If You Keep Working After Retirement?](https://deannethomas.com.au/retiring-isnt-always-the-stopping-point-in-your-career-but-what-happens-to-super-if-you-keep-working-after-retirement/) - A number of Australians may find themselves after retiring from their 9 to 5 occupations at a bit of a loss. Some may decide that they aren’t ready to be fully retired and are looking to reenter the workforce in a new fashion. It’s a more common practice than you might think. It is important - [Who Gets The Superannuation In The Divorce?](https://deannethomas.com.au/who-gets-the-superannuation-in-the-divorce/) - In the event of a divorce, your’s and your partner’s superannuation is one of the assets you may need to take into consideration. It might be one of the last things on your mind, but it’s important to realise that there are complex laws that can apply, and walking away with it untouched is not - [You May Need To Amend Your Tax Return If You Received The COVID-19 Disaster Payment For Individuals](https://deannethomas.com.au/you-may-need-to-amend-your-tax-return-if-you-received-the-covid-19-disaster-payment-for-individuals/) - If you were the recipient of the COVID-19 Disaster Payments For Individuals due to your situation resulting from the impact of COVID-19, there are certain things you may need to know about it. The COVID-19 Disaster Payments were provided by the Australian Government to support eligible individuals who are unable to earn an income due - [When Your Employees Are A Little Too Taxing To Bear, It Might Lead To Termination – But What Does That Mean For The Taxable Consequences Of Their Payouts?](https://deannethomas.com.au/when-your-employees-are-a-little-too-taxing-to-bear-it-might-lead-to-termination-but-what-does-that-mean-for-the-taxable-consequences-of-their-payouts/) - In the business world, employees can leave your business for various reasons. Sometimes as the employer, you may have to step in and terminate their employment (as a result of circumstances). At other times it could be a result of redundancy or resignation. Regardless of the how or why employers who terminate their employee’s positions - [Collaboration Between Businesses During Times Of Isolation Could Lead To New Ways Forward – But How Do You Start?](https://deannethomas.com.au/collaboration-between-businesses-during-times-of-isolation-could-lead-to-new-ways-forward-but-how-do-you-start/) - Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between - [Reskill Or Upskill? 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Or you might be more comfortable remaining in a long-term de facto relationship (especially since many de facto relationships have similar rights as those of a marriage). You might share a lot of things with your partner (such as a - [Your Super Funds Might Need A Checkup – Do You Know Where To Look?](https://deannethomas.com.au/your-super-funds-might-need-a-checkup-do-you-know-where-to-look/) - When it comes to your retirement funds, you want to ensure that you have an amount in your superannuation fund that will allow you to live comfortably. That’s why you may want to examine it closely and make sure that you aren’t losing out on money that could be going towards your retirement. Checking it - [Deductions, Allowances, Tax Returns And More – Here’s What You Might Need To Know As A Retail Worker](https://deannethomas.com.au/deductions-allowances-tax-returns-and-more-heres-what-you-might-need-to-know-as-a-retail-worker/) - In spite of the many challenges that have faced many industries across the country during COVID-19’s persistence and ongoing effects, the retail industry through their continued, adapted operations has continued to progress. As a result, retail workers across many stores may find that the taxable income from their work may have been affected by the - [Saving Tax By Spending Money On Assets – A Good Or Bad Idea?](https://deannethomas.com.au/saving-tax-by-spending-money-on-assets-a-good-or-bad-idea/) - One of the ways that many Australians may be looking to recoup or maximise their tax refund’s potential is in spending money on assets for themselves or their business that can be ‘written off” as a tax deduction. Doing so might help save you on the tax that you have to pay after lodging your - [ABN, Contractors & Sham Contracting – What You Have To Watch Out For As An Independent Contractor Or Employer Of One](https://deannethomas.com.au/abn-contractors-sham-contracting-what-you-have-to-watch-out-for-as-an-independent-contractor-or-employer-of-one/) - Being a contractor offers flexibility, choice and more control over your own schedule. It also means that you have different responsibilities from other employees that you may have to fulfil. For employers, knowing the difference between a contractor and an employee is a must. It can lead to costly penalties if the two get confused. - [Emergency Management Plans Are Critical To Keeping Your Business Operational – Is Yours Ready For Anything?](https://deannethomas.com.au/emergency-management-plans-are-critical-to-keeping-your-business-operational-is-yours-ready-for-anything/) - Emergencies can crop up without any warning, but a business needs to be prepared for any eventuality. Unexpected disruptions to business operations can be prevented with a well-thought-out emergency management plan and recovery plan to help protect your business before, during and after an emergency. Natural disasters, such as floods, fire and earthquakes can strike - [What Is A Stapled Fund, And What Does That Mean For Your Future Employees?](https://deannethomas.com.au/what-is-a-stapled-fund-and-what-does-that-mean-for-your-future-employees/) - This year has seen a lot of amendments and changes to the rules governing superannuation funds and their providers by the Federal Government that may have an impact on how you as an employer deal with super. Are you aware of the changes to “choice of fund” rules that you might need to be aware - [Your Super Might Provide You With Insurance Options – But Are They Better Than An Actual Provider’s?](https://deannethomas.com.au/your-super-might-provide-you-with-insurance-options-but-are-they-better-than-an-actual-providers/) - Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Super funds typically offer three types of life insurance for their members – life cover, total and permanent disability and income protection insurance. Most super funds will provide their members with insurance - [What You Need To Know About Capital Gains Assets And Disposals](https://deannethomas.com.au/what-you-need-to-know-about-capital-gains-assets-and-disposals/) - If you have disposed of any assets (which can include the loss, destruction or sale of an asset) which are subject to capital gains tax, you need to let us know as soon as possible. These are known as capital gains events, which can affect the way in which a capital gain or loss is - [Here’s Why You May Receive A Tax Bill, Even If You Weren’t Expecting One](https://deannethomas.com.au/heres-why-you-may-receive-a-tax-bill-even-if-you-werent-expecting-one/) - Though you may not be expecting a tax bill, having one turn up in your inbox does not have to be an unexplainable mystery. 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Generally speaking, the idea behind this saying is that if you ask for permission and you do not receive it, then the punishment will be a lot harsher than if you do the thing that you asked - [What Happens To Your Super When You Die?](https://deannethomas.com.au/what-happens-to-your-super-when-you-die/) - Building up your super is one of the ways that you can finance your eventual retirement. But what will happen to your super if something were to happen to you prior to that? Much like how a will dictates what will happen to your physical assets, death benefit nominations ensure that superannuation benefits are properly - [Property Investors Should Know This About Tax If They’re Planning On Renovating](https://deannethomas.com.au/property-investors-should-know-this-about-tax-if-theyre-planning-on-renovating/) - As a property investor, you might find yourself implementing repairs and renovation work onto a property to ensure that you are maximising its value on the market. 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There have been a number of cases where people who received financial assistance from the government were hit with additional owed tax to the ATO, due to their payments increasing their income threshold. When - [Your Future, Your Super – What Does This Mean For Your Superannuation?](https://deannethomas.com.au/your-future-your-super-what-does-this-mean-for-your-superannuation/) - There has been a shakeup within the superannuation industry after the latest government reform passed through the Senate. You may have heard of Your Future, Your Super, which was introduced during the Federal Budget announcements of 2020-21, and wh Your Future, Your Super was introduced during the Federal Budget 2020-21 announcements as a reform measure - [Choosing A Structure For Your Business: The Co-Operative Explained.](https://deannethomas.com.au/choosing-a-structure-for-your-business-the-co-operative-explained/) - Sometimes you might want to set up a structure where you will share in the spoils with everyone that deals with that structure. There is a specific type of structure for this and it is known as a Co-Operative A co-operative business structure (or co-op) is a legally incorporated business entity that is designed to - [Tax Treatments Will Differ Depending On Payment Types, Says ATO](https://deannethomas.com.au/tax-treatments-will-differ-depending-on-payment-types-says-ato/) - The ATO is looking to make tax season a little bit easier this year, particularly in light of the unique but significant challenges that Australians have been facing over the last year, and are continuing to face. If you received a financial assistance payment, grant or scheme package during the 2020 financial year, you need - [Planning Out Succession For Your Family-Run Business](https://deannethomas.com.au/planning-out-succession-for-your-family-run-business-2/) - Family-run businesses form an essential part of the economy. 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If you received a financial assistance payment, grant or scheme package during the 2020 financial year, you need - [Recent Changes To Your Superannuation That You Need To Know](https://deannethomas.com.au/recent-changes-to-your-superannuation-that-you-need-to-know/) - There were a few changes to superannuation that were passed by the Senate recently. You can now use the bring-forward rule to make three years’ worth of non-concessional contributions (where you don’t claim a tax deduction) up until the age of 67. Last year the rules had changed to permit a person to - [Unfair Contract Terms, and How To Determine Them.](https://deannethomas.com.au/unfair-contract-terms-and-how-to-determine-them/) - Whether it’s to provide a service, gain employment or even just downloading software, it is not unlikely that you would have selected “I agree” to terms of agreement without thinking too hard about it. 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In terms of designing an app, the term user interface tends to speak more about the overall design in terms of style (such as colours, fonts and general look and feel), whilst the term user experience - [High School Students, It’s Time To Get Creative About Tax & Super](https://deannethomas.com.au/high-school-students-its-time-to-get-creative-about-tax-super/) - The ATO’s Tax, Super + You competition is a fun and engaging way for Australian high school students to learn about tax and super, unleash their creativity and potentially win some great prizes. Working as a part of a team or individually, students are invited to write, make or film an entry for their topic: - [Your First Tax Return: What You Need To Know](https://deannethomas.com.au/your-first-tax-return-what-you-need-to-know/) - Tax return season is quickly approaching for individuals. You may need to begin thinking about the process sooner rather than later to ensure that you have everything ready for your accountant. 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A trademark can become synonymous with a product or service and be the means with which consumers can quickly identify the business. A trademark can be a brand or - [Removing Superannuation’s Minimum Income Threshold Limit](https://deannethomas.com.au/removing-superannuations-minimum-income-threshold-limit/) - From 1 July 2022 employees will no longer need to meet the monthly minimum income threshold of $450 to receive superannuation guarantee payments from their employers due to the Federal Budget’s recently announced changes to superannuation. Previously, employers did not need to pay employees superannuation guarantee payments if they did not earn $450 per month. - [Removing Superannuation’s Minimum Income Threshold Limit](https://deannethomas.com.au/removing-superannuations-minimum-income-threshold-limit-2/) - From 1 July 2022 employees will no longer need to meet the monthly minimum income threshold of $450 to receive superannuation guarantee payments from their employers due to the Federal Budget’s recently announced changes to superannuation. Previously, employers did not need to pay employees superannuation guarantee payments if they did not earn $450 per month. - [Stamp Duty Tax – The Invisible Cost To Purchases](https://deannethomas.com.au/stamp-duty-tax-the-invisible-cost-to-purchases/) - When you’re buying a property, there’s a high likelihood that you’re going to need to pay a tax known as stamp duty on top of the price originally agreed on for that property. Stamp duty is a tax levied by all Australian states and territories on property purchases. It is considered one of the most - [Stamp Duty Tax – The Invisible Cost To Purchases](https://deannethomas.com.au/stamp-duty-tax-the-invisible-cost-to-purchases-2/) - When you’re buying a property, there’s a high likelihood that you’re going to need to pay a tax known as stamp duty on top of the price originally agreed on for that property. Stamp duty is a tax levied by all Australian states and territories on property purchases. It is considered one of the most - [Buy Now Pay Later – Is This Service Right For You?](https://deannethomas.com.au/buy-now-pay-later-is-this-service-right-for-you/) - If you’re someone who often finds it difficult to make large lump sum payments for goods or services, you may want to consider looking into “Buy Now Pay Later” services. 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Personal Contributions made into an - [Maximise Your Performance With The Flow State.](https://deannethomas.com.au/maximise-your-performance-with-the-flow-state/) - Flow is known as a state in which people are so involved in an activity that nothing else seems to matter and that the experience of being involved is so enjoyable that people will continue to do so (even at high cost) for the sheer sake of doing it. The flow state can occur across - [The Federal Budget 2021-22: Low & Middle Income Tax Asset Rebate Extension Announced](https://deannethomas.com.au/the-federal-budget-2021-22-low-middle-income-tax-asset-rebate-extension-announced/) - The Low and Middle Income Tax Offset has been extended for another 12 months, meaning that taxpayers whose wage earnings situate them within a certain income bracket will again be able to receive a little extra cash back into their pockets again this year. Tax offsets are also known as rebates and directly reduce the - [Looking To Ace Your Next Job Interview?](https://deannethomas.com.au/looking-to-ace-your-next-job-interview/) - If you’re in the process of looking for work, you may not be a stranger to the face-to-face (or zoom) job interview. However, regardless of how well you may present on your resume, it is the impression that you leave on the interviewer that can be the critical determining factor in whether or not you - [Using Email Campaigns To Generate Sales](https://deannethomas.com.au/using-email-campaigns-to-generate-sales/) - With countless emails flooding your customer’s inboxes daily, it can seem like an insurmountable task just to get them to open yours. Unless your email marketing is being handled smartly and creatively, it could go unnoticed and unread. Email marketing is the act of sending promotional materials through email, where reaching your customers via their - [Gender Inequality in Superannuation](https://deannethomas.com.au/gender-inequality-in-superannuation/) - Gender gaps can affect superannuation accounts as much as they can affect salary rates. With barriers to entering into fields, lower hourly rates of pay, less hours worked and more unpaid labour affecting the amount of super Australian women are retiring with, as compared to men. Currently, the median superannuation balance for men aged between - [Using Market Research To Boost Your Business](https://deannethomas.com.au/using-market-research-to-boost-your-business/) - Market research is an effective tool that can be used to boost your business in terms of sales, customer engagement and how your competitors may be performing. It allows you to make well-informed decisions that can potentially add value to your business. When conducting market research, ensure that you are covering all of the - [The Shortcut Method: Claiming Your Work From Home Deduction](https://deannethomas.com.au/the-shortcut-method-claiming-your-work-from-home-deduction/) - There’s a new normal towards how Australians are approaching their work, with remote working now a more viable option for businesses and their employees, and it’s affecting the way that Australians now make claims for tax. With many businesses affected by city-wide lockdowns during parts of the 2020-21 financial year, and some whose employees preferring - [How Super For Contractors Can Work](https://deannethomas.com.au/how-super-for-contractors-can-work/) - Contractors who run their own business and sell their services to others have different obligations to their super than what employees in a business may usually have. 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You can use it to supplement your income if you reduce your work hours or boost your super and save on - [Tax contributions on your super](https://deannethomas.com.au/tax-contributions-on-your-super/) - How much tax you pay on your super contributions and withdrawals depends on a variety of factors. The process takes into account your total super amount, your age, and the type of contribution or withdrawal you make. How are super contributions taxed? The money that you contribute to your super account through your employer is - [Responding to an underperforming employee](https://deannethomas.com.au/responding-to-an-underperforming-employee/) - Given how confusing and stressful these times have been for individuals, you might find that employees are not performing at the standard you expect them to. This can prevent the company from meeting its goals and slow down growth. It is important that you critique yourself before you start questioning the employee. The employee should - [What to know before you apply for a business loan](https://deannethomas.com.au/what-to-know-before-you-apply-for-a-business-loan/) - A business loan can give you the support you need to fund growth or temporarily relieve cash flow pressures. These are some things to know before applying for the loan: Understand the purpose of your loan: You should be sure about why you want a loan and what you will be doing with the loan. - [Superfund categories and what they mean](https://deannethomas.com.au/superfund-categories-and-what-they-mean/) - There are four different categories of super funds. These have different primary features and are more applicable to certain people than they are to others. Retail super funds Anyone can join retail funds. They are mostly run by banks and investment companies: Allow for a wide range of investment options.Financial advisors may recommend this type - [Small business CGT concessions](https://deannethomas.com.au/small-business-cgt-concessions/) - Businesses receive four different types of concessions on top of CGT exemptions and rollovers which are available to everyone. These allow businesses to disregard or defer some or all of the capital gains from an active asset which is used in the business. The four additional concessions include: 15-year exemption: If the business has owned - [Difference between website and social media for businesses](https://deannethomas.com.au/difference-between-website-and-social-media-for-businesses/) - Businesses may be questioning whether they need to create a website if they have a social media presence. However, each plays a distinct role in the formation of a brand identity and therefore, both are important. Social Media Social media is straightforward and simple to set up, with no maintenance costs. It allows businesses to - [Tracking your spending to spend less and save more](https://deannethomas.com.au/tracking-your-spending-to-spend-less-and-save-more/) - It's hard to know where to start when you decide to take control of your money. It can be helpful to know exactly how much money is coming in and going out to start this process. Understand where your money is going Although it can seem daunting to track every dollar you spend, it will - [Why you should have a written partnership agreement](https://deannethomas.com.au/why-you-should-have-a-written-partnership-agreement/) - Having a strong relationship with your partners is extremely important, but sometimes it isn't enough. Having a document which covers all aspects of running the business, both those which are liable to disputes and those which are not is essential. If you haven't done so already, the following are some reasons why you should create - [What is an annuity?](https://deannethomas.com.au/what-is-an-annuity/) - An annuity provides guaranteed income for a number of years, or for the rest of your life. It is also known as a lifetime or fixed-term pension. You can buy an annuity from a super fund or life insurance company. You are able to choose whether you want the payments to last for a fixed - [Claiming your tax deductions](https://deannethomas.com.au/claiming-your-tax-deductions/) - There are different types of deductions which individuals can claim to reduce their taxable income. Work-related expenses In order to claim work-related tax deductions, the expenses must have to meet three criteria. Firstly, all the expenses have to be paid by the individual, without being reimbursed by the employer. Secondly, they must be directly related - [Customer retention strategies](https://deannethomas.com.au/customer-retention-strategies/) - Retaining customers is just as important as acquiring new ones, if not more important. This is because unless customers had a negative experience with your company, they will use your services or buy your products again. Here are some strategies you can use to retain your customers: Observing customer behaviours: Analysing customer behaviour patterns will - [How innovation can help business](https://deannethomas.com.au/how-innovation-can-help-business/) - Innovation doesn't have to be a revolutionary and world-changing breakthrough. It can also be small changes you make to continually improve your business. Innovation can help in multiple aspects of business. Improve sales and customer relationships: Putting the time and effort into improving your products and services is essential if you want to retain customers. - [Breach of employment contracts](https://deannethomas.com.au/breach-of-employment-contracts/) - Employment contracts contain terms and conditions which both the employee and employer agree upon. Ideally, this contract should be written rather than confirmed verbally to avoid miscommunications or misunderstandings. Contracts may also contain implied terms i.e. not misusing confidential information. Employment contracts are also governed by legislation which provide further information about the minimum terms - [Super scams: What to look out for](https://deannethomas.com.au/super-scams-what-to-look-out-for/) - The market for super funds is extremely competitive.Scammers take advantage of this by promising unrealistic benefits to acquire personal or account details. They are able to use this information to steal your identity or transfer your super to an account they can access. Scammers can approach you in various ways. You could receive a phone - [How are investments taxed?](https://deannethomas.com.au/how-are-investments-taxed/) - Investment income needs to be included when conducting tax returns. This includes any income acquired through interest, dividends, rent, managed funds distributions and capital gains. The income yielded from investments is taxed at a marginal tax rate. Individuals are able to claim deductions for the cost of buying, managing and selling an investment. However, the - [Running a successful email marketing campaign](https://deannethomas.com.au/running-a-successful-email-marketing-campaign/) - Email campaigns are important because research shows a large percentage of both adults and teenagers regularly use email. Running a successful email campaign can significantly contribute to customer interactions and generate sales in the long term. How to run a successful campaign? Know your goals: Email campaigns can serve various purposes including nurturing existing customers - [PAYG instalments for business and investment income](https://deannethomas.com.au/payg-instalments-for-business-and-investment-income/) - Pay as you go (PAYG) instalments are payments you can make throughout the year to avoid accumulating a large tax bill to pay at the end of the year. Making these payments is a great way to budget for income tax and keep a healthy cash flow. To qualify for PAYG instalments, you must earn - [How to get the most out of your bank account](https://deannethomas.com.au/how-to-get-the-most-out-of-your-bank-account/) - Banking is often more complicated than you expect it to be with different types of accounts, fees and fine print to take into consideration. You are able to get more out of your bank account if you pay closer attention to certain details. Re-evaluate your bank Due to the competitive market space, new offers that - [Maximise holiday sales during the pandemic](https://deannethomas.com.au/maximise-holiday-sales-during-the-pandemic/) - This holiday season is not going to be like any other. Preparing for how your business will tackle the change ahead of time will help maximise sales. Maintain a human and compassionate approach in all customer communications: This will make your customers feel more comfortable and be pleasantly different to the technology-based interactions they are - [First home super saver scheme](https://deannethomas.com.au/first-home-super-saver-scheme-3/) - The first home super saver (FHSS) allows individuals to save up for their first home in their super fund. The money saved in the super fund is taxed concessionally and therefore, individuals are able to save faster. Individuals can make voluntary concessional (before-tax) or voluntary non-concessional (after-tax) contributions into their super fund. They can then - [Building a strong team](https://deannethomas.com.au/building-a-strong-team/) - Individuals often need to come together to form a team in order to successfully accomplish tasks in the workplace. Employers should aim to build team cohesion so that team members are co-operating and working efficiently. Employers should: Encourage regular communication within team members. Simplifying the communication process for individuals so that they can keep team - [Small businesses and mental health](https://deannethomas.com.au/small-businesses-and-mental-health/) - Owning and running a small business often means that you are responsible for most or all of the tasks that need to be completed. Often, owners will find their time being entirely occupied with their business. This can take a toll on their mental health and cause work related stress. Which not only inhibits one's - [Consolidating your super](https://deannethomas.com.au/consolidating-your-super-3/) - Consolidating your super can save you time and money. Consolidating your super means that rather than having multiple different accounts, all your super is in one account. Why you should consolidate your super: Choosing to consolidate your super means that you will no longer be paying fees to multiple super funds. There is also less - [Tax relief for individuals](https://deannethomas.com.au/tax-relief-for-individuals/) - The Federal Budget for 2020 announced personal and business tax relief through various tax cuts. The legislation was approved by parliament meaning that individuals and businesses will be paying less tax, and have more money to invest and spend into the economy. For individuals, the government has brought forward tax cuts which were initially planned - [What property investors need to look out for](https://deannethomas.com.au/what-property-investors-need-to-look-out-for/) - All investments have an aspect of risk and property investment is no different. How comfortable you are with the risk is generally an indication of your financial situation, age and expertise. There are a few common areas that pose risks to properties that investors should be aware of before entering into the market. Market risk - [Protecting your business from cybercrime](https://deannethomas.com.au/protecting-your-business-from-cybercrime/) - Having a digital presence nowadays is crucial to getting the most out of marketing your business. However, being online puts you at risk of being a target for cybercrime, which means that you and your customers are at risk of being scammed, hacked, harassed or stalked. Business owners have legal responsibilities to ensure that their - [Speeding up invoice payments](https://deannethomas.com.au/speeding-up-invoice-payments/) - Taking care of invoice and billing payments can often be an onerous task for many small businesses. However, very few things are more important in the business industry than getting paid on time, since delays in payments can disrupt a business's cash flow quite seriously. Business owners looking for best practice tips to get paid - [Best practices in business management](https://deannethomas.com.au/best-practices-in-business-management/) - Engage employees in the company vision It is important to share the business vision with employees so that they feel more motivated and enthusiastic. This will not only develop an interest in the work being completed, but also increase productivity. Further, engaged workers are more likely to bring in ideas and contribute to the growth - [Choosing a super funds](https://deannethomas.com.au/choosing-a-super-funds/) - Choosing a super fund requires taking multiple things into consideration. Such as its performance, the fees you will be required to pay, details of the insurance, and different investment options that are available. Performance Performance is one of the most important things to consider when choosing a super fund. Take a look at how the - [Basics of fringe benefits tax](https://deannethomas.com.au/basics-of-fringe-benefits-tax/) - What are fringe benefits? Employees may opt to make an agreement with their employers that provides them with fringe benefit ‘payments' in a form other than salary or wages. There are various types of fringe benefits: Employees being able to use work car for private useDiscounted loansPaying an employee's gym membershipProviding entertainment (e.g. tickets to - [Changes to the super system](https://deannethomas.com.au/changes-to-the-super-system/) - The Budget seeks to address various shortcomings in the superannuation system Unintended multiple accounts One of the consequences of changing employers is the creation of multiple accounts. These result in unnecessary fees, and reduce retirement savings. Under the Budget, the proposal is that individual's super is ‘stapled' to them. Stapling means that the individual keeps - [Insolvency reforms to support small business](https://deannethomas.com.au/insolvency-reforms-to-support-small-business/) - The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt in order to remain in business during the COVID-19 pandemic. The government is introducing a number of permanent and temporary measures to expand the availability - [Upskilling Australia](https://deannethomas.com.au/upskilling-australia/) - The Budget highlights the government's commitment to getting people back in jobs and upskilling Australians. The JobTrainer Fund which falls under the JobMaker Plan will support up to 340,700 free or low-fee training places in areas needed to help upskill and retrain job seekers and young people. The government will provide exemptions for employer-provided retraining - [Lower taxes for businesses and individuals](https://deannethomas.com.au/lower-taxes-for-businesses-and-individuals/) - The Budget seeks to promote tax reform and simplification in an effort to support business investment and help reduce the personal income tax burden. Business Businesses are encouraged to invest with the introduction of temporary full expensing. Businesses with turnover up to $5 billion will be able to deduct the full cost of eligible depreciable - [JobMaker Hiring Credit](https://deannethomas.com.au/jobmaker-hiring-credit/) - Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. Eligible employers will receive $200 a week for each new employee aged between 16 and 29. For new eligible employees aged 30 to 35, they'll - [Making employees feel valued](https://deannethomas.com.au/making-employees-feel-valued/) - Statistics have shown that employees who feel valued are more motivated to perform their best. But how can a business make employees feel valued so that they can encourage this behaviour? Recognition It can be as simple as letting employees know that they are valued. This can occur one-on-one or in group settings. Vocalising appreciation - [What is Organisational Culture?](https://deannethomas.com.au/what-is-organisational-culture/) - Understanding what organisational structure is can help with making decisions about your business in all areas. Organisational culture is multifaceted, it consists of the shared values, beliefs and norms in the workplace, and determines employee interactions as well as customer interactions. There are four types of organisational cultures. Clan Culture: Focussed on collaboration between teams - [What to look out for in an employment contract](https://deannethomas.com.au/what-to-look-out-for-in-an-employment-contract/) - Reading any contract before you sign it is essential, but there are some things you should keep a special eye out for when signing an employment contract. Award Coverage You should always check that the salary you have agreed upon with your employer is on par with the award rates and no less. Double check - [Insurance for your super](https://deannethomas.com.au/insurance-for-your-super/) - Most super funds offer insurance as part of their super plan. It is important to be aware of what types of insurance you are covered by through your super fund to help you determine if you need extra cover outside your super and if you have adequate support in the event that you cannot work. - [The money habits that could be costing you](https://deannethomas.com.au/the-money-habits-that-could-be-costing-you/) - How you spend your money determines how well you can save you money. Spending more than you have or buying unnecessarily can severely impact how efficiently you can save. Sometimes you aren't even aware of the small habits that are actually limiting your savings capabilities. Here are a few bad money habits that are getting - [What does a social media strategy involve?](https://deannethomas.com.au/what-does-a-social-media-strategy-involve/) - The right social media strategy can boost customer interaction and improve customer relationships. A social media strategy will help plan out the type of content that needs to be made, when it needs to be posted, and which platforms are best suitable for your business. What are your social media goals: What do you wish - [How to upscale your business](https://deannethomas.com.au/how-to-upscale-your-business/) - Set realistic and actionable goals Businesses should set realistic and actionable small goals which they can work towards, rather broad goals which provide no direction. Setting broad and unrealistic goals is demotivating and makes any progress made seem insignificant. Every person in the business should be given a target to meet over a reasonable timeline - [What is Salary Sacrificing for Super](https://deannethomas.com.au/what-is-salary-sacrificing-for-super/) - One of the most effective ways to add to your super balance is through salary sacrifice. Salary sacrifice involves the employee agreeing to exchange a portion of their salary (before tax) for an increase in superannuation contribution by their employer. Contributions made through salary sacrifice are classified as employer contributions, not employee contributions. These are - [Tax-effective investment options](https://deannethomas.com.au/tax-effective-investment-options/) - Determining where to invest requires multiple factors to be taken into consideration. One such factor may be tax efficiency. The tax charged on income from a tax-effective investment is less than the individual's marginal tax rate. Superannuation The government provides incentives to save through Super, which make it one of the most tax-effective investments. Contributing - [How to handle interview anxiety](https://deannethomas.com.au/how-to-handle-interview-anxiety/) - An interview can be intimidating even if you are the perfect person for the job. Improving your performance during an interview can be a matter of learning to alleviate your anxiety. Preparing for your interview can be extremely helpful. Read about the company and what they doPrepare your responses to common interview questions (strengths, weaknesses, - [Types of business structures and which is best for you](https://deannethomas.com.au/types-of-business-structures-and-which-is-best-for-you/) - An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure. Sole Proprietorship You have complete control of your business.Your business assets and liabilities are not separate from - [Amnesty means that 24,000 businesses own up to underpaying Aussies superannuation](https://deannethomas.com.au/amnesty-means-that-24000-businesses-own-up-to-underpaying-aussies-superannuation/) - An amnesty scheme which ended earlier this month has caused around 24,000 businesses to admit to underpayment of their worker's super. A total of 588 million dollars will be distributed to almost 400,00 individuals. The scheme, which covered payments from the introduction of super in 1992, gave employers the opportunity to come clean without any - [Income Tax cuts in Federal Budget Benefiting high-income earners](https://deannethomas.com.au/income-tax-cuts-in-federal-budget-benefiting-high-income-earners/) - In its efforts to boost the economy, the Federal Government is considering bringing the planned income tax cuts forward. The intention behind these cuts is to boost the economy by boosting consumption. Initially, income tax cuts were to take place in three stages, the first of which has already been rolled out. The following stages - [Black hat strategies that can damage your website](https://deannethomas.com.au/black-hat-strategies-that-can-damage-your-website/) - Every business owner is looking to get their business noticed on the search engine results page (SERP). There are various SEO tactics that can be used to get a higher ranking for your brand on Google. However, some strategies – called ‘Black Hat' strategies – manipulate SEO rules which can be considered unethical, and even - [Avoiding mortgage default](https://deannethomas.com.au/avoiding-mortgage-default/) - As individuals struggle with cash flow through the coronavirus, the Australian Bankers Association records that repayments on almost 500,000 mortgages have been deferred for six months. While repayments can be delayed, they cannot be avoided altogether. Lenders can send you a default notice the day your repayment is overdue. However, they could also wait until - [Optimising budget for digital marketing campaigns](https://deannethomas.com.au/optimising-budget-for-digital-marketing-campaigns/) - Maximising returns on investments is the primary goal for every business owner who invests in a marketing campaign for their brand. Learning how to properly test and troubleshoot your budget according to your business needs can help you save a failing campaign from costing you money. ObjectivesThe first step to budget optimisation is being clear - [What to consider when consolidating your super](https://deannethomas.com.au/what-to-consider-when-consolidating-your-super/) - The ATO reported that 45% of working Australians were not aware that they had multiple super accounts in 2016. Having multiple super accounts is particularly common for individuals who have had more than one job. If this is you, it is important to identify and manage your super accounts because having more than one can - [Extending relief with JobKeeper 2.1 changes](https://deannethomas.com.au/extending-relief-with-jobkeeper-2-1-changes/) - The Government has introduced additional changes to JobKeeper to help more businesses qualify for the relief payments. One of the key changes was moving the relevant date of employment for an eligible employee from 1 March to 1 July 2020, to extend employee eligibility. This allows those who were full time employees on or before - [Making safer workspaces](https://deannethomas.com.au/making-safer-workspaces/) - As employees return to office spaces, there is a growing concern as to how employees can protect themselves at work. It is crucial that employers carefully plan their work spaces to minimise the risk of COVID transmissions. Consider the following essential ways you can adapt your workspace to protect your employees and customers during these - [Creating a business contingency plan](https://deannethomas.com.au/creating-a-business-contingency-plan/) - When business is going well, it can be easy to procrastinate planning for the bad times. However, preparing for disaster before it strikes by having a contingency plan can be the key to business survival. A contingency plan can help businesses prepare for possible circumstances such as natural disasters, employee theft, negative publicity or staff - [What is an SMSF auditor and what do they do?](https://deannethomas.com.au/what-is-an-smsf-auditor-and-what-do-they-do/) - Self-managed super fund (SMSF) trustees are required to appoint an ATO-approved SMSF auditor no later than 45 days before lodging their SMSF annual return. An SMSF auditor is a professional who assesses your fund's compliance with superannuation law and examines your fund's financial statements. SMSF auditor eligible requirements Your SMSF auditor must be: Independent. SMSF - [CGT rollover when transferring assets in a divorce](https://deannethomas.com.au/cgt-rollover-when-transferring-assets-in-a-divorce/) - Transferring the ownership of assets from one party to another may attract CGT. However, in the event that a change in ownership occurs due to the breakdown of a relationship, you may be eligible for a rollover of the asset. A rollover allows taxpayers to defer or disregard a capital gain or loss that would - [How to make your website accessible](https://deannethomas.com.au/how-to-make-your-website-accessible/) - The key goal for all business websites is to attract as many visitors as possible. However, not many business owners remember to cater their website to those with special needs and disabilities. To make sure your website is accessible for everyone on the internet, here are a few tips to consider. Be mindful of your - [What to consider when developing a sales strategy plan](https://deannethomas.com.au/what-to-consider-when-developing-a-sales-strategy-plan/) - A successful sales strategy plan will provide your business with clear priorities, goals, and outcomes that can help you increase sales. Outline your mission and goals What's your business' mission statement? What are the goals and objectives that will help you achieve this? Your mission statement should define what your business stands for and what - [Buying property through your SMSF](https://deannethomas.com.au/buying-property-through-your-smsf/) - Using SMSFs to buy property has become increasingly popular among Australians in recent years, particularly since it became possible for SMSFs to borrow money to fund a direct property purchase. Residential property A residential property owned by an SMSF has some limitations as to who it can be leased to. To buy property through your - [What is a TPAR and do you need to lodge one?](https://deannethomas.com.au/what-is-a-tpar-and-do-you-need-to-lodge-one/) - The Taxable Payments Annual Report (TPAR) is an industry-specific report through which businesses inform the ATO of the total payments made to contractors for services in that financial year. This information is then used by the ATO to match the contractors' income declarations to improve their compliance efforts. A TPAR is generally required by businesses - [Avoiding costly mis-hires](https://deannethomas.com.au/avoiding-costly-mis-hires/) - There is a growing demand for new employees as businesses open their doors again. However, a bad hire can damage the reputation of your business, impact the work environment and may force you to restart the recruitment process. Small businesses can be especially impacted by the significant expenses involved in hiring new employees. Business owners - [Growing your business with referrals](https://deannethomas.com.au/growing-your-business-with-referrals-2/) - ‘Word-of-mouth' referrals may seem like an outdated concept in today's digital age of online reviews, but a few credible and positive opinions can still go a long way when it comes to attracting new clients. Customer referrals are never guaranteed, but here are a few methods you can use to increase the number of people - [How to select a default fund for your business](https://deannethomas.com.au/how-to-select-a-default-fund-for-your-business/) - Business owners might be required to select a default fund for employees when they do not want to nominate their own superannuation funds. Funds should meet specific requirements that are stated as per super law, so it is important to select a complying fund. However, there are other factors that you may have to think - [Applying for small business income tax concessions](https://deannethomas.com.au/applying-for-small-business-income-tax-concessions/) - Businesses looking to save on tax for the financial year may consider applying for income tax concessions. Businesses classified as a small business entity are eligible for income tax concessions. Since 1 July 2016, businesses are considered small business entities in the case that they: are a sole trader, partnership or trust, operate as a - [How well are you using your email list?](https://deannethomas.com.au/how-well-are-you-using-your-email-list/) - Every business owner's dream is a marketing strategy that is highly efficient while still being cost effective. Email marketing is one such strategy that has seen a huge return on investment for businesses. Consider implementing the following strategies to get the most value from your email marketing campaigns. What is an email list?An email list - [Getting your money back from late-paying customers](https://deannethomas.com.au/getting-your-money-back-from-late-paying-customers/) - Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt is left uncollected, your chances of getting your money back become slim. Consider these tips to avoid and manage debt recovery to save your business - [JobKeeper to be extended](https://deannethomas.com.au/jobkeeper-to-be-extended/) - The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements. The new JobKeeper flat-rate payment after September will be reduced - [How to avoid SMSF disputes](https://deannethomas.com.au/how-to-avoid-smsf-disputes/) - Self-managed super funds (SMSF) can be vulnerable to disputes, especially when family members are involved. SMSF disputes may be caused by a number of reasons such as relationship breakdowns, (common in funds where parents and siblings are in a member and trustee relationship) and fundamental differences in opinions. Other common triggers for SMSF disputes include: - [What types of income do you need to include in your business’ tax return?](https://deannethomas.com.au/what-types-of-income-do-you-need-to-include-in-your-business-tax-return/) - Due to changing economic circumstances, businesses may be receiving income from sources they have never received from, and may be unaware of their tax implications. In the event that they are listed below, you will need to include them in your business' tax return. Government paymentsDue to COVID-19, many government grants and payments have been - [How to build a successful virtual team](https://deannethomas.com.au/how-to-build-a-successful-virtual-team/) - As the pandemic pushes businesses to run their usual operations online, it can be hard to make sure that your virtual teams are working efficiently and productively. Here are some tips to ensure your employees are communicating and working effectively despite being physically distanced. Use multiple communication tools The best way to make sure your - [The Government introduces JobTrainer and wage subsidies](https://deannethomas.com.au/the-government-introduces-jobtrainer-and-wage-subsidies/) - The Government has introduced a $2 billion JobTrainer scheme, which aims to help businesses train or re-skill workers in Australian industries of high demand. What is JobTrainer? The new scheme will create 340,700 job opportunities nation-wide and will be open to recent school graduates and workers looking to re-skill in a new industry. Industries that - [What is the criteria for a complying loan agreement?](https://deannethomas.com.au/what-is-the-criteria-for-a-complying-loan-agreement/) - Private companies may be incentivised to make loans to a shareholder or their associate during the income year in an effort to save on income tax. In order to remedy any inequities as a result of making shareholder loan agreements, the Government enforces compliance through a set number of rules. Loans which follow such rules - [What circumstances permit early access to your super?](https://deannethomas.com.au/what-circumstances-permit-early-access-to-your-super/) - Early access to your superannuation is permitted under a few limited circumstances outlined by the ATO. In the case that you are experiencing financial struggle and would like to withdraw from your super, be aware of the particular circumstances that will allow you to do so. Compassionate grounds: Withdrawing super on compassionate grounds is permitted - [Common tax mistakes that businesses make](https://deannethomas.com.au/common-tax-mistakes-that-businesses-make/) - Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look at them if you've failed to identify these errors before lodging tax returns for your business. Most mistakes made with regards to tax - [Common tax mistakes that businesses make](https://deannethomas.com.au/common-tax-mistakes-that-businesses-make-2/) - Meeting tax obligations as a business owner can be stressful and potentially expensive if done wrong. Certain mistakes warrant severe action, so you can expect the ATO to take a closer look at them if you've failed to identify these errors before lodging tax returns for your business. Most mistakes made with regards to tax - [The benefits of cloud computing](https://deannethomas.com.au/the-benefits-of-cloud-computing/) - Due to COVID-19, organisations are coming to the realisation that web technology is essential to today's business-running. Out of the more common types of web technologies, cloud computing has emerged as the most important addition due to its ability to keep businesses running solely online. Cloud computing is a safe and efficient way to store - [How can you fund your business?](https://deannethomas.com.au/how-can-you-fund-your-business/) - Turning an idea into a business requires money, and securing this stable funding is not easy. Businesses have a variety of innovative funding options today, but before you pick one, you may want to consider how well some of these methods fit your business model and if you can really benefit from them. Peer-to-peer lendingThis - [Changes to business practices and TPAR](https://deannethomas.com.au/changes-to-business-practices-and-tpar/) - COVID-19 has forced businesses to adapt their practices to cater for social distancing measures and sanitary precautions. As a result, many businesses have taken on contractors to assist with these changes. Businesses who have made payments to contractors in the last year may need to lodge a Taxable payments annual report (TPAR) by 28 August. - [Tax-deductible super contributions](https://deannethomas.com.au/tax-deductible-super-contributions/) - Individuals may be able to claim tax deductions for personal superannuation contributions they make. Personal super contributions are made after-tax, not to be confused with the pre-tax contributions made by employers. This includes contributions made using inheritance money, savings, proceeds from the sale of assets, or from a bank account directly into a super fund. - [Amending fringe benefits tax return and updated exemptions](https://deannethomas.com.au/amending-fringe-benefits-tax-return-and-updated-exemptions/) - The Government has updated fringe benefits tax (FBT) exemptions to include travel in ride-sourcing vehicles under the existing taxi travel exemption. In the case that your business has been providing employees with such travel options and would like to amend your FBT returns to include the new exemption, the ATO has also updated 2020 FBT - [The value of hiring older workers](https://deannethomas.com.au/the-value-of-hiring-older-workers/) - Increasing life expectancy and late retirements mean that businesses need to be ready to welcome more mature-aged workers into their organisation. Workers aged 50 and over are often overlooked by hiring managers, but diversifying your workforce to include this age group could be greatly beneficial to your business. Saving costs Businesses are likely to see - [Debt financing vs equity financing](https://deannethomas.com.au/debt-financing-vs-equity-financing/) - Gathering funding is a challenge that almost all business owners face at some point. Financing can come in two forms – debt financing and equity financing. Debt financing is money that you borrow and plan to pay back within an agreed time frame and interest rate. Common forms of debt financing include bank loans, mortgages - [Tax on super death benefits for dependants vs non-dependants](https://deannethomas.com.au/tax-on-super-death-benefits-for-dependants-vs-non-dependants/) - A super death benefit is the super paid after a person's death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant or non-dependant. Superannuation death benefits will generally be received tax-free by tax dependants, who are considered to be: A child of the deceased - [Are you eligible for the small business income tax offset?](https://deannethomas.com.au/are-you-eligible-for-the-small-business-income-tax-offset/) - The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount, the offset is worked out on the proportion of tax payable on your business income. The rate of offset is 13% for the 2020-21 financial - [How to make your marketing emails stand out](https://deannethomas.com.au/how-to-make-your-marketing-emails-stand-out/) - Email marketing is becoming an increasingly popular way for businesses to reach their customers. However, this means it's likely that customers are also getting marketing emails from a range of other companies – it's therefore crucial that your emails are designed to stand out. Promise value in the subject line The subject line of your - [What are the different types of cashless payment methods?](https://deannethomas.com.au/what-are-the-different-types-of-cashless-payment-methods/) - In an effort to minimise physical contact during the global pandemic, most businesses are making the switch to cashless payments. While contactless credit cards and mobile wallet applications remain the most common type of cashless payments, many other methods have emerged in recent times. In the event that your business is also looking to make - [How to keep employees safe as they return to the workplace](https://deannethomas.com.au/how-to-keep-employees-safe-as-they-return-to-the-workplace/) - Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees back into the office after the easing of lockdown restrictions should implement safeguards to ensure their workplace is a safe one. Conduct a COVID-19 risk - [Do you need to lodge a transfer balance account report?](https://deannethomas.com.au/do-you-need-to-lodge-a-transfer-balance-account-report/) - Self-managed super funds (SMSF) may be required to lodge a transfer balance account (TBA) report by 28 July 2020 in the case of a TBA event. A TBA report will need to be lodged with the ATO in the event that both of the following apply: A TBA event occurred in a member's SMSF between - [COVID-19 factors to remember when filing your tax return](https://deannethomas.com.au/covid-19-factors-to-remember-when-filing-your-tax-return/) - The end of the financial year has rolled around again, but this time, COVID-19 may affect the way you fill out your tax return. The ATO has released a range of methods to make tax time easier for businesses and individuals experiencing unprecedented circumstances. How JobKeeper will affect tax returns Sole traders receiving JobKeeper payments - [How to recruit the right employee for your business](https://deannethomas.com.au/how-to-recruit-the-right-employee-for-your-business/) - As unemployment rates rise and more individuals compete for the same job, businesses with open positions may find themselves flooded with job applications and potential candidates. With so many individuals applying for every open position, how can you find the right employee for you? Here are a few tips to help you with your recruitment - [What to consider before opening another business location](https://deannethomas.com.au/what-to-consider-before-opening-another-business-location/) - Expanding your business to open in multiple locations can offer more opportunities and profitability. However, managing one location can be challenging enough, so it is crucial to examine and prepare for the implications of opening up a second store. Here are some considerations that business owners need to keep in mind before deciding to open - [Modified provisions for virtual business meetings you need to be aware of](https://deannethomas.com.au/modified-provisions-for-virtual-business-meetings-you-need-to-be-aware-of/) - Businesses moving towards online operations (temporarily or permanently) need to be aware of the Government's modified provisions concerning virtual meetings and the electronic signing of company documents. These modified provisions in the Corporations Act 2001 (Cth) became active on 5 May 2020 and will automatically be repealed on 5 September 2020. Company meetings The new - [Carrying on a business in an SMSF](https://deannethomas.com.au/carrying-on-a-business-in-an-smsf-2/) - Self-managed super funds can carry on a business providing the business is allowed under the trust deed and operated for the sole purpose of providing retirement benefits for fund members. 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Here's why flexible work arrangements with your employees may be beneficial for - [How to transfer a business property into your SMSF](https://deannethomas.com.au/how-to-transfer-a-business-property-into-your-smsf/) - Employers with a self-managed super fund (SMSF) looking to protect their business assets can consider transferring their business real property into their SMSF. Transferring business property into your SMSF is useful to protect your assets in the event of your business failing or facing litigation. It is possible for SMSF members to transfer business real - [Landlord tax obligations under COVID-19 circumstances](https://deannethomas.com.au/landlord-tax-obligations-under-covid-19-circumstances/) - Property investors may have a number of tenants that have temporarily paused their rent payments or are not paying the full amount of rent owed due to being impacted by COVID-19. Regardless of rental income changes, landlords are still entitled to claim deductions on rental property expenses if they are still incurring regular rental property - [How to interact with people at networking events](https://deannethomas.com.au/how-to-interact-with-people-at-networking-events/) - Approaching strangers at networking events can seem intimidating, but shying away from interaction means you could be missing out on some great business opportunities. Here are some ways you can comfortably approach people and make a good first impression. Prepare It's essential that you know the nature of the networking event you plan on attending. - [Options to consider before declaring bankruptcy](https://deannethomas.com.au/options-to-consider-before-declaring-bankruptcy/) - Businesses struggling with debt may feel like declaring bankruptcy is their only option. 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SEO refers to search engine optimisation and improving it allows your business to top search results as the first link to come up, thereby ensuring credibility and attracting more relevant - [Creating a business cash flow forecast](https://deannethomas.com.au/creating-a-business-cash-flow-forecast/) - Small business owners are often faced with stressful financial decisions and periods of uncertainty. Having a cash flow forecast can help your business avoid cash shortages by allowing you to track whether your spending is on target, prepare for business expansion, plan for upcoming cash gaps and plan budgets. Here are some tips on cash - [How to improve your hiring process as a small business](https://deannethomas.com.au/how-to-improve-your-hiring-process-as-a-small-business/) - Small businesses coming out of COVID-19 may be looking to expand and grow as quickly as possible to prepare for a changing economy. One of the ways you can effectively grow your business is by improving your hiring strategy and making sure it is efficient. Analyse and catalogue your needsTo make sure your hiring process - [SMSF property investment regulations to keep in mind](https://deannethomas.com.au/smsf-property-investment-regulations-to-keep-in-mind/) - Property is a common investment option for SMSFs, however, the ATO has a number of regulations SMSF owners need to be wary of. The ATO is particularly concerned with those using SMSF assets to invest in property in a way that is detrimental to retirement purposes. To ensure you do not breach provisions of the - [Closely held payees exemption to be extended](https://deannethomas.com.au/closely-held-payees-exemption-to-be-extended/) - Employers with 19 or fewer employees are temporarily exempt from reporting ‘closely held (related) payees' through Single Touch Payroll enabled software. The exemption deadline has been extended from 1 July 2020 to 1 July 2021 as part of the ATO's response to the COVID-19 situation. A closely held payee is an individual directly related to - [Building your interpersonal skills at work](https://deannethomas.com.au/building-your-interpersonal-skills-at-work/) - Demonstrating strong interpersonal skills in the workplace can boost your performance and improve your experience at work by promoting positive workplace relationships. Interpersonal skills that will help employees thrive amongst each other can include communication skills, negotiation, problem solving, teamwork, decision making, empathy and assertiveness. Here are some ways you can develop your interpersonal skills - [Conducting your business’ health-check](https://deannethomas.com.au/conducting-your-business-health-check/) - With the current economic slowdown, now is the perfect time to review your business strategy and conduct a business “health check” to come out the other side improved and ready to go. Analyse whether or not your business is in the state that you want it to be in and any improvements you can make - [What to look out for when entering a supply contract](https://deannethomas.com.au/what-to-look-out-for-when-entering-a-supply-contract/) - When entering a supply contract, it is extremely important to work out all the nuisances before signing to prevent complications down the road and make sure conditions are favourable for you. Here are a few key pointers to look out for in your supply contract. Warranties Warranties are promises within contracts to both parties that - [Spouse contributions – when are you eligible for a tax offset?](https://deannethomas.com.au/spouse-contributions-when-are-you-eligible-for-a-tax-offset/) - Contributions made on behalf of your spouse to a complying superannuation fund or a retirement savings account (RSA) may be eligible for a tax offset. The 2019/2020 tax rules allow you to claim an 18% tax offset on super contributions up to $3,000 on behalf of your spouse. While you are able to contribute more - [What you need to know about fringe benefits tax](https://deannethomas.com.au/what-you-need-to-know-about-fringe-benefits-tax/) - A fringe benefits tax (FBT) is a tax paid on benefits provided to employees (usually non-cash). FBT is calculated based on the gross taxable value of benefits employers provide to their employees. Employees must lodge their return and pay the total FBT amount they owe for the previous FBT year. 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Be open with your employeesAs businesses implode due to current economic circumstances, employees want transparency and closure over - [Your current employer superannuation obligations](https://deannethomas.com.au/your-current-employer-superannuation-obligations/) - Paying your employees superannuation is an integral part of being an employer. Superannuation provides income for your workers in retirement and it is your legal obligation to make sure you are paying your eligible employees the right amount, on time, to the right place and also in the right way. The ATO has also introduced - [Tax implications for workers with COVID-19 mobility restrictions](https://deannethomas.com.au/tax-implications-for-workers-with-covid-19-mobility-restrictions/) - Employees who are not living or working in their regular location due to COVID-19 mobility restrictions need to be aware of the tax implications that apply to their situation. Individuals who ordinarily work and live in Australia but are temporarily overseas due to COVID-19 restrictions will not experience any changes to their Australian tax obligations. - [Remote teams versus virtual teams](https://deannethomas.com.au/remote-teams-versus-virtual-teams/) - As the majority of the workforce transitions to working from home and we rely on the digital world to connect with our colleagues – employers and employees alike – we should consider the future possibilities for recruitment and a digital workplace. A few terms like “remote team” and “virtual team” are constantly being thrown around - [Increasing workplace flexibility](https://deannethomas.com.au/increasing-workplace-flexibility/) - Businesses now working from home can take the opportunity for employers to learn from the experience and consider new work structures coming out of COVID-19. This could mean increased flexibility for employees when it comes to working remotely. Here's why you should consider flexible work arrangements with your employees. Increase productivity Flexible work arrangements can - [What happens if your SMSF is non compliant?](https://deannethomas.com.au/what-happens-if-your-smsf-is-non-compliant/) - While there are benefits to running an SMSF, they do not come without their compliance responsibilities. This includes lodging your fund's annual return on time, attending to reporting obligations, and having an investment strategy. SMSFs who do not meet their obligations are subject to penalties by the ATO through the following measures. Education direction An - [JobKeeper GST turnover test released](https://deannethomas.com.au/jobkeeper-gst-turnover-test-released/) - The ATO has published a ruling on the decline in turnover test for businesses applying for the JobKeeper scheme as part of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020. This turnover test requires businesses to calculate their ‘current GST turnover' and ‘projected GST turnover', subject to modifications to the definitions outlined in - [Protecting your staff from phishing scams](https://deannethomas.com.au/protecting-your-staff-from-phishing-scams/) - Businesses with employees working remotely must consider digital security measures to protect their business assets and the safety of their employees. Phishing scams are a particularly prominent security issue, especially for employees working with their personal devices and networks that may be insecure. Phishing scams are designed to steal information through mediums such as emails - [Managing money on a low income](https://deannethomas.com.au/managing-money-on-a-low-income/) - Increasing living expenses and commitments can make it challenging to manage and save money, especially for low income earners. Here are some tips that may help you reduce financial pressures on a low income… Prioritise high-interest debts:If you have a lot of different debts to pay off, prioritise them by their interest rates. Paying off - [What should you do when contracts, sales or purchases are cancelled?](https://deannethomas.com.au/what-should-you-do-when-contracts-sales-or-purchases-are-cancelled/) - Contracts, sales or purchases are bound to be cancelled with financial uncertainty plaguing the economy as a result of COVID-19. To help you get through this, the ATO recommends making a goods and services tax (GST) adjustment when cancellations do occur. In the event of contracts, sales or purchase cancellation, you can make a GST - [Things to know about the First Home Super Saver Scheme](https://deannethomas.com.au/things-to-know-about-the-first-home-super-saver-scheme/) - Individuals looking to buy their first home may claim up to $30,000 of their super contributions through the First Home Super Saver (FHSS) Scheme, which aims to reduce pressure on housing affordability. The scheme allows first home buyers to save money within their superannuation fund and accumulate faster savings with the concessional tax treatment of - [What you need to know about lodgement deferral dates](https://deannethomas.com.au/what-you-need-to-know-about-lodgement-deferral-dates/) - Due to COVID-19 and unforeseen financial circumstances, the ATO has announced a series of lodgement deferral dates available for tax returns, fringe benefits tax returns, monthly and quarterly BAS, annual GST returns, PAYG summary annual reports and taxable payment annual reports. Lodgement deferrals extend the due date for lodgement of a document without incurring a - [What to consider when dismissing employees due to COVID-19](https://deannethomas.com.au/what-to-consider-when-dismissing-employees-due-to-covid-19/) - Despite unprecedented circumstances, employers still need to consider the requirements of dismissal under the Fair Work Act when ending employment to avoid legal action against them. When dismissing or standing down employees due to COVID-19 limitations, employers must continue to comply with the applicable award, enterprise agreement, workplace policy or employment contract, as well as - [Communicating effectively with your remote team](https://deannethomas.com.au/communicating-effectively-with-your-remote-team/) - Communication is a huge part of business productivity, however, businesses who have made a recent shift from face-to-face work to working remotely can find it difficult to adapt and maintain effective communication. But just because you no longer see your staff face-to-face doesn't mean that your communication has to suffer. Have a communication plan Whether - [Mandatory code of conduct for commercial tenants and landlords](https://deannethomas.com.au/mandatory-code-of-conduct-for-commercial-tenants-and-landlords/) - The Government has introduced a mandatory code of conduct to help commercial tenants with rent relief during the COVID-19 pandemic. Under the code of conduct for commercial tenancies: Landlords must not terminate leases for non-payment of rent during the COVID-19 pandemic and recovery period. Tenants must stay committed to their lease terms. Landlords must offer - [Assistance available for SMSFs and their members](https://deannethomas.com.au/assistance-available-for-smsfs-and-their-members/) - The Government's economic response to coronavirus will provide SMSFs and their members with additional support, including reducing minimum drawdown rates and early release of superannuation. The minimum annual payment required for account-based pensions and annuities has been reduced in an initiative to assist retirees. For the 2019-20 and 2020-21 financial years, the minimum annual payment - [FBT exemptions to keep in mind during the COVID-19 pandemic](https://deannethomas.com.au/fbt-exemptions-to-keep-in-mind-during-the-covid-19-pandemic/) - In emergency situations like the COVID-19 pandemic, there are certain benefits you can provide your employees or their associates which may be exempt from fringe benefits tax (FBT). The fringe benefits tax is a tax which employers must pay on certain benefits they provide for their employees, their employees' families and associates. However, with emergency - [How to retain your employees](https://deannethomas.com.au/how-to-retain-your-employees/) - Retaining your employees is often a harder task than you think, especially during fluctuating economic conditions and with a growingly skilled and talented workforce. Here are some tips you can implement into your workplace culture to help you retain employees and make sure they are happy working with you! Provide quality leadership, management and supervision - [Managing longevity risk and your superannuation](https://deannethomas.com.au/managing-longevity-risk-and-your-superannuation/) - Longevity risk is a common and important factor to consider when planning for your retirement funds. Longevity risk refers to the risk of outliving your savings and arises as people enter retirement, and in most cases, with a fixed amount of money to use during their retirement years. Managing your longevity risk is important because - [ATO introduces new working from home deduction scheme](https://deannethomas.com.au/ato-introduces-new-working-from-home-deduction-scheme/) - COVID-19 is forcing many businesses to work from home, meaning that you now have to pay for expenses such as heating and lighting that were previously covered by employers. The ATO has introduced a new ‘shortcut method,' where you can claim additional running expenses at a rate of 80 cents for each hour you work - [Working-from-home web tools you should utilise](https://deannethomas.com.au/working-from-home-web-tools-you-should-utilise/) - Traditionally, it has always been much easier to manage employees and ensure collaborative productivity through onsite and in-office procedures. However, with the COVID-19 outbreak forcing many businesses to continue their operations online business owners and employees are understandably struggling to keep productive and synergised while working individually from home. To help with keeping businesses running - [BAS lodging and government funding eligibility](https://deannethomas.com.au/bas-lodging-and-government-funding-eligibility/) - As part of the second $66 billion support package in response to COVID-19 and its negative effects on the Australian economy, the Federal Government has expanded tax-free cash payments to small and medium businesses with a minimum payment of $20,000 and maximum of $100,000, up from the previous $2000 to $25,000 range. However, it is - [New JobKeeper payments for employers](https://deannethomas.com.au/new-jobkeeper-payments-for-employers/) - The Federal Government introduced a third COVID-19 support package of $130 billion on 30 March 2020. The package includes additional support for businesses, including a new JobKeeper payment to help businesses retain employees. Businesses who have been affected by COVID-19 may be able to receive a Government subsidy to help them continue to pay their - [Expert advice on early superannuation access as a result of COVID-19](https://deannethomas.com.au/expert-advice-on-early-superannuation-access-as-a-result-of-covid-19/) - Under the coronavirus stimulus package released and revised by the Australian Federal Government on 22 March 2020, individuals in financial trouble due to the negative economic impacts of COVID-19 will be able to access their superannuation funds early. However, while the option is available, it is recommended that individuals only consider withdrawing from their super - [Setting up your myGovID](https://deannethomas.com.au/setting-up-your-mygovid/) - If you haven't set up your myGovID yet, you need to do it before you can lodge your next business activity statement (BAS). AUSkey, including Manage ABN Connections, will be replaced by the ATO's myGovID and Relationship Authorisation Manager (RAM) from 27 March 2020. After this change, you will no longer be able to access - [How to implement social distancing in the workplace](https://deannethomas.com.au/how-to-implement-social-distancing-in-the-workplace/) - With COVID-19 threatening the health and safety of all communities around the world, it is now more important than ever to practise social distancing in the workplace. Social distancing includes ways to stop or slow the spread of infectious diseases and as the name implies, lessens the amount of contact between you and other people. - [Government increases cash flow support for businesses](https://deannethomas.com.au/government-increases-cash-flow-support-for-businesses/) - The Australian Government has increased support for businesses to manage cash flow challenges under the ongoing COVID-19 circumstances. The Boosting Cash Flow for Employers measure announced on 12 March 2020 will be increased to provide up to $100,000 for eligible small and medium-sized businesses. To be eligible employers must have been established prior to 12 - [COVID-19: cybersecurity considerations when working from home](https://deannethomas.com.au/covid-19-cybersecurity-considerations-when-working-from-home/) - With COVID-19 motivating many businesses to have employees work from home, the change may be difficult for some teams, especially if they haven't worked remotely before. The focus is often on your team's productivity, communication, equipment and ability, however, cybersecurity is a crucial element that should not be overlooked. Most home networks are not secure. - [What to consider before taking out a business bank loan](https://deannethomas.com.au/what-to-consider-before-taking-out-a-business-bank-loan/) - Many businesses, whether they are only just starting up or have been in the market for a number of years, will need a bank loan at one time or another. However, before you apply for a bank loan, it is important to think things through to ensure that you know if you should get one, - [Business loan vs business credit card](https://deannethomas.com.au/business-loan-vs-business-credit-card/) - Business loans and business credit cards are the most popular financing options, but there are key differences between the two that you should consider to help you make the right choice for your business. Business loanA business loan is a lump sum of money that you borrow. They can be a good option for your - [Investing in shares vs property in SMSFs](https://deannethomas.com.au/investing-in-shares-vs-property-in-smsfs/) - Shares and property are two popular investment options for those with a self-managed super fund (SMSF). However, they both have very different attributes and choosing the one that will achieve the best outcome for an SMSF depends on your personal goals and situation. While the price of shares can vary drastically, property is a relatively - [CGT exemptions have been scrapped. What does that mean for you?](https://deannethomas.com.au/cgt-exemptions-have-been-scrapped-what-does-that-mean-for-you/) - Are you an Australian living or working overseas with a family home in Australia? Or you know someone who is? If so, be sure to consider the impacts of the capital gains tax (CGT) on you from 30 June 2020. Since 1985, the exemption of Australian expatriates from the CGT tax has been available for - [All about diversity and inclusion in the workplace](https://deannethomas.com.au/all-about-diversity-and-inclusion-in-the-workplace/) - Diversity and Inclusion is a growing concept that many businesses – from SMEs to MNCs – all around the world are grappling to understand and implement into their workplace. But what exactly does D&I entail and why is it becoming so important for businesses and employees? Social inequality has long been a complex global problem - [Tips for incorporating career mentoring into your business](https://deannethomas.com.au/tips-for-incorporating-career-mentoring-into-your-business/) - A career mentorship program involves partnerships between employees to develop professional skills and gain industry knowledge. Due to their requirement for a collaborative effort, career mentoring programs are often seen as powerful development tools for cultivating both leaders and employees within a business. Whether you are a small business owner or a multinational corporate leader, - [Employer jury duty responsibilities](https://deannethomas.com.au/employer-jury-duty-responsibilities/) - When an employee gets summoned for jury duty, it can put added stress on the workplace with other staff having to take on extra work. As an employer, you'll likely want to avoid the inconvenience of releasing an employee for jury duty, however, this may prove to be difficult. Employers must comply with the legal - [Becoming socially conscious of where you super invest](https://deannethomas.com.au/becoming-socially-conscious-of-where-you-super-invest/) - Whether you are a newcomer to the workforce or have been working full time for 30 years, you must have come across the concept of superannuation. Chances are, you've already been steadily building your retirement funds in one of the 500 Australian superannuation funds but are still unfamiliar with how exactly your super is being - [What’s tax-deductible for home businesses?](https://deannethomas.com.au/whats-tax-deductible-for-home-businesses/) - Running your business from home can have great benefits, such as being able to spend more time with your family, not having to travel, and deciding your work hours. To make the most out of your home business experience, it is important to be aware of what tax deductions you can claim. If your home - [When do you have to pay tax on shares?](https://deannethomas.com.au/when-do-you-have-to-pay-tax-on-shares/) - Investing in shares is a popular method of growing your wealth, however, there are tax obligations you need to be aware of to get an accurate sense of how much you'll need to put aside for your investments. When you own shares, you need to declare all your dividend income on your tax return. It - [Improving your social media content](https://deannethomas.com.au/improving-your-social-media-content/) - Social media marketing is a powerful way to promote your business and establish a connection with your target market. Your content should closely relate to what you're trying to sell or provide. A key to great content is that it must be consistent and regularly updated. This is important because it will keep the business - [Are you responsible for unfair dismissal of employees?](https://deannethomas.com.au/are-you-responsible-for-unfair-dismissal-of-employees/) - If you are a small business employer wishing to dismiss employees, you must do so according to the Small Businesses Fair Dismissal Code, as a breach of the code could result in legal action taken against you. If your business has less than 15 employees, it counts as a small business. Employees can apply for - [You can now opt-out of super guarantee as a high income earner](https://deannethomas.com.au/you-can-now-opt-out-of-super-guarantee-as-a-high-income-earner/) - If you've unintentionally been going over your superannuation concessional contributions cap in past years, you may not have to worry about it from now on. As of 1 January 2020, eligible individuals with multiple jobs can apply to opt-out of receiving super guarantee (SG) from some of their employers. You may be eligible to apply - [Training a new employee](https://deannethomas.com.au/training-a-new-employee/) - Hiring a new employee can interrupt the daily workplace routine while they need a little extra attention and help and learn how things work. Here are some ways you can make the training period more successful… Onboard before the start dateIt is likely that new employees will feel more comfortable and perform better if they - [Things to consider before rebranding your business](https://deannethomas.com.au/things-to-consider-before-rebranding-your-business/) - Rebranding your business can seem like a daunting task, as it can involve a range of arduous tasks such as changing designs, updating clients, retraining staff and changing your marketing strategies. However, rebranding can be an option for many businesses if: Your business is too similar to competitors. Your designs and values are updated. You - [Taking a super pension](https://deannethomas.com.au/taking-a-super-pension/) - Once you have met your preservation age (between 55 and 60 depending on when you were born), you can choose to take a super pension. There are six main types of super pension: Account-based pension: this is the most common type of pension. It is a regular income stream bought with money from your super - [Do you have to pay tax on super death benefits?](https://deannethomas.com.au/do-you-have-to-pay-tax-on-super-death-benefits/) - When someone dies, their superannuation usually gets transferred to their beneficiary as superannuation death benefits. Depending on who the beneficiary is, the benefits may be taxed in some circumstances. If you are a beneficiary, the amount of tax you pay depends on factors such as: If the benefit is paid as a lump sum or - [What to know about reverse mortgages](https://deannethomas.com.au/what-to-know-about-reverse-mortgages/) - A financial dilemma that is becoming increasingly common is finding a way to fund a comfortable retirement lifestyle without having to sell the family home. One solution to this is a reverse mortgage; a loan that allows homeowners to convert part of the equity in their home into cash. Money from a reverse mortgage can - [Protecting your digital assets](https://deannethomas.com.au/protecting-your-digital-assets/) - Cyber risk is one of the leading threats for small businesses in Australia, with the cost of a cyber incident averaging $276,000 for businesses. Whether it's marketing material, legal documents or customer details, businesses nowadays depend on the digital for operation. This is why it's so important to make sure your digital assets are protected - [Keeping your virtual team on track](https://deannethomas.com.au/keeping-your-virtual-team-on-track/) - Managing a virtual team can offer challenges that you won't experience in-person teamwork. It can be harder to schedule meetings, show demonstrations and build connections. However, having a virtual team offers convenience, opportunity and freedom for the team members, so here are some tips to help you make it work… Define goals and rolesAt the - [When a trustee goes bankrupt…](https://deannethomas.com.au/when-a-trustee-goes-bankrupt/) - SMSF members need to be aware of the rules that govern their fund, including what to do when one member becomes bankrupt. A requirement of an SMSF is that each individual trustee of the SMSF must be a member of the SMSF. In the case of corporate trustees, every member must be a director. This - [Can you claim deductions for employee training?](https://deannethomas.com.au/can-you-claim-deductions-for-employee-training/) - Employees of a small business may need to develop their expertise or skills in a particular area to better perform their duties. While training courses like seminars and one-day intensives can be a worthwhile investment, there are still a few things employers should consider from a tax point of view. Employers can generally claim deductions - [Is a pay cut worth it?](https://deannethomas.com.au/is-a-pay-cut-worth-it/) - When looking for a new career opportunity, a pay cut is something that may come up with a job offer. There are factors such as experience, field of work, job demand and potential for growth that all affect a salary offer. Deciding whether or not to take a pay cut with a new position can - [Why you need business interruption insurance](https://deannethomas.com.au/why-you-need-business-interruption-insurance/) - With many small businesses often being the livelihood for their entire families, owners should consider taking out business interruption insurance in order to safeguard against financial loss experienced as a result of incidents such as fire, floods, damage and burglaries. With statistics showing one in four small businesses would not survive if they had to - [Proposed law to restrict cash payments](https://deannethomas.com.au/proposed-law-to-restrict-cash-payments/) - New restrictions on cash transactions may be coming into effect after the government released the draft Currency (Restrictions of the Use of Cash) Bill 2019, which proposed to make it an offence to make or accept cash payments of $10,000 or more. The bill proposes that people using cash above the $10,000 limit could face - [New SMSF alert system](https://deannethomas.com.au/new-smsf-alert-system/) - The ATO has introduced a new method of updating SMSF trustees of changes to their fund. From 3 February 2020, email and/or text message alert will be sent out when there are changes in the SMSF, such as; Financial institution account details. Electronic service address (ESA). Authorised contact. Members. If you receive an alert and - [Tax implications of leasing commercial premises](https://deannethomas.com.au/tax-implications-of-leasing-commercial-premises/) - Leasing commercial premises, such as an office building, hotels or stores have their own struggles compared to being a residential landlord. Making the correct tax payment and knowing what you can and can't claim is key in being a successful commercial landlord. When leasing out a commercial property, you must include the full amount of - [Strategies for boosting your business’ website](https://deannethomas.com.au/strategies-for-boosting-your-business-website/) - Your website is often where potential customers get their first impression of your business, so it is important that your website is up to scratch and has the features that will make you stand out against your competitors. This can be done by employing website marketing strategies. Optimise your website for SEO: Search engine optimisation - [Bad money habits that are getting in your way](https://deannethomas.com.au/bad-money-habits-that-are-getting-in-your-way/) - How you spend your money determines how well you can save you money. Spending more than you have or buying unnecessarily can severely impact how efficiently you can save. Sometimes you aren't even aware of the small habits that are actually limiting your savings capabilities. Here are a few bad money habits that are getting - [Things to consider before hiring an intern](https://deannethomas.com.au/things-to-consider-before-hiring-an-intern/) - Hiring an intern can sound like a win-win situation; the intern gets an opportunity to learn and boost their career, you get some extra help generally at a lower wage rate than regular employees. However, it is important to first think about if an intern would be right for your company before you make the - [What happens to your super in a divorce? ](https://deannethomas.com.au/what-happens-to-your-super-in-a-divorce/) - Divorce or separation can be emotionally draining and stressful as it is, but the legal and financial responsibilities you also need to think about add an extra burden to dealing with the spit. One key area that needs to be considered to protect your financial future is your superannuation and what happens to it after - [Restoring damaged tax records after a natural disaster](https://deannethomas.com.au/restoring-damaged-tax-records-after-a-natural-disaster/) - In the event that your records have been damaged or destroyed in a natural disaster, such as bushfires, there are a number of ways you can reconstruct them. The ATO is able to help with reconstruction in the event tax records have been lost or damaged. Where the tax records are lost or destroyed as - [Should you work with family and friends?](https://deannethomas.com.au/should-you-work-with-family-and-friends/) - One place small business employers often fail to search for new job applicants is the families and friends of their best employees. Before rushing headlong into hiring family or friends, consider the people and all areas of business that will be affected. Hiring friends and relatives can be a balancing act. If not handled well, - [Updates to the unclaimed superannuation money protocol](https://deannethomas.com.au/updates-to-the-unclaimed-superannuation-money-protocol/) - The Superannuation (Unclaimed Money and Lost Members) Act 1999 (SUMLMA), more commonly known as the unclaimed superannuation money protocol, has been updated recently to provide a clearer structure going forward. SUMLMA provides guidance on in relation to unclaimed money, lost member accounts, superannuation accounts of former temporary residents and their associated reporting and payment obligations. - [The importance of keeping business records](https://deannethomas.com.au/the-importance-of-keeping-business-records/) - Probably the most important reason behind sound record-keeping is that it allows you to learn and grow from your own business experiences. Keeping your records in check will help you understand the current situations of your business and also project future profit or losses. In addition, good record keeping will also show you where your - [What are franking credits?](https://deannethomas.com.au/what-are-franking-credits/) - Franking credits are a kind of tax credit that allows Australian companies to pass on the tax paid at a company level to shareholders. Franking credits can reduce the income tax paid on dividends or potentially be received as a tax refund. Where a company distributes fully franked dividends (and those dividends are included in - [Closing the office for the holidays](https://deannethomas.com.au/closing-the-office-for-the-holidays/) - As the holiday season approaches, the workplace often gets more relaxed as things wrap up. However, closing the business for the holidays usually isn't as simple as turning the lights off and heading home for a few weeks. There is often a lot of preparation and work that needs to be done before everyone leaves - [When is unpaid work legal?](https://deannethomas.com.au/when-is-unpaid-work-legal/) - There are circumstances where unpaid work is okay, however, legal unpaid work situations are limited, and in most circumstances, workers should be paid. Employers who are not meeting the Fair Work Act guidelines can be penalised for breaking the law by paying workers' compensation and fines up to $63,000 for corporations and $12,600 for individuals. - [SMSF schemes for illegal access of super](https://deannethomas.com.au/smsf-schemes-for-illegal-access-of-super/) - The ATO has issued a warning for Australians to be aware of scheme promoters that promise to allow you to withdraw your superannuation early, and illegally. Individuals can legally withdraw super when they turn 65, even when they haven't retired, are at their preservation age and retire, or under the transition to retirement rules while - [Managing employees with personal crises](https://deannethomas.com.au/managing-employees-with-personal-crises/) - Managing an employee who is going through a stressful period personally can be a big challenge for bosses. Handling these situations well as a manager often means you need to be compassionate and empathetic whilst also being professional and constructive. Listen:If an employee comes to you with a problem, it can be helpful if you - [Building customer relationships on social media](https://deannethomas.com.au/building-customer-relationships-on-social-media/) - With the overflow of businesses posting high-quality content on social media every day, it can be a challenge to make yourself stand out and keep people's loyalty. One way to increase consumer appreciation and attract returning customers is to work on developing relationships on social media. Create good captions:Having a caption that only consists of - [Creating a successful work team](https://deannethomas.com.au/creating-a-successful-work-team/) - If you've never had a bad teamwork experience, then you're often considered to be very lucky. Creating a successful team at work can be challenging as it forces people with a range of opinions, values, work styles, work goals and past experience to work together in proximity. To help build a successful team, certain measures - [Can you change your business or company name?](https://deannethomas.com.au/can-you-change-your-business-or-company-name/) - Changing your business or company name can be an exciting leap. You can find yourself thinking about things like redesigned logos, rebranding and new customers, but before that, you have to think about the steps required to officially change your name. You cannot request to change the name of your existing business once it has - [Tax implications of buying a holiday home](https://deannethomas.com.au/tax-implications-of-buying-a-holiday-home/) - Buying a holiday house can seem appealing, whether it's to rent out for income, for your own holidays or both. However, it is important to be aware of the different tax implications for how you choose to use your holiday house. If you own a holiday house and do not rent it out, you cannot - [Removal of the main residence exemption for non-residents](https://deannethomas.com.au/removal-of-the-main-residence-exemption-for-non-residents/) - The government has changed capital gains tax (CGT) rules for foreign residents under the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019, which was granted assent on 12 December 2019. The law change no longer allows foreign residents to claim the CGT main residence exemption, which will impact people who are overseas - [Do you have insurance with your super?](https://deannethomas.com.au/do-you-have-insurance-with-your-super/) - Most super funds offer insurance as part of their super plan. It is important to be aware of what types of insurance you are covered by through your super fund to help you determine if you need extra cover outside your super and if you have adequate support in the event that you cannot work. - [Getting to know your social media audience ](https://deannethomas.com.au/getting-to-know-your-social-media-audience/) - Knowing your audience is a fundamental aspect of social media marketing for your business. A good social media strategy will use the business's knowledge of their audience to determine the type of content they produce, what kind of promotional methods they use, when the best time to post is and where they should post. Narrowing - [What you need to know about BFAs](https://deannethomas.com.au/what-you-need-to-know-about-bfas/) - A Binding Financial Agreement (BFA) is the Australian equivalent of a prenup. It is used to agree in advance on how a couple's property and other assets would be distributed should their marriage or de facto relationship break down. The Agreement can cover financial settlement, spousal maintenance and any other incidental issues. BFA's can be - [Doing market research for your business](https://deannethomas.com.au/doing-market-research-for-your-business/) - Market research is key to developing relevant and effective business strategies as it helps you understand your industry, customers, competitors and market trends. Undertaking both primary and secondary market research can allow you to boost your business' success if you utilise the information to improve your product/service and marketing strategies. There are a variety of - [Proposed measures to increase retirement savings ](https://deannethomas.com.au/proposed-measures-to-increase-retirement-savings/) - Currently, people aged 65 to 74 can only make voluntary superannuation contributions if they meet the ‘work test.' This means they must report themselves to be working a minimum of 40 hours over a 30 day period within the financial year to qualify. The government has proposed that from 1 July 2020, individuals aged 65 - [Tax on gifts and donations](https://deannethomas.com.au/tax-on-gifts-and-donations-2/) - Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift, the ATO stipulates that it must meet the following four conditions: The gift must “truly be a gift”; that is, a voluntary transfer - [Introducing a new employee ](https://deannethomas.com.au/introducing-a-new-employee/) - Hiring a new employee is a time-consuming process that affects you, the company, and the team. It can often be especially nerve-wracking for the new employee starting a new job and joining a brand new team. It is therefore important to take steps to make the process easier on all parties affected. One of the - [Pros and cons of hiring an intern ](https://deannethomas.com.au/pros-and-cons-of-hiring-an-intern/) - With so many eager school-leavers looking for employment opportunities, hiring an intern can seem like a good way to offer work experience to someone without the risks of a long-term commitment of a regular employee. However, you should consider whether hiring an intern would be the best move for your business. Here are some pros - [2019 Updates to the Pension Loan Scheme ](https://deannethomas.com.au/2019-updates-to-the-pension-loan-scheme/) - Changes have been made to the Pension Loan Scheme (PLS) under the federal government that came into effect 1 July 2019. The updates aimed to improve the previous scheme and help more retirees boost their retirement income and pay for extra expenses such as home care. The key features of the new Pension Loan Scheme - [Paying tax on term deposits](https://deannethomas.com.au/paying-tax-on-term-deposits/) - The interest you earn from term deposits is subject to tax, just like your regular income. You have to declare investment income on your tax return, including interest in the year it was credited or received. The amount of tax you need to pay depends on the amount of interest you earn on your term - [Should you consider using visual search technology?](https://deannethomas.com.au/should-you-consider-using-visual-search-technology/) - Using visual search technology for your business is a great way to increase customer engagement. When presented with a paragraph of black and white text, it is unlikely that customers will remember much of it. However, studies have shown that the average person can recall 65% of the visual content they see up to three - [What you need to know about investment bonds](https://deannethomas.com.au/what-you-need-to-know-about-investment-bonds/) - Investment bonds are a practical investment option for those who earn a high income and seek long term tax efficiencies. Investment bonds, also known as tax-paid, insurance or growth bonds, work similarly to a managed fund, except they are combined with an insurance policy. There is a ten year rule which allows tax free earnings - [What to include in a business partnership agreement](https://deannethomas.com.au/what-to-include-in-a-business-partnership-agreement/) - Entering into a business partnership can come with conflicts and misunderstandings between you and your new associate. This is why having a written agreement that clearly outlines your rights and responsibilities is important for maintaining a healthy business relationship between partners. Here are some key areas to include in your partnership agreement: Name of partnership: - [Does your SMSF meet the sole purpose test?](https://deannethomas.com.au/does-your-smsf-meet-the-sole-purpose-test/) - If you have a self-managed super fund (SMSF), then you need to meet the sole purpose test to be eligible for the tax concessions that are normally available to super funds. The sole purpose test aims to ensure that SMSFs are maintained for the purpose of providing benefits to members upon retirement or for beneficiaries - [Making NRAS claims](https://deannethomas.com.au/making-nras-claims/) - The national rental affordability scheme (NRAS) started on 1 July 2008, encouraging large-scale investment in affordable housing. It offers tax and cash incentives to providers of new dwellings for 10 years, granted they are rented to low and moderate income households at 20% below market rates. Though the NRAS is no longer taking new investments, - [Icebreaker activities employees will actually enjoy](https://deannethomas.com.au/icebreaker-activities-employees-will-actually-enjoy/) - Icebreaker activities can often be uncomfortable, especially if people are already anxious about meeting a whole new group of people at once or worried about their first day with a new team or at a new job. It is important to have icebreakers that aren't distracting or too nerve-wracking. For example, the popular ‘tell everyone - [CGT concessions for shares and trust interests](https://deannethomas.com.au/cgt-concessions-for-shares-and-trust-interests/) - For taxpayers wishing to access the small business capital gains tax (CGT) concessions for shares in a company or interests in a trust, they must first meet the standard requirements as well as further conditions in place for such entities. A taxpayer can apply for small business CGT concessions to lower or dismiss their capital - [Annual leave and pay over the holidays](https://deannethomas.com.au/annual-leave-and-pay-over-the-holidays/) - As the holiday season approaches, so does the shutdown period for many businesses. This is the time of year when it is easier to take off work due to many businesses slowing down, however, there are questions that surround this period, namely if you will get paid or not. When calculating leave over the Christmas - [Super when you’re self-employed ](https://deannethomas.com.au/super-when-youre-self-employed/) - If you are a sole trader, or in a partnership, then you are not obligated to make super guarantee (SG) payments for yourself. However, you should still consider making personal contributions to super to help you save for retirement. Your methods of contributing to super can depend on how you pay yourself. For example, if - [Introducing ASFP](https://deannethomas.com.au/introducing-asfp/) - Plans are underway to carry out a system change during the December closure of the ATO, to introduce Activity statement financial processing (ASFP). This change will move the majority of taxpayer financial information into one accounting system that will have multiple accounts. ASFP will shift activity statement and franking deficit tax accounts from the current - [Strategies to increase profit](https://deannethomas.com.au/strategies-to-increase-profit/) - Whether you are struggling to keep up a steady income or wanting to grow your business, increasing sales revenue is often a central goal for businesses. Here are some strategies you can consider when looking to improve profit: Redesign operations for maximum efficiency: If you really look at the operation processes of your business, you'll - [Preventing cybercrime on your business’ social media ](https://deannethomas.com.au/preventing-cybercrime-on-your-business-social-media/) - Having a digital presence nowadays is crucial to getting the most out of marketing your business. However, being online puts you at risk of being a target for cybercrime, which means that you and your customers are at risk of being scammed or hacked. Business owners have legal responsibilities to ensure that their business and - [How to prevent non-paying clients](https://deannethomas.com.au/how-to-prevent-non-paying-clients/) - Running a business is hard enough without having to chase up payments from your customers. Here are some measures you can take to prevent yourself from having to deal with the profitability imbalance, negative client relation, and legal ordeals that come with chasing up owed debt. Research the customer: Before you enter into an agreement - [Proactive consolidation with ILBAs](https://deannethomas.com.au/proactive-consolidation-with-ilbas/) - Inactive low-balance accounts (ILBAs) are a new category account that needs to be reported and paid to the ATO. This was introduced in the Treasury Law Amendment (Protect Your Superannuation Package) Bill 2019 that came into effect on 1 July 2019 after first being announced in the 2018-19 Federal Budget. ILBAs are designed to protect - [Time limit on GST refunds](https://deannethomas.com.au/time-limit-on-gst-refunds/) - Small businesses entitled to refunds of GST may not be aware of the four-year time limit on claiming those refunds. Your entitlement to a GST credit ends four years from the due date of the earliest activity statement in which you could have claimed it. GST refunds are claimed under the indirect tax concession scheme - [Moving your business online ](https://deannethomas.com.au/moving-your-business-online/) - In order to keep up with the growing demands of digital accessibility and convenience, many businesses decide to partially or completely move their business online. This can help with extending customer reach beyond the geographical boundaries of a physical business, offering customers easy access to your products or services, scaling and growth, and reducing costs - [Approaching difficult conversations at work](https://deannethomas.com.au/approaching-difficult-conversations-at-work/) - Difficult conversations are apart of every aspect of life, including work. Employers and employees all face having to initiate difficult discussions at some point during their working life and avoiding these conversations can increase the potential for issues in the workplace or in extreme cases, legal claims. Sensitive topics may initially be uncomfortable to approach - [Commutation authorities for SMSFs](https://deannethomas.com.au/commutation-authorities-for-smsfs/) - Commutation authorities are issued by the ATO when a member of a SMSF has exceeded their transfer balance cap. A commutation authority will be issued after the member has received an excess transfer balance determination alerting them they have passed the cap. The transfer balance cap is currently $1.6 million and is applied to the - [Limiting tax deductions for holding vacant land](https://deannethomas.com.au/limiting-tax-deductions-for-holding-vacant-land/) - On the 28 October 2019, The Treasury Laws Amendment (2019 Tax Integrity and Other Measures No.1) Bill 2019 received royal assent. The new tax law creates limitations for deductions related to the expenses of holding vacant land from 1 July 2019. This is likely to affect those who acquire land for investment purposes and begin - [How to create an effective social media calendar](https://deannethomas.com.au/how-to-create-an-effective-social-media-calendar/) - Having a well-planned and engaging social media presence is nowadays a core aspect of marketing. With 77% of consumers more likely to buy from brands they follow on social media, it is important to plan your content ahead of posting to maintain a successful social media campaign, avoid any mistakes and ensure posts will help - [Are you prone to emotional overspending? ](https://deannethomas.com.au/are-you-prone-to-emotional-overspending/) - Online shopping is available 24/7, making it easy to indulge in retail therapy whenever you're feeling low. With many consumers using PayPal or saving their credit card details on Google, spending money is so easy that it may not feel like a big deal when clicking the ‘order' button. While treating yourself every once in - [The ATOs ABN cleanup ](https://deannethomas.com.au/the-atos-abn-cleanup/) - The ATO has announced that in October 2019, they will be focusing on the bulk Australian business number (ABN) cancellation program. This program will be cancelling ABNs that the ATO is confident are inactive in an attempt to create cohesion within the Australian Business Register (ABR). There are a few areas the ATO looks into - [Travels with my SMSF](https://deannethomas.com.au/travels-with-my-smsf/) - Travelling overseas for an extended period of time is an exciting adventure and a chance to have a break. However, SMSFs do not take a break when you do, which is why it is important to ensure everything remains in line while you are away. SMSFs that breach the residency rules are taxed at the - [Amendment to Housing Affordability Measures introduced](https://deannethomas.com.au/amendment-to-housing-affordability-measures-introduced/) - The Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Bill 2019 was re-introduced to parliament on 23 October 2019. This comes after it was first announced in the 2017-18 Federal Budget. The amendment introduces a new system where the government will provide up to an additional 10% capital gains tax (CGT) discount for resident - [Public speaking like a pro](https://deannethomas.com.au/public-speaking-like-a-pro/) - Public speaking can be intimidating and challenging, especially if it is in front of other business professionals. Chances are, if you work in a business environment you will be required to speak in public at some stage in your career, whether it's for a presentation, meeting, or seminar. Here are three tips to help you - [Contractor obligations for business owners](https://deannethomas.com.au/contractor-obligations-for-business-owners/) - Contractors bring with them different obligations that business owners need to comply with. Employers that incorrectly classify employees and contractors can face hefty penalties and charges as well as claims for entitlements and superannuation contributions. It must be established whether they are employees or contractors to get tax and super requirements right. When hiring an - [Being aware of copyright infringement  ](https://deannethomas.com.au/being-aware-of-copyright-infringement/) - When sourcing content for your business, it can be tricky to determine what materials you can use without putting your business at risk of copyright infringement. With the internet providing a range of easily accessible sources, it can be easy to forget about the legalities of using material you did not produce yourself. In Australia, - [Do you need to pay superannuation for contractors?](https://deannethomas.com.au/do-you-need-to-pay-superannuation-for-contractors/) - A contractor can turn into an employee for legal and financial obligations, so when working with contractors, employers need to test whether they count as an employee or contractor for superannuation purposes according to the rules stated in the Superannuation Guarantee (SG). The ATO states that even if contractors quote an Australian Business Number (ABN), - [What are the tax implications for different business structures?](https://deannethomas.com.au/what-are-the-tax-implications-for-different-business-structures/) - The structure of your business determines how you would pay tax and other business obligations you would need to consider. Whilst you are able to change your structure as your business develops, business owners must keep up with the changing tax responsibilities that may occur as a result. There are four major business structures in - [Evaluating your social media campaign](https://deannethomas.com.au/evaluating-your-social-media-campaign/) - The evaluation part of a social media campaign is often just as important as the campaign itself as it provides insights of consumer behaviours, sales data, and the failures and successes of the strategies and tactics implemented. This is crucial to your company's future as it will help determine how the next campaign should run - [Start saving for the Christmas period early](https://deannethomas.com.au/start-saving-for-the-christmas-period-early/) - If shopping centres aren't even putting up their Christmas decorations yet, then the holiday period may seem to be a concern of the distant future. However, the season has a tendency to creep up on people and can often come with financial burdens. Planning your holiday expenses early can cut out one of the biggest - [Knowing when to cut a product](https://deannethomas.com.au/knowing-when-to-cut-a-product/) - Businesses looking to improve their profitability may need to consider cutting under-performing products and services that are unnecessarily draining resources. It might be time to discontinue if a product fits the following scenarios: Low profitability. Stagnant or declining sales volume or market share. Maintaining your market share is too costly. Risk of technological elimination. Poor - [Super law changes to NALI and LRBA](https://deannethomas.com.au/super-law-changes-to-nali-and-lrba/) - Integrity measures included in Treasury Laws Amendment (2018 Superannuation Measures No. 1) Bill 2019 have now been enacted with an effective date of 1 July 2018. There have been amendments made to non-arm's length income (NALI) provisions and Limited recourse borrowing arrangement (LRBA) amounts will now be included in total superannuation balance (TSB) calculations. NALI - [GST margin scheme](https://deannethomas.com.au/gst-margin-scheme/) - The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. The amount of GST normally paid on a property sale is equal to one-eleventh of the total sale price. If the margin scheme is used, the GST is calculated on the difference - [What to do when your employees don’t get along](https://deannethomas.com.au/what-to-do-when-your-employees-dont-get-along/) - Workplace tension between employees can be difficult and uncomfortable to manage, but ignoring them will only lead to the situation worsening. Harmony between staff is key to a positive work environment, as disputes between employees will often affect everybody, not just those directly involved. Discord can disrupt productivity, make an awkward environment for team members - [What employment type is best for your business?](https://deannethomas.com.au/what-employment-type-is-best-for-your-business/) - Each employment type has different entitlements and obligations that must be met by both the employer and employee. Before hiring a new worker, take the time to look at what each employment type would mean for you and your business. Full-time and Part-time employees:Though both permanent employees, a full-time employee will work an average of - [Treasury Law Amendment for super measures moves forward](https://deannethomas.com.au/treasury-law-amendment-for-super-measures-moves-forward/) - The Treasury Laws Amendment (2018 Superannuation Measures No.1) Bill 2019 has passed both Houses of Parliament and reached royal assent on 2 October 2019. First announced in the 2018-19 Budget, the Bill allows eligible individuals, whose income exceeds $263,157 and have multiple employers, to nominate wages from certain employers to not be subject to the - [Breaking down business industry codes](https://deannethomas.com.au/breaking-down-business-industry-codes/) - A business industry code (BIC) is a five-digit code you include on relevant tax returns and schedules that describes your main business activity. BICs come from the Australian and New Zealand Standard Industrial Classification (ANZSIC) codes and are added to by the Australian Tax Office (ATO) for tax return reporting purposes. Employers must use the - [Cleaning your business’ online presence](https://deannethomas.com.au/cleaning-your-business-online-presence/) - Spring cleaning your business isn't limited to its physical space, you should be cleaning your online presence too. Whilst it is best to be constantly monitoring your online activity, a regular assessment and clean up can be beneficial. Here are a few areas of your online presence you can renovate. Content pruning:Social media accounts and - [What you should know about using cryptocurrencies](https://deannethomas.com.au/what-you-should-know-about-using-cryptocurrencies/) - In an increasingly technologically dependent age, it can be useful to keep up with new forms of currencies in the digital space. Cryptocurrency is internet-based, digital money that is not controlled by any central authority. Currently, the most prominent cryptocurrency is Bitcoin, which has a market capitalization of over 155 billion U.S. dollars. How do - [Budget-friendly ways to promote your small business](https://deannethomas.com.au/budget-friendly-ways-to-promote-your-small-business/) - Promoting your business can seem tricky to navigate and expensive, especially when there are budget and staff restrictions to think about. However, there are a number of ways to promote your business easily and cost-effectively. Blog content:Posting well-written and relevant blog content on your website can help boost website traffic while capturing the trust and - [Consequences of late SMSF annual returns](https://deannethomas.com.au/consequences-of-late-smsf-annual-returns/) - From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn't requested a lodgment deferral, the ATO will change their status on Super Fund Lookup (SFLU) to ‘Regulation details removed'. This status will remain until any overdue lodgments have been brought up to date. - [Claiming travel expenses relating to rental properties](https://deannethomas.com.au/claiming-travel-expenses-relating-to-rental-properties/) - When making a claim in regards to your residential rental property, there are specific circumstances for when you can and cannot claim travel expenses. The law about claiming travel expenses for rental properties changed in July 2017. In the last year alone, the ATO received more than 70,000 incorrect claims for travel to and from - [Attracting return customers](https://deannethomas.com.au/attracting-return-customers/) - Pouring money into advertising to attract new customers only works up until a point, what you really need to think about is retaining a customer once you have them. Treating all customers in a way that makes them want to return is more likely to generate success in the long-term. Be a business they can't - [Dealing with a bad day at work](https://deannethomas.com.au/dealing-with-a-bad-day-at-work/) - Bad days can happen to the best of us, but that doesn't stop work from needing to get done. Whilst working when you're feeling down is the last thing you want to do, here are a few ways to pick yourself up and carry on with tasks you need to do. Take a break:Stepping away - [Defamation law in Australia](https://deannethomas.com.au/defamation-law-in-australia/) - Defamation is a statement published or spoken that negatively impacts the reputation of a person. Individuals or corporations that employ less than 10 people, not related to another corporation, can sue another person in court for defamation. As there is no constitutional right to free speech, defamation in Australia is harsher and more difficult to - [Returning to work after accessing your super](https://deannethomas.com.au/returning-to-work-after-accessing-your-super/) - Retirement isn't necessarily a permanent thing as even the best-laid plans can collapse when circumstances change. The Australian Bureau of Statistics (ABS) has found the most common reasons retirees return to employment are financial necessity and boredom. But what does this mean when you have already dipped into your superannuation funds? Depending on your circumstances, - [Are you meeting the Active Asset Test?](https://deannethomas.com.au/are-you-meeting-the-active-asset-test/) - To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered active when you own it and it is used or held ready for use in relation to a business. You can also have an intangible active asset if it is inherently - [Tracking the success of your email marketing](https://deannethomas.com.au/tracking-the-success-of-your-email-marketing/) - Following the best email marketing tips and practices can help create successful email campaigns that keep readers engaged and eager for more, but it won't matter how optimised your emails are if you aren't tracking the results. When sending an email, businesses should review the purpose of their email marketing and figure out which metrics - [Getting to know your credit score](https://deannethomas.com.au/getting-to-know-your-credit-score/) - Your credit score is an important number in your life as it can affect many financial aspects of your life. The three-digit number is a representation of your credit history, based on an analysis of your credit file, that helps a lender determine your credit worthiness. When an individual applies for a loan, such as - [Hiring working holiday makers](https://deannethomas.com.au/hiring-working-holiday-makers/) - In Australia, there are approximately 100,000 working holiday makers employed each year. Any employer can hire working holiday makers provided they meet the requirements to do so. Employers must confirm the working holiday maker has a valid visa subclass, either 417 (Working Holiday) or 462 (Work and Holiday). Register:Employers will need to register to apply - [Super for different visas](https://deannethomas.com.au/super-for-different-visas/) - Australian employers are required to pay super to their employees when they earn $450 a week or meet specific criteria based on age or industry. Employer requirements can get confusing however when dealing with international workers or sending employees overseas. Here are the requirements employers must follow when handling super payments to workers with different - [New industries included under TPAR ](https://deannethomas.com.au/new-industries-included-under-tpar/) - The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services and those that pay contractors to provide the service. The extension was approved on 1 July 2019. Road freight services, information technology services and security, surveillance and investigation services will now have to lodge taxable payments annual report (TPAR), even - [Managing work-based anxiety](https://deannethomas.com.au/managing-work-based-anxiety/) - While anxiety and stress are quite often inevitable, it can take a severe toll on the state of your mental health and quality of life if not handled properly. In Australia, 1 in 4 people are affected by anxiety, making it more common than some may think. Those who find they have significant triggers at - [When do you need an ABN?](https://deannethomas.com.au/when-do-you-need-an-abn/) - An Australian business number (ABN) is a unique 11-digit number that the Australian Business Register issues to all businesses, identifying your business to the community and government whilst also making it easier to keep track of business transactions for tax purposes. While it is compulsory for businesses with a GST turnover of $75,000 or more - [Salary sacrificing super](https://deannethomas.com.au/salary-sacrificing-super/) - Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar - [What is a CGT event?](https://deannethomas.com.au/what-is-a-cgt-event/) - Capital Gains Tax (CGT) events occur when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. The timing of a CGT event is quite important, as it determines which income year an individual will report the capital gain or capital loss, and may affect - [Improving your FAQ page](https://deannethomas.com.au/improving-your-faq-page/) - Including a Frequently Asked Questions (FAQ) page on a website can be a great time saver for businesses who deal with repeatedly asked questions from customers and clients. The best approach to optimise these pages correctly is to pay closer attention to the customer's experience with the business and ensure the page is prominent on - [Spring clean your finances](https://deannethomas.com.au/spring-clean-your-finances/) - When it comes to your money, whether it be loans, insurance, savings or superannuation, having a ‘set and forget' attitude can be detrimental to your long term finances. Checking in on the different aspects that make up your finances every now and then to see if they need freshening up is a good way to - [Are they an employee or a contractor?](https://deannethomas.com.au/are-they-an-employee-or-a-contractor/) - Employers that incorrectly treat employees as contractors can face hefty penalties and charges as well as claims for entitlements and superannuation contributions. Even if employers are only hiring someone for a few hours or a couple of days at a time, it must be established whether they are employees or contractors to get tax and - [Diversification requirements for SMSFs](https://deannethomas.com.au/diversification-requirements-for-smsfs/) - The ATO has identified approximately 17,700 SMSFs where investment strategies may not meet the requirements under regulation 4.09 of the Superannuation Industry Supervision Act (SISA). Records show these SMSFs may hold 90% or more of funds in one asset, or a single asset class. Diversification aims to maximise an individual's return by investing in different - [Reestablishing lost or damaged records](https://deannethomas.com.au/reestablishing-lost-or-damaged-records/) - Taxpayers are responsible for safely storing a written backup copy of their tax record in case the original electronic form becomes inaccessible or unreadable. In the event that your records have been damaged or destroyed, there are a number of ways you can reconstruct them. Where the tax records are accidentally lost or destroyed from - [Effective job advertising](https://deannethomas.com.au/effective-job-advertising/) - With such a large number of varied job ads online and in print, if you want to attract the best people you have to make your ad stand out. It is also very important to properly convey your workplace culture in the ad so that you do not have to waste time interviewing inappropriate candidates. - [A deed or an agreement?](https://deannethomas.com.au/a-deed-or-an-agreement/) - The decision on whether to use a deed or an agreement can make a significant difference to the success of a transaction or project. Both document types are used to prepare contractual arrangements, with each having its own benefits. Understanding the differences and making an informed decision can significantly impact the success of a transaction. - [Quick fixes to boost email marketing](https://deannethomas.com.au/quick-fixes-to-boost-email-marketing/) - While email marketing remains one of the most effective platforms for businesses to reach clients on a personal level, it does not always deliver the results you may be after. If you're finding that email marketing isn't going as well as you had hoped, here are five simple ways to improve your campaign: Experiment with - [Succession planning for your SMSF](https://deannethomas.com.au/succession-planning-for-your-smsf/) - A mandatory component of managing a self-managed super fund (SMSF) is planning out what will happen to the fund if its trustee were to pass away. While succession planning may not be one of the first responsibilities that comes to mind when managing an SMSF, it is a necessity that can provide certainty and peace - [Non-compliant payments to workers no longer tax deductible](https://deannethomas.com.au/non-compliant-payments-to-workers-no-longer-tax-deductible/) - Businesses can no longer claim deductions for payments to workers if they have not met their pay as you go (PAYG) withholding obligations. This applies to income tax returns lodged for the 2020 income year onwards. Any payments made to a worker where PAYG amounts haven't been withheld or reported are called non-compliant payments. If - [How to write an eye-catching bio](https://deannethomas.com.au/how-to-write-an-eye-catching-bio/) - Social media bios are a small window into your company for potential clients. They can show your style, what you do, the promotions you are running or just be a fun read. A well written and thought out bio stands out from those that are lazy, audiences can tell if you treat your bio as - [Short-term vs long-term financing](https://deannethomas.com.au/short-term-vs-long-term-financing-2/) - Maintaining healthy cash flow can be challenging; between ongoing expenses and bills, poor cash flow can severely impact your customers, staff and bottom line. Business owners need to understand the differences between short and long-term financing when developing a cash flow strategy. There are various sources of financing available, with each being useful for different - [Evaluating risks in business  ](https://deannethomas.com.au/evaluating-risks-in-business/) - Business owners are faced with constant challenges and tough decisions to make on a day-to-day basis. Risk-taking is often necessary to achieve more in the business, but owners need to make informed choices to avoid potential damages. To manage risk effectively, a proactive stance needs to be taken in identifying and responding to risks before - [What to look for when choosing a super fund](https://deannethomas.com.au/what-to-look-for-when-choosing-a-super-fund/) - Over the course of your life, the contributions made to your superannuation fund can often end up being your greatest asset. Because of this, selecting a super fund is an important decision, choosing a fund with the right investment strategies for you could be the difference between retiring comfortably or not. There are five different - [FBT car parking threshold changes](https://deannethomas.com.au/fbt-car-parking-threshold-changes/) - The ATO has released the Taxation Determination 2019/9, which outlines changes to the fringe benefits tax (FBT) car parking threshold. The car parking threshold for the year commencing on 1 April 2019 is $8.95. This replaces the amount of $8.83 which applied to the FBT year ended 31 March 2019. The increase has been set - [Find the perfect employee for you](https://deannethomas.com.au/find-the-perfect-employee-for-you/) - Picking the wrong employee after a long interview process ultimately results in wasted time and lost money for a business. There are constantly new ideas emerging about how to best conduct interviews, many of which will be able to give you a much better idea of how a candidate will perform in the role. Consider - [Deduction rules for small businesses](https://deannethomas.com.au/deduction-rules-for-small-businesses/) - Spending on capital assets usually cannot be deducted immediately. Instead, small businesses claim the costs over time in accordance with the asset's depreciation. There are many different processes that businesses can employ to make claims on their assets. For small businesses with lower-cost assets, methods such as simplified depreciation or the threshold rule can help - [Ineligible downsizer contributions and how they are administered](https://deannethomas.com.au/ineligible-downsizer-contributions-and-how-they-are-administered/) - When a downsizer contribution is ineligible, the fund must re-assess the amount in accordance with the Superannuation Industry (Supervision) Regulations 1994 and the trust deed. This is to determine if the amount can be retained as a non-concessional contribution. Provided the trust deed allows so, the fund can return the contribution to the member or - [New ATO toolkit helps small businesses get expenses right](https://deannethomas.com.au/new-ato-toolkit-helps-small-businesses-get-expenses-right/) - The ATO has developed a new toolkit that helps small business owners to understand their entitlements and avoid mistakes in their tax returns. The 2019 Tax Time Toolkit Small Business covers information about: Three of the most common expenses: home-based business, motor vehicle, and business travel. Single Touch Payroll (STP) for small employers. These toolkits - [Teaching your staff to be social media savvy](https://deannethomas.com.au/teaching-your-staff-to-be-social-media-savvy/) - Although approximately 52% of the Australian population use social media, not everyone understands how online presence, both individual and work-related, reflects on a business. Your staff are representatives of your business meaning their online profiles can unintentionally affect your brand's image and influence potential customers. While this isn't always a bad thing, enforcing a social - [Getting on top of cash flow](https://deannethomas.com.au/getting-on-top-of-cash-flow/) - Managing cash flow is critical to the success of a small business. While it is necessary to be profitable, your profit is a number that shows up on your accounts at the end of the year whereas your cash is the money you have in the bank. By incorporating the following tricks, you can help - [Be wary of unregistered tax preparers](https://deannethomas.com.au/be-wary-of-unregistered-tax-preparers/) - The Australian Taxation Office (ATO) is warning taxpayers to keep an eye out for people posing as tax agents who are not registered with the Tax Practitioners Board (TPB). Only a registered tax agent can charge a fee to prepare and lodge your tax return. There are concerns from the ATO about the number of - [Boost employee productivity](https://deannethomas.com.au/boost-employee-productivity/) - All businesses need to look at ways to increase the productivity of their staff. When your employees get more work done, it will ultimately lead to the business making a bigger profit. As well as increasing productivity, employers should also aim to improve the happiness and wellbeing of their workers. Here are some ways to - [Illegal early release of super on ATO watch-list](https://deannethomas.com.au/illegal-early-release-of-super-on-ato-watch-list/) - Illegal early release of super (IER) is one of the risk areas that the ATO has identified as being of most concern and in need of action. Each year, the ATO analyses its data to identify the areas of high risk that will form part of its compliance program. Aside from illegal early release, another - [Creating a positive work environment](https://deannethomas.com.au/creating-a-positive-work-environment-2/) - The workplace can be where you spend the majority of your time. Maintaining a positive and healthy environment while at work is therefore critical to your happiness and mental wellbeing. One of the key ways to ensure your workplace is healthy is by having strong relationships with your colleagues. Here are some simple ways you - [Supporting mental health in the workplace](https://deannethomas.com.au/supporting-mental-health-in-the-workplace/) - Business owners have a responsibility to look after their staff and ensure they have a healthy working environment. This extends to mental health as well as physical. With one in five people experiencing a mental health issue at some stage in their life, there is a greater need to have mental health support specifically within - [Tax requirements for capped defined benefit income streams ](https://deannethomas.com.au/tax-requirements-for-capped-defined-benefit-income-streams/) - Members who receive income from one or more capped defined benefit income streams may have additional tax liabilities. They would then need to calculate their entitlement to the 10% tax offset if the income from all their capped defined benefit income streams exceeds their defined benefit income cap. SMSF's who pay a capped defined benefit - [Legal issues raised by social media](https://deannethomas.com.au/legal-issues-raised-by-social-media/) - The rise of social media creates a number of legal issues that business owners must be aware of when utilising platforms such as Facebook, Instagram and LinkedIn. Businesses should consider a proactive approach in implementing both preventative and reactive ways of mitigating potential risks. Confidentiality:Legal issues arise when confidential information is disclosed on social media. - [New tax toolkit for rental property owners](https://deannethomas.com.au/new-tax-toolkit-for-rental-property-owners/) - The ATO has developed a new rental property owners toolkit for property investors to ensure that mistakes are avoided in their tax returns. Each year, the tax office identifies fairly common mistakes being made with tax claims made in regard to investment properties. In a recent review of individual tax returns, nine out of 10 - [Protecting your business from online scams](https://deannethomas.com.au/protecting-your-business-from-online-scams/) - Protecting your business from any kind of threat is a priority. When it comes to online security, however, many owners are not practising secure measures to properly protect their business. Small businesses are unfortunately too often the target of online scamming and should practice a number of strategies to ensure their online security. Keep personal - [Managing business growth](https://deannethomas.com.au/managing-business-growth/) - It can be exciting and reassuring when your new business venture achieves growth and success. When things reach a certain threshold, however, you may no longer be able to oversee everything as a business owner. Here are some key things to consider in order to manage the development of your business. Key performance indicators:As your - [What SMSF records should you keep?](https://deannethomas.com.au/what-smsf-records-should-you-keep/) - A key responsibility for trustees of self-managed super funds (SMSFs) is to ensure proper and accurate tax and superannuation records are kept for the fund. When you have been running your fund for a long period of time and have amassed a large amount of information, it can be hard as a trustee to know - [What is replacing AUSKey?](https://deannethomas.com.au/what-is-replacing-auskey/) - The ATO is developing new online services systems as AUSKey will be retired in March 2020 Replacing AUSKey will be myGovID and Relationship Authorisation Manager (RAM). MyGovID is an authentication service that will allow individuals to prove who they are online. This system will work by establishing your identity once online and then using your - [Hiring the ‘overqualified’](https://deannethomas.com.au/hiring-the-overqualified/) - Motivating employees is a large part of keeping quality standards in the workplace. Managers may be missing out on the ideal hire by eliminating those who are overqualified from consideration. When potentially hiring someone who is overqualified, it pays to look at every aspect of what they could bring to the business. What makes a - [What makes a successful business plan](https://deannethomas.com.au/what-makes-a-successful-business-plan/) - When starting a new business, there are many elements you need to consider. Careful planning is essential to ensuring the longevity of your business, but what exactly goes into a good business plan? A good business plan is one that is detailed. Sections should include; an executive summary, company description, market analysis, organization and management, - [SMSF rollovers in SuperStream to be deferred](https://deannethomas.com.au/smsf-rollovers-in-superstream-to-be-deferred/) - The 2019-2020 Federal Budget suggested a deferral of the extension of SuperStream to self-managed superannuation fund (SMSF) rollovers from 30 November 2019 to 31 March 2021. The commencement of this deferral has recently been confirmed by the government. The deferral will coincide with the $19.3 million that will be provided to the Australian Taxation Office - [Maximising your tax return as a home-based business](https://deannethomas.com.au/maximising-your-tax-return-as-a-home-based-business/) - Small business owners may be able to claim deductions for the costs of using your home as a principal place of business when filing your 2019 income tax return. Tax deductions may be claimed for the business portion of expenses that include electricity, cleaning, rent payments or mortgage repayments. However, it can be difficult to - [Claiming a tax deduction for personal super contributions](https://deannethomas.com.au/claiming-a-tax-deduction-for-personal-super-contributions/) - Members of self-managed super funds (SMSFs) that are eligible can claim an income tax deduction on personal super contributions. Members that intend to do this must notify their fund trustee before lodging their 2019 individual tax return. The eligibility requirements to claim a deduction for personal super contributions include: Contributions that were made before 1 - [How to make shareable content](https://deannethomas.com.au/how-to-make-shareable-content/) - Content should be produced with the intention of it going viral and being shared across a broad number of platforms. Although this sounds ambitious, it is a good practice to help ensure solid planning is being incorporated into creating content to make an impact on readers. With that in mind, do not be discouraged if - [Using your tax return wisely](https://deannethomas.com.au/using-your-tax-return-wisely/) - Getting your tax refund back is exciting, but as tempting as it is to splurge, consider other ways you can put that money to good use. It is easy to get caught treating your return as extra money when you shouldn't see it any differently than your regular paycheck. Give the money a purpose by - [Tax bracket changes passed](https://deannethomas.com.au/tax-bracket-changes-passed/) - In the 2019-20 Federal Budget, the Government announced their plans to change and build on the Personal Income Tax Plan. These changes affect the low and middle-income tax brackets and were passed on 5 July 2019. The Budget proposed that from the 2018-19 income year: There will be an increase to the low and middle-income - [Improving efficiency in your business](https://deannethomas.com.au/improving-efficiency-in-your-business/) - As a business owner, making the most of your day to optimise productivity is crucial to your success. The most efficient businesses are those that can create more with less and are driven by highly motivated employees and inspiring leaders. To maximise efficiency within your business, it is necessary to understand the importance of time - [The legal obligations of marketing](https://deannethomas.com.au/the-legal-obligations-of-marketing/) - Businesses must be mindful of the relevant regulations when setting prices and advertising products or services, to ensure they aren't misleading their customers. Like many other areas of business, marketing efforts are regulated and need to comply with the legal requirements. Advertising:When promoting products or services, businesses need to ensure that any branding, statement, quote - [The art of reinvention](https://deannethomas.com.au/the-art-of-reinvention/) - Small businesses often rebrand or reinvent themselves to keep up with marketplace trends. Knowing when to let go of an idea so you can grow is a smart trait for a modern business owner to have. Those who resist change and leave it too late to reinvent risk stumbling behind and even failing. Instead, businesses - [PAYG reporting dates approach](https://deannethomas.com.au/payg-reporting-dates-approach/) - Changes have been made throughout the year regarding SMSFs and their pay-as-you-go (PAYG) withholding. As the end of the financial year and the due date for PAYG reporting approaches, SMSF trustees should be checking whether they are meeting new withholding obligations for capped defined benefit income streams paid to their members. If you have PAYG - [How to deal with loneliness at work](https://deannethomas.com.au/how-to-deal-with-loneliness-at-work/) - Feeling isolated while at work is something an increasing number of people experience in their lives. Studies suggest loneliness in the workplace can pose health risks as harmful as obesity or smoking. For both business owners and employees, here are some effective strategies that can help to make you feel less alone. Encourage face-to-face communication:Technology - [End-of-year Single Touch Payroll changes for employers](https://deannethomas.com.au/end-of-year-single-touch-payroll-changes-for-employers/) - Single Touch Payroll (STP) will change how employers report their employee's end-of-year information to both employees and the ATO. The first year of STP for employers with 20 or more employees will soon come to an end at the completion of this financial year. Employers that are reporting through STP will no longer need to: - [What to consider in an employee share scheme](https://deannethomas.com.au/what-to-consider-in-an-employee-share-scheme/) - Employee share schemes (ESS) provide employees with a financial share in the organisation that they work for. They can be offered by organisations as a way to grow their business by attracting, retaining and motivating their employees. How they work:ESS gives employees shares in the organisation they work for at a discounted price, and the - [How bullying brings your workplace down](https://deannethomas.com.au/how-bullying-brings-your-workplace-down/) - Bullying is a serious issue in workplaces and can affect your business on many levels. Workplace bullying is where repeated and unreasonable behaviour is directed towards an individual or group of employees. It is considered to be workplace bullying where it poses a risk to health and safety. Reduced productivity:As people don't perform well in - [Penalty interest deductibles](https://deannethomas.com.au/penalty-interest-deductibles/) - The ATO has recently replaced the Taxation Ruling (TR) 93/7W on whether penalty interest is deductible to the new TR 2019/2. This new ruling highlights the circumstances in which penalty interest is deductible and the situations where it is not. “Penalty interest” refers to an amount charged by a lender to a borrower under a - [Is your SMSF adequately diversified?](https://deannethomas.com.au/is-your-smsf-adequately-diversified/) - When forming a fund's investment strategy, diversification is a notable consideration for SMSF trustees. By spreading the investments of a fund across different asset classes and markets that offer varying risks and returns, SMSF members can better position themselves for a secure retirement. Why diversify?The intention of diversification is to spread the investment risk of - [Defining your audience](https://deannethomas.com.au/defining-your-audience/) - Defining your target market is the key to shaping your entire marketing strategy. 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The scheme allows people to save money for their first home inside a superannuation fund, helping first home buyers to save faster. Changes introduced to the FHSS scheme in the Treasury Laws Amendment (2019 Measures - [Tax planning tips for businesses](https://deannethomas.com.au/tax-planning-tips-for-businesses/) - Although the 2018-19 financial year is coming to an end, there are still a number of tactics you may be able to employ to ensure that you get the most out of your tax return. Bring forward expenses:It is a common recommendation at tax time for small business owners to claim all of the appropriate - [Ratio analysis methods for your business](https://deannethomas.com.au/ratio-analysis-methods-for-your-business/) - Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. 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The ‘Protect Your Superannuation' Bill passed through Parliament in February and forms part of the Government's package of reforms that were announced in the 2018-19 Federal Budget. The new legislation is designed to protect Australians' superannuation savings by ensuring that their - [How to hire the right staff](https://deannethomas.com.au/how-to-hire-the-right-staff/) - Finding capable, fitting staff is essential to any successful business. Hiring the right employee can help increase employee productivity, foster a successful employment relationship, and positively impact your business's overall culture. Here are a few key points to focus on when looking for new workers: Look at skills over experience:People are more than just their - [What and when you need to report in your SMSF](https://deannethomas.com.au/what-and-when-you-need-to-report-in-your-smsf/) - The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. 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Unfair business practices encompass a wide range of activities, such as misleading or false statements and deceptive conduct. Here are some examples of illegal activities that you should be aware of - [Changes to the ABN application process](https://deannethomas.com.au/changes-to-the-abn-application-process/) - The ATO has made recent changes to the application process for an Australian Business Number (ABN). The changes have been made as a measure to protect the process' integrity and identify those who are attempting to misuse it. An ABN is a unique 11 digit number that identifies your business to the government and the - [How to get the most out of business meetings](https://deannethomas.com.au/how-to-get-the-most-out-of-business-meetings/) - Conducting meetings is a regular way of communicating what needs to be done around the office, but if nothing gets accomplished it can be discouraging. When organised properly, however, business meetings can be effective and efficient. Plan ahead:Meetings need purpose. If they are not planned well then topics needed to be addressed may get missed. - [Reducing errors when claiming business expenses](https://deannethomas.com.au/reducing-errors-when-claiming-business-expenses/) - The ATO has identified particular areas relating to business expenses that are commonly entered incorrectly in tax returns. Owners should take the time to carefully review tax returns to ensure all information is correct. Individuals who use a motor vehicle entirely for their business can claim a deduction for the whole amount. However, if they - [Using big data to grow your small business](https://deannethomas.com.au/using-big-data-to-grow-your-small-business/) - When used effectively, big data analytics can be used as a way to develop growth in your business. Large companies are not the only ones who can benefit from using big data, as small businesses can also use it to their advantage. What is big data?It refers to the collection of large volumes of data - [In’s and out’s of the super downsizer scheme](https://deannethomas.com.au/ins-and-outs-of-the-super-downsizer-scheme/) - Under the super downsizer scheme, eligible individuals that are 65 years and older may be able to make a contribution into their superannuation of up to $300,000 from the proceeds of selling their family home. This scheme came into effect on 1 July 2018 as one of several measures announced in the May 2017 Federal - [Risk management strategies for investors](https://deannethomas.com.au/risk-management-strategies-for-investors/) - When it comes to investing your money, there is the possibility that it may not perform as well as expected, possibly losing you some or all of the original investment amount. While no investment is free of risk, some carry more risk than others. These are a few strategies that can help minimise the risk - [Choosing the right business location](https://deannethomas.com.au/choosing-the-right-business-location-2/) - When setting up your business, choosing a location can be a critical factor in its success. Unless you are completely home-based, you will need to decide where you will conduct your business either by leasing or buying premises. Each organisation has varying requirements, so it is necessary to consider your needs and priorities when deciding - [What disqualifies you from an SMSF](https://deannethomas.com.au/what-disqualifies-you-from-an-smsf-2/) - Self-managed super funds are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director of an SMSF, they mustn't be under a legal disability such as mental incapacity, or a disqualified person. The ATO can render an - [Tax incentives for start-up investors](https://deannethomas.com.au/tax-incentives-for-start-up-investors-2/) - Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key tax incentives for eligible early-stage investors, also known as ‘angel investors', who purchase new shares in an ESIC are: Non-refundable carry forward tax - [What disqualifies you from an SMSF](https://deannethomas.com.au/what-disqualifies-you-from-an-smsf/) - SMSF's are regulated by the ATO and have specific eligibility criteria that members and trustees must follow. While anyone 18 years old or over can be a trustee or director of an SMSF, they mustn't be under a legal disability, such as mental incapacity, or a disqualified person. The ATO can render an SMSF trustee - [Choosing the right business location](https://deannethomas.com.au/choosing-the-right-business-location/) - When setting up your business, choosing a location can be a critical factor in its success. Each organisation has varying requirements, so it is necessary to consider your needs and priorities when deciding on a business premises that will best suit you. Know your business:The types of premises will depend on your business. Businesses that - [Improving your employees’ wellbeing](https://deannethomas.com.au/improving-your-employees-wellbeing/) - Providing a workplace that promotes positive wellbeing for its staff is a key responsibility of all employers. Workplace wellbeing refers to both the physical and mental state of employees. While physical wellbeing covers essential elements such as access to natural daylight and temperature control, mental wellbeing is equally as important. Smart work design:A pleasant work - [Tax incentives for start-up investors](https://deannethomas.com.au/tax-incentives-for-start-up-investors/) - Tax incentives may be available to investors that are considering putting their money into qualifying start-up businesses. Eligible businesses are defined by the ATO as early-stage innovation companies (ESICs). The two key tax incentives for eligible early-stage investors, also known as ‘angel investors', who purchase new shares in an ESIC are: Non-refundable carry forward tax - [Common mistakes to avoid when launching a business](https://deannethomas.com.au/common-mistakes-to-avoid-when-launching-a-business/) - Starting a new business is an exciting time for many entrepreneurs. However, there are 5 common mistakes many new business owners make. By being aware of these mistakes that may occur when starting a business, you will increase your chances of success and remove the risk of your new venture turning into a failure. Being - [Consolidating your debt](https://deannethomas.com.au/consolidating-your-debt/) - Debt consolidation loans are a financial solution that may be suitable when you have multiple debts at once and are struggling to manage them all. Debt consolidation is the process of bringing together all of your current outstanding debts into one single repayment. This is typically done by taking out a new personal loan to - [Protecting your business with social media security](https://deannethomas.com.au/protecting-your-business-with-social-media-security/) - With the amount of information that is being shared online increasing more than ever, now is the time to think about social media security for your business. While there is no doubt that social media can benefit businesses by creating a more engaged and connected world, it can also pose a threat by allowing cybercriminals - [ATO impersonation scam report](https://deannethomas.com.au/ato-impersonation-scam-report/) - The ATO has released an Impersonation Scam Report for the month of February 2019. Highlighted are the various ways in which scammers have attempted to contact people, posing as the ATO. The most common method of contact was by phone calls or messages, accounting for 97% of reported scams over the month. Reports of 9,342 - [ATO warns of TBAR lodgement errors](https://deannethomas.com.au/ato-warns-of-tbar-lodgement-errors/) - With upcoming annual lodgement dates for Transfer Balance Account Reporting (TBAR), the ATO is alerting funds of common lodgement mistakes that could lead to delays and additional processing time. The Transfer Balance Cap (TBC) is a $1.6 million cap on the total amount of superannuation benefits that a member can transfer into a tax-free retirement - [Handling negative feedback](https://deannethomas.com.au/handling-negative-feedback/) - Customer complaints are an inevitable part of running a business. How you handle negative feedback can help or hinder retaining existing customers. Complaints can be a great learning tool for businesses looking to improve their services, products, customer satisfaction and overall competitive edge. Poorly handled complaints can see customers withdraw their business and encourage others - [ATO monitors personal living expenses](https://deannethomas.com.au/ato-monitors-personal-living-expenses/) - In an ongoing effort to address the misuse and abuse of the tax and regulatory systems, the ATO has implemented a new tool to monitor what constitutes reasonable personal living expenses. Information is requested by the tax office to identify unreported cash income when looking at household expenditure. An individual will be required to provide - [Super changes to protect employees’ entitlements](https://deannethomas.com.au/super-changes-to-protect-employees-entitlements/) - Several revisions from the Treasury Laws Amendment (2018 Measures No.4) Bill 2018 took effect from 1 April 2019. These measures are designed to help reduce the super guarantee (SG) gap, protect employees' super entitlements and strengthen the ATO's ability to recover unpaid super. Changes to disclosure laws will now allow the ATO to disclose information - [Perks for your employees that you can afford](https://deannethomas.com.au/perks-for-your-employees-that-you-can-afford/) - Supporting your employees doesn't have to break the bank, as you can provide perks in the form of policies rather than material rewards. Creating a work environment with actionable benefits can increase productivity whilst attracting and retaining skilled employees. Flexible Work:An attractive perk that an increasing number of companies offer is flexible work. Small businesses - [Identifying workplace discrimination](https://deannethomas.com.au/identifying-workplace-discrimination/) - Employers have a responsibility to ensure their employees and people who apply to work for them are treated fairly. Set out in federal and state anti-discrimination legislation and the Fair Work Act 2009, unlawful workplace discrimination occurs when an employer takes adverse action against an employee or prospective employee because of their background or certain - [Accounting during every stage of business](https://deannethomas.com.au/accounting-during-every-stage-of-business/) - Professional help with accounting and financial decisions is useful at every stage of business. Accountants can assist with a variety of tasks during different periods of operation within your business to improve strategies for long term stability. Having a dedicated accountant gives you more freedom to concentrate on running other aspects of the company. Starting - [Protect your business with a social media policy](https://deannethomas.com.au/protect-your-business-with-a-social-media-policy/) - As the rise of social media has blurred the boundaries between what is and isn't appropriate for the workplace, implementing a clear social media policy can help protect your business. A good social media policy should outline areas such as expectations for appropriate employee conduct, define who is responsible for specific social media tasks and - [Ensuring your invoices are paid on time](https://deannethomas.com.au/ensuring-your-invoices-are-paid-on-time/) - Having a healthy supply of cash is vital for the survival of small businesses, as it is required to operate and enables you to pay workers, rent and other expenses. Unpaid invoices can lead to poor cash flow, a significant reason small businesses fail. Late invoice payments can add to the strain of being restricted - [Increase to fuel tax credit rates](https://deannethomas.com.au/increase-to-fuel-tax-credit-rates/) - The ATO has increased fuel tax credit rates from 4 February 2019. As fuel tax credit rates are updated regularly, it is important to check the rates each time you lodge a business activity statement (BAS). Fuel tax credits provide businesses with a credit for the price of fuel used in machinery, plants, equipment, heavy - [Is your SMSF meeting its PAYG obligations?](https://deannethomas.com.au/is-your-smsf-meeting-its-payg-obligations/) - The ATO has called on self-managed funds to check whether they are meeting new pay-as-you-go (PAYG) withholding obligations for capped defined benefit income streams paid to their members. SMSFs have PAYG obligations to withhold tax from income streams that have been paid to their members in circumstances where: The member is 60 years or older. - [Business networking done the right way](https://deannethomas.com.au/business-networking-done-the-right-way/) - The ability to network effectively can greatly increase the success of your business by getting your name out there in a positive way, building your credibility and assist in growing your customer base. Networking done poorly can seem pushy or overbearing but when done well it is a two-way street. Putting yourself out there can - [Expanded super for older Australians](https://deannethomas.com.au/expanded-super-for-older-australians/) - The 2019-20 Federal Budget has placed a strong focus on the growth of the economy whilst also having the intention to look after older Australians. Older Australians will benefit from the work test exemption age being extended from age 64 to 66. The work test requires an individual to work at least 40 hours in - [How collaboration can help grow your business](https://deannethomas.com.au/how-collaboration-can-help-grow-your-business/) - In a market that is full of entrepreneurs and small businesses, collaborating with a business that complements yours can be a powerful tool to share your marketing budget and be introduced to new audiences. Regardless of what industry you are in, combining resources and efforts with another business can enable you to easily reach goals - [Made a mistake on your BAS? Here’s what you need to know](https://deannethomas.com.au/made-a-mistake-on-your-bas-heres-what-you-need-to-know/) - Lodging a business activity statement (BAS) is something all business owners will be familiar with, however, mistakes can still be made. You must ensure that you have reported carefully and correctly to avoid incurring a penalty. In the event an error has been made in the reporting of your activity statements, here is what you - [The pro’s and con’s of using someone else’s money](https://deannethomas.com.au/the-pros-and-cons-of-using-someone-elses-money/) - Borrowing money to invest, also known as ‘gearing', can be a risky business. While it can increase your returns when markets rise, losses can be extreme when markets fall. It is important to understand the risks involved when deciding whether borrowing to invest is right for you. Benefits:The main benefits of borrowing to invest are: - [Getting your GST at settlement right](https://deannethomas.com.au/getting-your-gst-at-settlement-right/) - The ATO has seen a number of common errors made on forms submitted by property purchasers since changes were made to the way GST is collected at settlement in July 2018. Property settlement forms:In the case of a withholding obligation, those purchasing new residential premises or potential residential land are required to submit both of - [Importance of a good website](https://deannethomas.com.au/importance-of-a-good-website/) - Websites are often a key tool in marketing a business towards a target audience. Websites should be designed to increase customer engagement and attract more sales. Whilst standing out from the competition is key, there are elements that visitors come to expect from a good site. Up-to-date content:A successful website is improved and updated regularly, - [What employee benefits apply for FBT](https://deannethomas.com.au/what-employee-benefits-apply-for-fbt/) - When an employer provides certain benefits for their staff, they are required to pay Fringe Benefits Tax (FBT). Employers pay FBT on the benefits they present to employees and their families or other associates. The benefit may be in addition to, or part of, an employee's salary or wages package. FBT is separate from income - [What is your preservation age?](https://deannethomas.com.au/what-is-your-preservation-age/) - Superannuation laws can be confusing for everyone. These procedures often make it difficult to work out when you can retire or if there are any special conditions you need to meet before you can claim your funds. Every individual needs to be aware of their preservation age and regulations when accessing their superannuation benefits. A - [ATO to monitor high-risk LRBAs and TBARs within SMSFs](https://deannethomas.com.au/ato-to-monitor-high-risk-lrbas-and-tbars-within-smsfs/) - The ATO is focusing on risky Limited Recourse Borrowing Arrangements (LRBAs) and failures in Transfer Balance Account Reporting (TBAR) in SMSFs this year. They have announced plans to contact trustees with high concentration risks in their funds and to crack down on misreporting. Limited Recourse Borrowing Arrangements:LRBAs allow a superannuation fund to borrow under strict - [How remote workers can improve your business](https://deannethomas.com.au/how-remote-workers-can-improve-your-business/) - Remote work is becoming an increasingly popular choice for businesses. Thanks to the ease and accessibility of the internet, the traditional 9 to 5 workday is being replaced by flexible hours that can be completed anywhere and at any time. Making the choice to employ remote workers can enable your small business to grow successfully - [Small Business Fair Dismissal Code](https://deannethomas.com.au/small-business-fair-dismissal-code/) - During the course of your business, you may be required to terminate an employee. The Small Business Fair Dismissal Code operates to help employers follow a fair process and protect against unfair dismissal claims when terminating employees. The Fair Work Commission will deem a dismissal to be fair if an employer follows the Code and - [Cashless business](https://deannethomas.com.au/cashless-business/) - Advancements in technology continue to digitise our world, including financially. In recent years, more businesses and events are turning to cashless systems. Whilst cash still remains popular in businesses dealing in small purchases, such as cafes, if you run a business that handles larger transactions, changing to a cashless system could benefit you in many - [Changes to personal income tax](https://deannethomas.com.au/changes-to-personal-income-tax/) - The Personal Income Tax Plan has gone through recent changes regarding rates, thresholds and offset entitlements. These changes were announced in the 2018-2019 Federal Budget and were implemented at the start of the 2019 financial year. For the upcoming tax season, individuals should review these changes in case they are affected. The 32.5% tax bracket - [Benefits of email marketing](https://deannethomas.com.au/benefits-of-email-marketing/) - Email marketing is a highly effective digital marketing strategy which involves sending emails to prospective clients and existing customers. This form of marketing needs to be executed well for it to benefit your business. If done poorly, emails from your company can come across annoying and unprofessional. A business' email marketing strategy needs to be - [Income investing: Managed funds vs. ETFs](https://deannethomas.com.au/income-investing-managed-funds-vs-etfs/) - There are a number of options when it comes to choosing an income investment scheme. Investments that generate regular income can be useful in a number of various situations, for example funding your retirement lifestyle. Options to consider include managed funds or exchange-traded funds (ETFs). Managed funds are where your money is pooled together with - [Raising early stage capital in your business](https://deannethomas.com.au/raising-early-stage-capital-in-your-business/) - Raising capital is a step that every startup faces. When a business is brand new, the question of how to get money must be addressed. If you intend to launch a business that needs significant capital expenditure, such as a retail business or a company that employs several other people, then you won't get far - [Income stream within an SMSF](https://deannethomas.com.au/income-stream-within-an-smsf/) - One of the best ways to ensure regular, flexible and tax-effective income as a pensioner is through an income stream from your SMSF. As a member, you can receive an income stream in a reoccurring series of benefit payments from your super fund. Income streams from an SMSF are usually account-based, which means that the - [PAYG withholding: New penalties for non-compliance](https://deannethomas.com.au/payg-withholding-new-penalties-for-non-compliance/) - New penalties for business's pay-as-you-go (PAYG) withholding and reporting obligations are to be introduced as a result of legislation commencing 1 July 2019. The law will now prevent businesses from claiming deductions for payments to employees and certain contractors if they fail to comply. Payments that are impacted include salary, wages, commissions, bonuses or allowances - [Superannuation guide for retirement planning](https://deannethomas.com.au/superannuation-guide-for-retirement-planning/) - As the time comes for you to consider leaving the workforce, it is necessary to plan how to make the most of your superannuation in order to strengthen the chances of a financially secure retirement. Careful planning can significantly boost your super and make a big difference to your future lifestyle. Identify your dependants and - [Before selling your business](https://deannethomas.com.au/before-selling-your-business/) - Deciding to move on from your business can impact a lot of different people. When selling your business, you will need to consider the effects on all areas of operation from the actual transfer of ownership to the impact on day to day operations. While it is easy to get caught up in the price - [Determining whether GST is for business or private use](https://deannethomas.com.au/determining-whether-gst-is-for-business-or-private-use/) - The goods and services tax (GST) is applied to most goods and services sold in Australia, taxed at a rate of 10%. If you run a business, you are likely to have GST obligations such as claiming credit for any GST included in the price of goods and services that have been purchased for your - [Mental health support for small business](https://deannethomas.com.au/mental-health-support-for-small-business/) - Running your own business can be extremely rewarding, but for many small business owners having the sole responsibility of a company's success or failure can take its toll. With one in five people experiencing a mental health issue at some stage in their life, there is a greater need to have mental health support specifically - [SMSF areas being monitored by the ATO](https://deannethomas.com.au/smsf-areas-being-monitored-by-the-ato/) - Self-managed super funds are closely monitored by the ATO to ensure regulations are being met across all areas. As SMSF are run by members, it is their responsibility to comply with all related super and tax laws. The independent nature of an SMSF creates an environment that people are confused by or can attempt to - [Invest in your investments](https://deannethomas.com.au/invest-in-your-investments/) - If you are in a position to invest, it can be a great venture to help grow your wealth as well as provide opportunities for others through your contributions. Before investing though, you need to consider what is the best avenue as there are many aspects of an investment you will need to examine to - [Technologies your small business can invest in](https://deannethomas.com.au/technologies-your-small-business-can-invest-in/) - As a small business owner, you are always mindful of your expenditures as it is a limited resource. While limiting expenditure is not a bad idea, it can be helpful to invest in certain technologies which can add value to your business. The right technology can give your business a competitive edge, keep you relevant - [Challenges your business can face](https://deannethomas.com.au/challenges-your-business-can-face/) - Owning and running a small business comes with positives and negatives that maintain a balance. When the negative elements start to outweigh the positives, you have a problem. Every business will face challenges along the way, the trick is knowing what they are and how to deal with them. Clients and customer service:A business is - [ATOs small business benchmarks](https://deannethomas.com.au/atos-small-business-benchmarks/) - The ATO small business benchmark guides are designed to help small businesses compare performance with similar companies in the same industry. These guides have been updated to include data from the 2016-2017 financial year. Within this system, there are two benchmarks businesses can use. Performance benchmarks apply to all industries and businesses. This area consists - [Boosting employee relations](https://deannethomas.com.au/boosting-employee-relations/) - For a functioning company, employees have to be able to work together and communicate. Their relationships can be the difference between an ok team and a great one. People who enjoy their work are more productive and employee communications can be a contributing factor. Instigate:A good employer will help foster the working relationship of their - [What advertising avenue is best for you?](https://deannethomas.com.au/what-advertising-avenue-is-best-for-you/) - Without exposure, businesses would come and go very quickly. In this new digital age, there are even more options for how you want to advertise your business. There are a variety of resources, all priced differently so you can pay as much as you want or nothing at all. You will need to be aware - [Understanding contracts](https://deannethomas.com.au/understanding-contracts/) - Working in a business environment, you will inevitably come across contracts at some point. There are basic employee contracts you will encounter when hiring or starting a new job, but then there are more complicated contracts that require greater attention be paid. A contract is a legally binding agreement so they must be entered into - [Do you know where your super is?](https://deannethomas.com.au/do-you-know-where-your-super-is/) - If you're not close to retiring, you may not be thinking about your super or where it is. Even if you are a way off from retiring, you should be keeping track of where your super has gone. $17.5 billion of super was lost in 2017-18, $420 million down from the previous year. If you - [STP extension for small businesses](https://deannethomas.com.au/stp-extension-for-small-businesses/) - The ATO has released a statement in relation to transitioning to Single Touch Payroll (STP) for small employers. Parliament has passed legislation to extend STP to include employers with fewer than 20 employees from 1 July 2019. STP is payday reporting by employers to the ATO as it happens. The initiative is designed to help - [Payday loan apps and websites; the pros and cons](https://deannethomas.com.au/payday-loan-apps-and-websites-the-pros-and-cons/) - Personal loans have become a fast-growing financing option for consumers, with payday apps and websites gaining popularity. For aid between paychecks, payday loans can be very helpful for the pay cycle lull. Taking out a loan is not something to enter into lightly though, there are many variables that should go into your decision-making process. - [Social media issue vs crisis: know the difference](https://deannethomas.com.au/social-media-issue-vs-crisis-know-the-difference/) - With so much information on social media and everyone having access, some mistakes and road bumps are bound to come up. When presenting your business online, you need to be aware of issues that could arise and how to deal with these effectively. Put in place strategies to help combat conflicts but most importantly, know - [“Building a Better Tax system” What does this mean for you?](https://deannethomas.com.au/building-a-better-tax-system-what-does-this-mean-for-you/) - The Australian government has launched the Better Tax campaign in order to help inform the public of tax reforms coming into effect. Designed to “better Australia”, here is a look at what this plan means for you. Individual Tax: New low to middle-income tax offset: Offering immediate relief of up to $530 after an individual - [Creating a positive business culture](https://deannethomas.com.au/creating-a-positive-business-culture/) - Business culture is a reflection of what your company stands for, it's your voice. Employee relations are what establishes this voice and can always be improved. A work environment that everyone enjoys can help to improve performance and productivity. Here are some ways you can help better the culture of your business Vision:For a business - [Superannuation tips for each stage of your working life](https://deannethomas.com.au/superannuation-tips-for-each-stage-of-your-working-life/) - A 2018 study revealed that almost 40% of Australians think they won't have enough money to retire on – and that number is on the rise. Managing your superannuation fund can be confusing but it was found that 50% of us do not consult a financial planner. As we face different financial challenges at different - [Travel allowance and expenses](https://deannethomas.com.au/travel-allowance-and-expenses/) - On the occasion that you are required to travel overnight for work, you may be eligible to receive a travel allowance from your employer for accommodation, food, drink or incidental expenses. The reasonable amount of travel expenses is updated yearly and is based on job type and salary. From this allowance, tax deductions are to - [Professional phone and e-mail etiquette](https://deannethomas.com.au/professional-phone-and-e-mail-etiquette/) - Maintaining a professional voice when communicating in the workplace is crucial, especially when corresponding with superiors or new clients or colleagues. Use of e-mail and phone calls greatly enhance our communication reach and enable us to quickly respond to a task. Like in-person interaction, e-mail and phone conversations have social conventions to follow. E-mail:E-mailing has - [What we can learn from ‘introverted’ people](https://deannethomas.com.au/what-we-can-learn-from-introverted-people/) - Most of us fall somewhere in between the introvert-extrovert spectrum but our concept of a great leader often looks to someone who exudes characteristics we often associate with ‘extroverts' – including being charismatic, confident, and courageous. While these traits are indeed admirable and can be essential to motivate and drive your team, recent research surprisingly - [Didn’t pay your employees’ super on time?](https://deannethomas.com.au/didnt-pay-your-employees-super-on-time/) - How to reduce the hassle of missing your employee's super payment. The Super Guarantee Charge (SGC):The SGC may apply to employers who do not pay the minimum super guarantee (SG) to their employee's designated superannuation fund by the required date. The non-tax-deductible charge includes the SG shortfall amounts with interest and a $20 administration fee - [Instant asset write-off for small businesses to be extended and increased](https://deannethomas.com.au/instant-asset-write-off-for-small-businesses-to-be-extended-and-increased/) - As of 29 January 2019, the Instant Asset Write-Off Scheme will be extended to 30 June 2020 for assets purchased under $25,000. The Instant Asset Write-Off affects small businesses with a turnover of up to $10 million a year. It allows business owners to immediately deduct assets costing up to $25,000 which can then be - [Switching banks for your business](https://deannethomas.com.au/switching-banks-for-your-business/) - Businesses need to access finance with ease in order to sustain and develop themselves. Is your current bank still cutting it? Here are some indicators and tips to effectively assess your business' banking needs. Assessing your needs:Evaluating and reevaluating your business' financial needs is the first step towards choosing the right institution for your business. - [Benefits of podcasting](https://deannethomas.com.au/benefits-of-podcasting/) - The digital space becoming more collaborative every day and the need for audience interaction is ever growing. Businesses need to have conversations with their clients in order to improve relations and customer service habits. Podcasting is a great way to foster this relationship as it allows for literal conversation and participation between a business and - [Instagram for business](https://deannethomas.com.au/instagram-for-business/) - Instagram business accounts help you reach new clients and companies that you wouldn't be able to on other social media. It is an area of the market often overlooked due to its focus on an image but now is the time to utilize Instagram for your business and grow a profile in a fairly untapped - [How to get out of a SMSF](https://deannethomas.com.au/how-to-get-out-of-a-smsf/) - Sometimes a self-managed super fund (SMSF) isn't for you. While that is ok, getting out of an SMSF can be a tricky and complicated process. Every individual involved in an SMSF is responsible for their part. No decision can be made on their behalf or outsourced to another member or industry professional. Once deciding to - [Effective Team Performance](https://deannethomas.com.au/effective-team-performance/) - Teams, like workplaces, are becoming increasingly diverse, dynamic and digital. But the principle behind managing teams effectively remains the same. Are you providing the right conditions for your team to thrive? Here are some aspects to consider: Shared DirectionA shared understanding of the team's mission and tasks is essential to a team's level of commitment - [SuperStream to be extended to SMSF rollovers](https://deannethomas.com.au/superstream-to-be-extended-to-smsf-rollovers/) - First introduced in 2015, SuperStream is a government standard for processing superannuation payments electronically in a streamlined manner. Currently, SuperStream can only process rollovers between two APRA funds electronically but a change coming into effect on 30 November 2019 will now see this process extend to self-managed super funds (SMSF). This means rollovers between an - [What you need to know about Gender Identity Laws](https://deannethomas.com.au/what-you-need-to-know-about-gender-identity-laws/) - Gender identity can be a sensitive subject but the need for awareness is ever growing. In Australia, sexual orientation, gender identity and intersex status are all protected under The Sex Discrimination Act 1984 (SDA). It is unlawful to treat any person differently because of these reasons. Being aware and considerate of someone's identity is not - [Improving Office Communication](https://deannethomas.com.au/improving-office-communication/) - Communication between co-workers is vital but the growing reliance on technology and social media threatens to distract further than office small talk. If you need to contact someone and you use social media messaging, you run the risk of them getting distracted by their phone in the process. Here are some suggestions you can follow - [Areas of investment you might not have considered](https://deannethomas.com.au/areas-of-investment-you-might-not-have-considered/) - People and internal processesArguably one of the best forms of investment is in the employees you hire, and the talent, experiences and skills that come with them. Take the time to reflect the strengths and weaknesses of your business and where you can retain or invest in your people. YourselfConsider investing in a way that - [Challenging the use of country as a proxy for culture](https://deannethomas.com.au/challenging-the-use-of-country-as-a-proxy-for-culture/) - Associating certain behaviours to different countries have long been a way of identifying and comparing cultures and widely assumes country homogeneity. For example, previous studies on national culture have compared vastly different working styles between East-Asian countries and the West. However, a recent study published on Havard Business Review found that equating country with culture - [Superannuation for Women](https://deannethomas.com.au/superannuation-for-women/) - It's no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between - [Single Touch Payroll to include all businesses in 2019](https://deannethomas.com.au/single-touch-payroll-to-include-all-businesses-in-2019/) - On 1 July 2018, the Australian Tax Office (ATO) rolled out Single Touch Payroll (STP). This changed the way employers with 20 or more employees report their employees' tax and super information. Generally through payroll or accounting software that offer STP reporting (or through a third-party service provider), employers are expected to report information on - [Hiring high potential staff](https://deannethomas.com.au/hiring-high-potential-staff/) - Your business is only as good as your staff, which is why you want to hire high potential employees. You may find it hard to spot a high potential candidate in an interview. Our tips will tell you what to look for and ask when you are recruiting. High potential employee traitsA common set of - [A guide to consolidating your super](https://deannethomas.com.au/a-guide-to-consolidating-your-super/) - Merging your super is vital to maximising your retirement savings. Changing jobs over the years will put you at risk of losing some of your super if your previous employers have set up accounts you have forgotten about. Fees will erode the balances on these inactive accounts and result in you losing your hard earned - [Claiming deductions for business travel expenses](https://deannethomas.com.au/claiming-deductions-for-business-travel-expenses/) - You can claim tax deductions for expenses related to business travel provided you follow the ATO's rules. Eligibility requirementsYou must fulfil certain eligibility requirements for your tax deduction claims to be valid. You can only claim a tax deduction if you: Travel once your business has already started Keep records and documentation to provide evidence - [Conflict resolution tips for leaders](https://deannethomas.com.au/conflict-resolution-tips-for-leaders/) - Workplace conflict is inevitable, which is why you must manage arguments between your staff to keep your office environment professional and productive. Establish office rules of engagementYour code of conduct and workplace policies should make your job easier as a manager. Clear expectations for how staff interact with one another is key to setting the - [Authority for super complaints introduced](https://deannethomas.com.au/authority-for-super-complaints-introduced/) - The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms. The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes - [Avoid these small business tax errors](https://deannethomas.com.au/avoid-these-small-business-tax-errors/) - Unwanted attention and penalties from the ATO can jeopardise your small business. Protect your business by avoiding these common small business tax errors. Not using an accountantTax laws frequently change, and compliance requirements can be time-consuming and demanding. A registered tax agent will streamline your financial processes, provide advice on maximising your finances and keep - [Reducing your bounce rate](https://deannethomas.com.au/reducing-your-bounce-rate/) - If customers are quick to jump off your landing page before you have even had the opportunity to convert them, your website has a problem. A high bounce rate can jeopardise your profit and may indicate that you are falling behind the competition. These tips will bring your bounce rate down and your conversions up. - [How small business can compete with major corporations](https://deannethomas.com.au/how-small-business-can-compete-with-major-corporations/) - Small businesses should not feel intimidated by their corporate competitors as they have many unique advantages that can help them gain a sizeable market share. Small business owners should focus on specific areas, so they can go head-to-head with large companies with more resources. Customer serviceSmall businesses have the opportunity to build a stronger relationship - [Employer SuperStream checklist](https://deannethomas.com.au/employer-superstream-checklist/) - Employers must make superannuation contributions on behalf of their employees. SuperStream is the ATO's electronic and standardised solution that streamlines the super payment process. Using SuperStream for employers means: You can use one online channel to pay multiple funds Less room for error during data entry, due to fewer steps Transactions reach funds faster ObligationsYou - [Getting to know the ATO Business Portal](https://deannethomas.com.au/getting-to-know-the-ato-business-portal/) - The ATO has introduced the Business Portal to allow small business owners to manage their tax affairs online at their convenience. Connect your ABN to your myGov account or a compatible AUSkey so you can access the business portal. The portal is accessible 24 hours a day, seven days a week. The portal can be - [Employer’s legal responsibilities regarding sexual harassment](https://deannethomas.com.au/employers-legal-responsibilities-regarding-sexual-harassment/) - An employer can be held vicariously liable if they fail to take all reasonable steps to prevent workplace sexual harassment. Implement a sexual harassment policy consistent with discrimination legislation to avoid legal ramifications. Discrimination legislationThe Sex Discrimination Act is a Commonwealth statute that applies to all of Australia. The Act defines sexual harassment as unwanted - [Staff bonding tips](https://deannethomas.com.au/staff-bonding-tips/) - A tight-knit staff will work more effectively as a team and provide a positive impact on your workplace. Encourage your employees to bond with each other through a range of activities so you can reap the benefits of a friendly office. Staff karaoke nightTake your Friday night staff drinks to the next level by booking - [Credit card do’s and don’ts](https://deannethomas.com.au/credit-card-dos-and-donts/) - Credit cards are useful financial tools that can help you manage cash flow but can run you into debt if you are not careful. Before you swipe your first credit card consider the following do's and don'ts, so you gain all the advantages without the headache of a tarnished credit rating. Do'sThere are several actions - [Mental health tips for small business owners](https://deannethomas.com.au/mental-health-tips-for-small-business-owners/) - Small business owners are constantly under stress and pressure, which is why it is important they look after their mental health. The following tips will help you manage your mental health as a small business owner. Have a reliable support networkFriends and family are vital to anyone's functioning; however the unique challenges small business owners - [ATO warns of illegal early super release](https://deannethomas.com.au/ato-warns-of-illegal-early-super-release/) - The ATO has issued a warning to the public regarding illegal early release of super schemes, which are subject to severe penalties. There are strict rules around when you can access your super so your current decisions do not jeopardise your quality of life in retirement. The ATO has reminded the public you may only - [ATO update: Tax deduction rules on travel to rental properties](https://deannethomas.com.au/ato-update-tax-deduction-rules-on-travel-to-rental-properties/) - The ATO has enforced strict guidelines on tax deductions for rental property owner's travel expenses. As a rental property owner you are not able to claim deductions for travel expenses relating to inspecting, maintaining or collecting rent. If you have already claimed a tax deduction for the cost of travel to and from your property - [Benefits and problems of niche marketing](https://deannethomas.com.au/benefits-and-problems-of-niche-marketing/) - Business owners thinking about specialising their products and services to target a niche market should know the benefits and risks of this business strategy. Niche marketing is the business strategy of targeting a specific subset of a market. Here are some benefits and problems of niche marketing that will help you build a business strategy - [Paying super to contractors](https://deannethomas.com.au/paying-super-to-contractors/) - The ATO classifies contractors paid for their labour as employees for superannuation guarantee purposes. This is the case even if the contractor quotes an Australian Business Number (ABN). Eligibility requirementsSuper contributions must be made for these individuals if you pay them: Under a verbal or written contract that is wholly or principally for their labour- - [ATO updates Taxpayer’s Charter](https://deannethomas.com.au/ato-updates-taxpayers-charter/) - The ATO has updated the Taxpayer's Charter which prioritises a relationship with the public built on mutual trust, courtesy and respect in all interactions. Your rights regarding review of ATO decisions are clearly outlined by the Charter if you feel you have been mistreated. The Charter has also committed the ATO to use easy to - [Promoting gender equality in the workplace](https://deannethomas.com.au/promoting-gender-equality-in-the-workplace/) - All of your staff must feel equally valued and treated fairly to keep your workers motivated, reduce staff turnover and avoid damage to your reputation as an employer. Keep in mind the following strategies to make sure you are promoting gender equality in your workplace. Put a policy in placeAn equal opportunity policy that is - [SMSF trustee investment strategy checklist](https://deannethomas.com.au/smsf-trustee-investment-strategy-checklist/) - SMSF trustees have the freedom to invest as they choose to grow their retirement savings, which is why it is vital that they check in on their investment strategy regularly. Maximising your retirement nest egg depends on how well your investment strategy functions at different phases in your working life. This is why your investment - [ATO provisions for mental health](https://deannethomas.com.au/ato-provisions-for-mental-health/) - Small business owners suffering from mental health issues can seek the ATO's help in meeting their taxation and super commitments. If you are going through tough times take advantage of ATO services that will help keep your finances in check. Get in contact with the ATOGet in touch with the ATO as soon as you - [Tips for job posting online](https://deannethomas.com.au/tips-for-job-posting-online/) - Employers who post their jobs online improve the efficiency of their recruitment process. Here are some tips to get you started. Post on different platformsGive you job posting high visibility for job seekers and post on multiple online platforms. Post your job to your careers page on your website, LinkedIn and job boards like Jora - [Leadership mistakes to avoid](https://deannethomas.com.au/leadership-mistakes-to-avoid/) - Leadership mistakes contribute to falling standards around the office due to a lack of motivation or inefficient management. Here are some leadership mistakes to avoid in the workplace. Being hypocriticalLeaders that do not meet the expectations they set will lose the loyalty and respect of their employees. If you require your staff to come in - [Trustee reporting obligations checklist](https://deannethomas.com.au/trustee-reporting-obligations-checklist/) - Trustees must comply with reporting obligations to avoid penalties from the ATO. The following trustee reporting checklist to make sure you are stress-free at tax-time. Trustees must: Value the funds' assets at their market value at 30 June Pay any minimum annual income stream payments required under super laws Get an actuarial certificate if required - [Record keeping for small businesses](https://deannethomas.com.au/record-keeping-for-small-businesses/) - Businesses that fail to keep accurate records may struggle to remain compliant at tax time and incur financial penalties from the ATO. Follow the ATO's record keeping guidelines to stay organised. Basic organisation tips: Keep records electronically (if possible) Keep evidence of all transactions Take photos of paper receipts to avoid faded records Keep all - [Changing a will after death](https://deannethomas.com.au/changing-a-will-after-death/) - Contrary to popular belief, a will may be effectively changed after a person's death. Entering into a deed of family arrangement is a way to vary the terms of a will and can be established provided that all beneficiaries or interested parties come to a consensus on a specific outcome. Circumstances for a deed of - [Dealing with a grieving employee](https://deannethomas.com.au/dealing-with-a-grieving-employee/) - Grief is an inevitable part of life, and it is something you will encounter in your workplace. There are several strategies you can use to assist your employee when they are dealing with a loss in their life, which will benefit them and make sure your business stays on the right track. Have a one-on-oneCalling - [Tips to save money on office space](https://deannethomas.com.au/tips-to-save-money-on-office-space/) - The expenses of running your office and paying for rent add up to a significant cost to your business. There are several key ways you should consider to reduce costs, without sacrificing conditions in your environment contributing to your employee's productivity. Consider the following tips to help you better your bottom line on your office - [How community involvement grows your business](https://deannethomas.com.au/how-community-involvement-grows-your-business/) - Business' that get involved in community reap financial, workplace and brand image related benefits. Whether your business is new or relatively established in your area, community involvement should be at the forefront of your business strategy. Consider donating services of products to a range of charitable ventures or getting amongst community fundraising initiatives, parades, picnics - [A checklist for setting up your SMSF](https://deannethomas.com.au/a-checklist-for-setting-up-your-smsf/) - Setting up an SMSF can be complex, which is why a checklist is useful to streamline your process. Before you set up your SMSF, first determine if having an SMSF is a commercially viable option. Once a decision is reached and you are about to start your SMSF, here are the basic steps to get - [Tax implications of a business restructure](https://deannethomas.com.au/tax-implications-of-a-business-restructure/) - Tax exemptions may apply to small businesses going through a restructure provided they meet certain criteria. Typically when a business is sold, you would have to pay income tax due to transferring assets. However, when a business is restructuring, the ownership of assets remains unchanged, and there is instead a rollover. This allows you to - [Picking the right business location](https://deannethomas.com.au/picking-the-right-business-location/) - The decision of where the headquarters of your business should be will have a significant hand in determining your profitability and productivity. Consider the following checklist to ensure you make the right choice. Will you buy or lease?First, you need to decide whether you will buy or rent. Entering a lease is less of a - [ATO update: Check for $17.5 billion in lost super](https://deannethomas.com.au/ato-update-check-for-17-5-billion-in-lost-super/) - The ATO's new data revealed that although the total amount of lost and unclaimed super reduced by $420 million in 2017-2018, there is still $17.5 billion left to be found. The ATO has prioritised reuniting people with their lost super spread across over 6.2 million accounts. In the past financial year, the ATO was successful - [When can the ATO issue a default assessment for overdue lodgements](https://deannethomas.com.au/when-can-the-ato-issue-a-default-assessment-for-overdue-lodgements/) - A default assessment is an assessment of taxable income for overdue tax returns or the net amount or assessable amount-for late activity statements. Although the ATO's preferred approach is to work with taxpayers to help them meet their lodgement obligations, a default assessment will be issued if this collaborative approach fails. PenaltyThe administrative penalty of - [Developing a successful mentoring program](https://deannethomas.com.au/developing-a-successful-mentoring-program/) - Spotting talent early and nurturing it will benefit your business by strengthening your staff and ensuring that high performing, high potential employees remain loyal to you. Here are tips to develop a successful mentoring program. Give it some thoughtWhen developing your mentoring program, you need to establish your aim. Do you want the proteges to - [Event-based reporting framework for SMSFs](https://deannethomas.com.au/event-based-reporting-framework-for-smsfs/) - The event-based reporting (EBR) framework for self-managed super funds (SMSFs) commenced on 1 July 2018. The initiative allows for the administration of the Transfer balance cap (TBC). Under the EBR framework, you need to report to the ATO, when the first member of your SMSF begins a retirement phase income stream. The SMSF annual return - [ATO reminder: fuel tax credit rates have increased](https://deannethomas.com.au/ato-reminder-fuel-tax-credit-rates-have-increased/) - Fuel tax credit rates have increased on 1 August. The ATO reminds you to use the new rates to calculate claims on your next business activity statement (BAS). How to simplify fuel tax credit claimsIf you claim less than $10,000 in fuel tax credits each year, you can use the ATO's simplified methods to keep - [Web design tips](https://deannethomas.com.au/web-design-tips/) - Presenting your business online is key in today's e-commerce driven environment. If your website looks dated, unprofessional or is not as visually engaging, odds are your business will come off worse against more web-savvy competitors. Relevant imagesUsing stock images for the sake of filling up space on your landing page will add no benefit to - [Competitive business strategies](https://deannethomas.com.au/competitive-business-strategies/) - Competition is part of the business. Getting that edge is make or break regarding getting your business up and running and promoting its future growth. Consider these strategies to implement to come out on top of your business' rivals: DifferentiateEstablishing your point of difference is vital in business. When executing this strategy, it may not - [Managing risk in your SMSF](https://deannethomas.com.au/managing-risk-in-your-smsf/) - SMSFs provide the trustee autonomy and an increased opportunity to maximise your retirement savings. However, an investment strategy must be accompanied by a risk management plan should some of your investments come up short. Consider the following risk management strategies: DiversificationDiversification reduces risk by investing in many different assets including property, annuities and equities. By - [ATO announces $20,000 instant asset write-off](https://deannethomas.com.au/ato-announces-20000-instant-asset-write-off/) - The ATO has extended the $20,000 threshold to 30 June 2019. If you buy an asset and it costs less than $20,000, you may write off the business portion in your tax return. To be eligible to use the simplified depreciation rules and claim an immediate deduction for the business portion of each asset costing - [Employer’s annual leave obligations](https://deannethomas.com.au/employers-annual-leave-obligations/) - Annual leave or holiday pay, allows an employee to be paid while they have time off from work. The law confers obligations on employers to provide rights to their employees depending on the status of that employee. All of your employees are entitled to annual leave, aside from those who work casually. Keep compliant by - [Preventing workplace fatigue](https://deannethomas.com.au/preventing-workplace-fatigue/) - Workplace fatigue damages morale, increases errors made by staff and can lead to an overall decline in the quality of your business. Steps you can take to prevent and reduce workplace fatigue are provided below. Educate your workersYour employees should be informed about the symptoms of fatigue and the lifestyle choices they can take to - [Haggle like a pro](https://deannethomas.com.au/haggle-like-a-pro/) - When it comes to saving money on anything from home loan interest rates to new appliances for your house, haggling is critical. Master some of the haggling skills below to reap some saving rewards. TimingIf your timing is not right many of your haggling skills will be wasted. Make sure you are bargaining when the - [Making the decision to rebrand](https://deannethomas.com.au/making-the-decision-to-rebrand/) - Rebranding can help you survive in a changing industry or open your business up to new profit-making opportunities. Sometimes it may be difficult to make the call, when there are significant costs associated with redefining your brand. Consider the signs below that will point you in the right direction. Your branding is outdatedIf you are - [Choosing the right super risk profile](https://deannethomas.com.au/choosing-the-right-super-risk-profile/) - Choosing the right super risk profile at the right time can drastically increase your retirement savings. The following considerations will help you invest wisely when it comes to building your retirement nest egg. Types of investment optionsYour super fund should offer a range of investment options to consider. Here is what to know about each - [Claiming tax when working from home](https://deannethomas.com.au/claiming-tax-when-working-from-home/) - The ATO is seeking to increase their attention on home office expenses due to the high level of questionable claims made by taxpayers. There has been an increase in the number of Australians claiming deductions for costs incurred from working from home. The ATO reports that in the last tax year 6.7 million taxpayers claimed - [How to give constructive feedback to staff](https://deannethomas.com.au/how-to-give-constructive-feedback-to-staff/) - Giving feedback to staff is a key to being a successful manager. Although feedback should be viewed as an opportunity to grow, staff may be sensitive you are criticising their work. That is why feedback should be given in accordance with the tips below. Never in publicWhether it is praise or constructive criticism, you should - [3 easy ways to maximise your super](https://deannethomas.com.au/3-easy-ways-to-maximise-your-super/) - Superannuation is more critical than it has ever been. If having an ageing population has taught us anything, it is how managing money now can have substantial ramifications for your retirement plan. Merge your superEvery super account you have comes with a set of fees. It is worth your while chasing down inactive accounts and - [ATO developing software to stop tax avoidance](https://deannethomas.com.au/ato-developing-software-to-stop-tax-avoidance/) - The ATO is in the midst of developing advanced data programs to find individuals who are leaving a source of income out of their tax return. Analytical tools have been developed to utilise the amount of data the ATO receives to identify instances where income has gone unreported. This is to address the annual $1.4 - [Are Instagram of Facebook ads more effective in e-commerce](https://deannethomas.com.au/are-instagram-of-facebook-ads-more-effective-in-e-commerce/) - Instagram and Facebook are social media giants, and their extensive reach and impact can make or break your business marketing. When deciding about which platform to focus your resources on, several factors should go into your decision-making process. Who has a greater reach?Overall, Facebook has 2.07 billion users compared to the 800 million active users - [Strategies to put an end to negative office gossip](https://deannethomas.com.au/strategies-to-put-an-end-to-negative-office-gossip/) - Negative gossip in the office is something that is harmful both to your business and to the employees. Whether it encourages individuals to seek work in a less toxic environment, slows down productivity, creates friction between team members or morphs into a legal problem with accusations of bullying and harassment, it is something that managers - [Paying super to different visas](https://deannethomas.com.au/paying-super-to-different-visas/) - Normally employers have to pay a worker super. However, this becomes confusing with the different visas that employees might be on. Some rules are listed below. Paying super to temporary residentsTemporary residents working in Australia are eligible for super guarantee. When temporary residents leave Australia, they can claim the super paid as a departing Australia - [Authorisations for Single Touch Payroll](https://deannethomas.com.au/authorisations-for-single-touch-payroll/) - On the 1 July 2018, the Australian Government introduced Single Touch Payroll (STP) for employers with 20 or more employees. The new scheme requires employers to report payment activities each time employees were paid. Authorisations for an agent to act on behalf of an employer to streamline the process of STP are provided below. STP - [Changes to FBT for Utes](https://deannethomas.com.au/changes-to-fbt-for-utes/) - The Australian Tax Office (ATO) has released draft guidelines changing its previous stance on Fringe Benefits Tax (FBT) for utes. Amendments originated from reports that dodgy tax returns were responsible for a loss of $8.7 billion in income tax due to wrongful claims. Failure to comply with new requirements listed below may result in a - [Become a master of delegation](https://deannethomas.com.au/become-a-master-of-delegation/) - For leaders and entrepreneurs chronic stress, fatigue and feeling overwhelmed point to one obvious and overlooked solution: you need to delegate. Delegation is a lot easier said than done because there is a definite art to letting go. Although entrusting employees with tasks you have been in charge of can be a struggle, a leader - [Employer super obligations reminder](https://deannethomas.com.au/employer-super-obligations-reminder/) - The Australian Tax Office (ATO) is reminding employers to check they are meeting their obligations when it comes to paying super to their workers. To help you make sure you are meeting your requirements, consider this checklist: Are you paying the correct amount? You are required to pay a minimum of 9.5 per cent of - [Income tax return: what to report](https://deannethomas.com.au/income-tax-return-what-to-report/) - The time to report and lodge your annual tax return for your business is fast approaching. Remember, what you must report will depend upon the type of business entity you have. Sole traders As a sole trader, you are required to lodge a tax return even if your income is below the tax-free threshold. This - [Winding up a SMSF](https://deannethomas.com.au/winding-up-a-smsf/) - The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF auditor. When lodging your SMSF annual return, answer Question 9 in Section A: ‘Was the fund wound up during the income year?'. You - [Strong leaders ask for help](https://deannethomas.com.au/strong-leaders-ask-for-help/) - There is no weakness in a leader who asks for help. Maintaining success in your small business requires you to seek advice from your employees on a range of matters. However, it is important to ask for help in the right way, so your team does not lose confidence in your leadership ability. You need - [Managing your working capital](https://deannethomas.com.au/managing-your-working-capital/) - Working capital is the money needed for day-to-day business operations and is often a measure of a business's liquidity, efficiency and financial health. To ensure your business has adequate working capital, the working capital cycle should be applied. The working capital cycle is the length of time from the purchase of inventory to the receipt - [Ways to improve employee development](https://deannethomas.com.au/ways-to-improve-employee-development/) - Focusing on your employees' development is one of the best long-term investments you can make for your small business. How well they perform and grow in their roles will not only increase efficiency in your business but also improve your employees' engagement levels in the workplace. Ways to help enhance your employees' development include: Provide - [What to consider before signing a franchise agreement](https://deannethomas.com.au/what-to-consider-before-signing-a-franchise-agreement/) - It is essential to understand what your legal rights and responsibilities as a franchisee entail before buying a franchise. The franchise agreement is a legal document that includes the rights and responsibilities of the franchisee and the franchisor. Before signing the franchise agreement ensure the franchisor has provided you with relevant information about the franchise - [Consider business structure](https://deannethomas.com.au/consider-business-structure/) - Creating a new business is an exciting time for any first-time entrepreneur, but it also comes with making big decisions – one of these will be when you must choose which structure your business will take. Whether you are looking to form say a company or a partnership, it is important to know that there - [What is exempt current pension income?](https://deannethomas.com.au/what-is-exempt-current-pension-income/) - Any ordinary and statutory income a self-managed super fund (SMSF) earns from assets held to support retirement phase income streams is exempt from income tax – this income is commonly referred to as Exempt current pension income (ECPI). This form of income does not include assessable contributions or non-arm's length income. Individuals can choose to - [TPRS extension to contractors](https://deannethomas.com.au/tprs-extension-to-contractors/) - From 1 July 2018, businesses that supply cleaning or courier services must report payments made to contractors (if payments are for cleaning or courier services) via the Taxable payments annual report (TPAR) each year. However, the ATO does not require taxpayers to lodge their TPAR during the period up until the proposed law change is - [Friendly competition in the workplace](https://deannethomas.com.au/friendly-competition-in-the-workplace/) - When done wrong, competition in the workplace can create a toxic and cutthroat environment. But when done well, a healthy competitive culture not only improves overall business productivity levels but can boost morale and create a sense of a community for your staff. Here are four tips to help you foster a positive competitive workplace: - [Avoid being short changed with your super](https://deannethomas.com.au/avoid-being-short-changed-with-your-super/) - With recent regulatory changes to super contributions, it is easier than ever to ensure your employer is paying you the super you are entitled to. There are specific steps you can take to ensure you are being paid correctly. Consider the following: Understand your entitlements Employers have to put 9.5 per cent of an employee's - [Tax deduction for landcare operations](https://deannethomas.com.au/tax-deduction-for-landcare-operations/) - You may be able to claim a tax deduction for capital expenditure on a landcare operation in Australia in the year it is incurred. Providing you are a primary producer, a rural land irrigation water provider who incurred the expenditure on or after 1 July 2004, or a business using rural land for taxable uses - [Making content go viral](https://deannethomas.com.au/making-content-go-viral/) - Making web content that goes viral is a fantastic asset for your business; the more people that are discussing your business, the more likely your profit margin will increase. Unfortunately, making quality content go viral isn't easy. Understanding what it takes to make your content reach a major scope of people across various demographics is - [Inclusivity in the workplace](https://deannethomas.com.au/inclusivity-in-the-workplace/) - Creating a workplace environment that fosters inclusivity and belonging for all is important for the longevity of your business. When people feel safe and a sense of community, they are bound to feel happier and thus enjoy being connected to your business. There a number of ways to create this for your workplace: Appropriate training - [Super contribution caps: the basics](https://deannethomas.com.au/super-contribution-caps-the-basics/) - Making contributions to your superannuation fund is a great way to grow your nest egg, however, there are caps on the amount you can contribute every financial year to be taxed at lower rates. Once you go over these caps, you may be required to pay additional tax. The cap and extra tax amount will - [Rental property and tax](https://deannethomas.com.au/rental-property-and-tax/) - The Tax Office is reminding individuals who either own or are looking to purchase a rental property that there are essential record-keeping and taxation obligations that they must meet. Examples of records to keep (for the period the individual owns the property for and up to five years after it is sold), include: – Rental - [Understanding redundancy](https://deannethomas.com.au/understanding-redundancy/) - It is important to understand what your legal obligations entail before you make an employee redundant. You must make sure it is a ‘genuine redundancy'. Otherwise, you risk the employee lodging an unfair dismissal claim against you with the Fair Work Commission. Your employee is entitled to make their claim within 21 days from the - [Landing your first customers](https://deannethomas.com.au/landing-your-first-customers/) - You have launched your very own startup, your product or service is ready, but you are stuck on how to land your first customer? Consider these handy tips to get the ball rolling! It's all about networking Attending industry functions and other networking events is a great way to get your business' name out there - [Blunders to avoid when naming your business](https://deannethomas.com.au/blunders-to-avoid-when-naming-your-business/) - The name you choose to give your small business is an important, yet challenging decision. These few words must represent the branding image you wish to present to the public and in particular, your target market. To help you make the best decision, here are four things to avoid when choosing your business' name: 1. - [Launching a business: mistakes to avoid](https://deannethomas.com.au/launching-a-business-mistakes-to-avoid/) - Launching a new business for the first time is an exciting phase for every entrepreneur. However, it is important to increase your chances for success by being aware of and avoiding common mistakes that can occur when beginning a business. Take a look at these five common errors. Being unprepared Starting a business is incredibly - [Protect yourself from early super release scams](https://deannethomas.com.au/protect-yourself-from-early-super-release-scams/) - When it comes to protecting your nest egg, avoid getting caught out by a promoter of an illegal early release super scheme. Early release super scheme scams will involve a promoter contacting you and offering to help you access your super early. They usually target individuals under significant financial pressure or those who are not - [Avoid these top tax misconceptions](https://deannethomas.com.au/avoid-these-top-tax-misconceptions/) - As tax time continues, the ATO has announced the top misconceptions many individuals make when completing their claims for tax deductions. Four popular tax misunderstandings include: 1. Individuals can give credit card statements as proof of claim Debunked: When making a claim, individuals must be able to show they spent the money, what the money - [Cash-only business? Consider making the switch](https://deannethomas.com.au/cash-only-business-consider-making-the-switch/) - The Tax Office has released further findings that reveal cash-only businesses could be missing out on a significant chunk of revenue simply by not offering customers the option of electronic payment. An ‘inconvenience' was the most popular word consumers surveyed in the study used to describe when a business does not provide the option to - [Hiring temporary residents: employer super obligations](https://deannethomas.com.au/hiring-temporary-residents-employer-super-obligations/) - Employers are being reminded by the Australian Tax Office (ATO) not to forget that along with permanent residents; temporary residents are also entitled to super guarantee (SG). In most cases, an employer will be required to pay SG on top of their employee's wages (temporary residents included) if they pay them $450.00 or more before - [Cents per kilometre rate rises for work-related car expenses](https://deannethomas.com.au/cents-per-kilometre-rate-rises-for-work-related-car-expenses/) - The Tax Office has confirmed the rate for work-related car expenses will rise to 68 cents per kilometre for the income year beginning 1 July 2018. The new rate will affect those eligible individuals who elect the cents per kilometre method when calculating the income tax deductions for their work-related car expenses for the 2018-19 - [Engaging in effective negotiation](https://deannethomas.com.au/engaging-in-effective-negotiation/) - The key to success is remembering that everything is negotiable, and that to get a deal you must ask for one. Many people stop right there because negotiating makes them uncomfortable. They view the process as a contest of wills in which power determines outcome, each party seeks to best the other, and the little - [Superannuation Guarantee Amnesty](https://deannethomas.com.au/superannuation-guarantee-amnesty-2/) - The Superannuation Guarantee Amnesty was introduced on 24 May 2018 by the Minister for Revenue and Financial Services in a bid to tackle non-payment of employee super. The Amnesty provides a one-off opportunity for employers to self-correct any past super guarantee (SG) non-compliance without incurring a penalty. However, there is a lot of ambiguity around - [Income tax gap results](https://deannethomas.com.au/income-tax-gap-results/) - The ATO has released its latest findings on the tax gap for Australian individuals. The estimated gap in 2014-15 is approximately $8.7 billion or 6.4 per cent. The income gap is an estimate of the difference between the tax the ATO collects and the amount that would have been collected if each taxpayer was fully - [Why have a dedicated IP address?](https://deannethomas.com.au/why-have-a-dedicated-ip-address/) - A dedicated IP address provides businesses with higher website stability, control and protection. IP stands for Internet Protocol and is the unique address that is assigned to each computer that is connected to a certain network. The address provides the location of a machine or website in a given network. The difference between shared and - [Growing your small business](https://deannethomas.com.au/growing-your-small-business/) - Has your small business hit a slump lately? It may be time to develop a growth-focused strategy that can take your business to the next level. Consider these ideas when designing your plan of attack. Re-evaluate your small business It is important to find out what exactly is hindering your business – get to the - [Reviewing your super](https://deannethomas.com.au/reviewing-your-super/) - The ATO is encouraging taxpayers to review their super this tax time. Finding lost super or consolidating any unwanted multiple accounts can make a massive difference to your nest egg. There is over $18 billion in lost and unclaimed super. Those who have changed their name, address, job or lived overseas are at high risk - [Avoid scams this tax time](https://deannethomas.com.au/avoid-scams-this-tax-time/) - The Australian Tax Office (ATO) is reminding individuals to remain vigilant against any scams that may pop up this year around tax time. With over 37,000 scam attempts reported to the ATO this time, last year, individuals need to be wary of scam artists looking to trick taxpayers into either paying for fake debts or - [Beware common drawbacks of split testing](https://deannethomas.com.au/beware-common-drawbacks-of-split-testing/) - Businesses must be aware of the typical drawbacks associated with split testing if they are to improve the success rate of their email marketing campaigns. Split testing can provide businesses with valuable information that can improve email marketing campaigns, but only if it is carried out correctly. A split test is a simple way of - [Dealing with separation](https://deannethomas.com.au/dealing-with-separation/) - Separating from a partner can be a stressful time. There are many legal considerations to factor in when protecting your finances. To set yourself up for the future, consider the following upon separation: Seek legal advice First and foremost, seek legal advice in relation to access to children, marital property and financial matters. If you - [What your office space says about your business](https://deannethomas.com.au/what-your-office-space-says-about-your-business/) - How you choose to design the aesthetics of your office impacts not only how a client thinks of you, but your employees' motivation and productivity levels as well. Consider these reasons why your office may need a makeover. Your employees Creating a pleasant, sunlit and clean office space for your employees to work in helps - [Bad business habits](https://deannethomas.com.au/bad-business-habits/) - When you run your own business, it can be hard to step back and look at the big picture. Failing to do so, however, not only harms your business; it can also make it even harder to sell. Whether it is failing to track cash flow or not investing correctly in key staff, there are - [Rebranding: A guide for your small business](https://deannethomas.com.au/rebranding-a-guide-for-your-small-business/) - Rebranding your small business can be a tricky matter. When done well, it has the potential to help your business stand out from the competition bubble and even expand your target market. On the other hand, a failed rebrand can damage the reputation of your business, or even risk losing loyal customers who dislike your - [SMSFs: beware of illegal early super release](https://deannethomas.com.au/smsfs-beware-of-illegal-early-super-release/) - The Australian Tax Office (ATO) is reminding self-managed super fund (SMSF) trustees to beware of allowing members to access their super early. A self-managed super fund (SMSF) trustee must meet a condition of release before any funds can legally be released. The ATO can issue severe penalties if you or a SMSF member access your - [Penalty relief for taxpayers](https://deannethomas.com.au/penalty-relief-for-taxpayers/) - From 1 July 2018, the Tax Office is advising Australians that if they find an error in their tax return or activity statement they will not incur a penalty but will advise of the error and how to get it right next time. Penalty relief will only apply to eligible taxpayers or entities (i.e., turnover - [Building a solid startup](https://deannethomas.com.au/building-a-solid-startup/) - It is no secret that most startups will fail in their first three years of operation, so building a new business that can not only survive but thrive in the face of a challenge is of the utmost importance. Ensuring your business is strong enough to move past any inevitable hitches that come its way - [ASIC’s view on SMSFs as ‘one-stop property shops’](https://deannethomas.com.au/asics-view-on-smsfs-as-one-stop-property-shops/) - The Australian Securities Investment Commission (ASIC) has released a new report highlighting its view on the setup of SMSFs for property investments using ‘one-stop shop' models. ‘One-stop shop models' tend to promote the purchase of residential property through SMSF borrowing. They are usually arranged by groups of real estate agents, developers, mortgage brokers, financial advisers - [Avoid these five common Tax Time mistakes](https://deannethomas.com.au/avoid-these-five-common-tax-time-mistakes/) - Tax Time is now upon us, with the ATO Assistant Commissioner announcing the top five mistakes commonly made when Australians complete their annual tax returns. Common mistakes some taxpayers are making include: – Leaving out a portion of their earnings, i.e., forgetting to include a job – income from a temp job, or income earned - [Maximising your peak productive time](https://deannethomas.com.au/maximising-your-peak-productive-time/) - Determining when you are at your most productive peak during a work day is useful in scheduling your tasks and managing your time appropriately. Everyone has a time in the day when they work to their optimal potential; they have a clear headspace, feel energised and can perform tasks with more ease. During these times, - [ATO advice for SMSF members with a market-linked pension](https://deannethomas.com.au/ato-advice-for-smsf-members-with-a-market-linked-pension/) - The Australian Tax Office (ATO) has recently been made aware of circumstances where a member of a SMSF commences a new market-linked pension and unintentionally exceeds their transfer balance cap. An individual may have exceeded their transfer balance cap if they were receiving a life expectancy or market-linked pension just before 1 July 2017 (which - [Personal Income Tax Plan passed](https://deannethomas.com.au/personal-income-tax-plan-passed/) - The Personal Income Tax Plan announced as part of this year's Federal Budget has been passed by Parliament. The plan introduces: – a new low and middle-income tax offset to reduce the tax payable by low and middle-income earners in the 2018-19, 2019-20, 2020-2021 and 2021-2022 income years – a new low-income tax offset from - [Integrating social media into your email marketing strategy](https://deannethomas.com.au/integrating-social-media-into-your-email-marketing-strategy-2/) - Integrating social media and email marketing can do wonders for a business' marketing efforts. Although quite effective individually, combining social media into an email marketing strategy can extend a business' email reach and increase the number of followers and subscribers. Integration also provides more than one platform for businesses to connect with their target audience, - [Communicating effectively with difficult people](https://deannethomas.com.au/communicating-effectively-with-difficult-people/) - Working with unreasonable people is inevitable for most individuals at some point in their careers. Whether it is an unhappy customer, difficult colleague or uncompromising community member – chances are you will encounter at least one of these situations. Unfortunately, there is no crash course in dealing with difficult people, but by applying some basic - [SMSFs: reporting change](https://deannethomas.com.au/smsfs-reporting-change/) - Self-managed super funds (SMSFs) are required to provide an accumulation phase value (APV) on their transfer balance account report for 30 June 2017 in certain circumstances. SMSFs should note, APV is often different to the account balance of the SMSF member's accumulation phase assets. This is due to the exit and administration fees and realisation - [Claiming clothing this tax time?](https://deannethomas.com.au/claiming-clothing-this-tax-time/) - The Australian Tax Office (ATO) is cracking down on claims for work-related clothing and laundry expenses this tax time. Last year total claims for work-related clothing and laundry expenses totalled nearly $1.8 billion. The ATO has acknowledged that many of these claims are legitimate. However, it is unlikely that half of all taxpayers would have - [Sham Contracting: What you need to know](https://deannethomas.com.au/sham-contracting-what-you-need-to-know/) - Employers who hire and treat an employee as a contractor could face serious penalties as well as claims for super contributions and worker entitlements. A sham contracting arrangement refers to an employer who deliberately attempts to disguise an employee relationship as an independent contracting arrangement. This type of arrangement is illegal and a breach against - [Why your staff may work better at home](https://deannethomas.com.au/why-your-staff-may-work-better-at-home/) - Letting your employees work from home is a simple way to increase productivity levels and reduce expenditure within your business. However, choosing the amount of time an employee can work from home will depend upon the business you run. Whether you give them the option to work from home permanently or even a couple of - [Reducing your winter bills](https://deannethomas.com.au/reducing-your-winter-bills/) - When the winter season commences, you might notice a spike in your bills. Although, it is no surprise that additional heating and hot water adds up, you may be surprised at how you can reduce these costs with minimal effort. Consider the following tips to reduce your winter bills and lessen your environmental impact: Heating - [Why failing can be good for your career](https://deannethomas.com.au/why-failing-can-be-good-for-your-career/) - Failure is often considered a sign of weakness or defeat. However, it is also known to be a natural stage in an entrepreneur's career and a stepping-stone to success in the world of business. Embracing the failures that arise in your career will help you to pinpoint ideas, strategies, etc, that were not working and - [Changes to SMSF 2017-18 annual return](https://deannethomas.com.au/changes-to-smsf-2017-18-annual-return/) - There is a number of changes to the 2017-18 Self-managed super fund annual return (SAR) thanks to the super changes which came into effect on 1 July 2017. Transition to retirement income stream (TRIS) accountThe ATO has included a new label for the number of TRIS accounts an SMSF member has in accumulation phase. A - [Importing goods worth $1,000 or less?](https://deannethomas.com.au/importing-goods-worth-1000-or-less/) - Overseas businesses that meet the GST registration threshold (A$75,000) will be required to charge GST on goods purchased from the 1 July 2018. Specifically, GST will be charged on goods that are: less than A$1,000 (low-value); not GST-free (i.e., alcohol or tobacco products); and imported into Australia. Individuals who purchase low-value goods (which they import) - [Social media marketing trends](https://deannethomas.com.au/social-media-marketing-trends/) - Social media platforms continually introduce new features and functions that change the way digital marketers create and distribute content. Maintaining awareness of popular social media trends helps to stay competitive and utilise trends to your business' advantage. Here are three social media trends to watch out for: Influencer marketing Influencers are taking over the social - [Superannuation Guarantee Amnesty](https://deannethomas.com.au/superannuation-guarantee-amnesty/) - In a bid to tackle non-payment of employee superannuation, the Minister for Revenue and Financial Services announced the beginning of a 12-month Superannuation Guarantee Amnesty (the Amnesty) on 24 May 2018. The Amnesty provides employers with a one-off chance to self-correct past super guarantee (SG) non-compliance without incurring a penalty and is available until 23 - [Preparing for tax time](https://deannethomas.com.au/preparing-for-tax-time/) - With the end of the financial year fast approaching, preparing ahead will help to take off the pressure of running your business and organising your tax affairs this tax season. Business owners can benefit from gathering and sorting their records now, including cash, EFTPOS, bank statements, credit or debit card transactions that relate to sales - [Leading your team through tough times](https://deannethomas.com.au/leading-your-team-through-tough-times/) - Navigating your team through difficult times can be a challenge. When things continuously go wrong, and their motivation is at an all-time low, you will need to use your best leadership skills to guide them through. Consider these three tips on how to motivate your staff when a crisis hits your business. Establish trust Be - [First Home Super Saver Scheme](https://deannethomas.com.au/first-home-super-saver-scheme/) - The First Home Super Saver (FHSS) is a scheme that enables Australians to save for their first home inside their superannuation fund. The plan allows for faster saving with the before tax (concessional) treatment within super. The 2017-18 Budget allowed individuals to make voluntary concessional and non-concessional payments into their super to save for their - [Targeted amendments to Division 7A](https://deannethomas.com.au/targeted-amendments-to-division-7a/) - The Government is widening the scope of Division 7A to include unpaid present entitlements from 1 July 2019. This will apply where a related private company is entitled to a share of trust income as a beneficiary but has not been paid that amount (unpaid present entitlement). Division 7A is an integrity rule that requires - [Content calendars for digital marketing](https://deannethomas.com.au/content-calendars-for-digital-marketing/) - A content calendar is a handy tool you can use to organise and bring purpose to your digital marketing strategy. It allows you to visualise your strategy in weekly, monthly or yearly timelines, and plan content release around important dates and events that arise in your relative industry. A calendar can save you time and - [Using storytelling to build your brand](https://deannethomas.com.au/using-storytelling-to-build-your-brand/) - Storytelling taps into your customers' emotions, builds trust and can help form a stronger connection with your audience. Many businesses are now using their business' story in their marketing efforts to engage their current customer base and attract new customers to their brand. Here are three ways to incorporate storytelling into your business' marketing: Share - [Claiming personal super contributions deductions](https://deannethomas.com.au/claiming-personal-super-contributions-deductions/) - More taxpayers can now claim a personal super contributions deductions this tax time due to the removal of the 10 per cent maximum earnings condition that came into effect from 1 July 2017. Eligible individuals include those who earn their income from: Salary and wages A personal business (self-employment) Investments such as interest, dividends, rent - [GST at settlement](https://deannethomas.com.au/gst-at-settlement/) - As of 1 July 2018, purchasers of new residential premises or potential land are required to withhold an amount from the contract price and pay the amount to the ATO before settlement. A supplier (vendor, seller) of residential premises or potential residential land must notify the purchaser in writing whether they will need to withhold - [Who can challenge your Will?](https://deannethomas.com.au/who-can-challenge-your-will/) - It is a common misbelief that a Will is executed in a way the Testator originally plans it. When preparing your Will, it is important first to understand how another individual can challenge these intentions. Your family members have the right to challenge your Will under the Family Provisions legislation. Only eligible persons can make - [How to deal with a toxic coworker](https://deannethomas.com.au/how-to-deal-with-a-toxic-coworker/) - Chances are, at some stage of your working life, you have dealt with a coworker who is destructive to your sanity. Toxic coworkers get in the way of productivity; bringing their negative energy and poor performance to the work environment. Working alongside a toxic coworker can impact your level of job satisfaction, the overall morale - [How to spot a fake loan](https://deannethomas.com.au/how-to-spot-a-fake-loan/) - When shopping around for a personal loan, it is wise to be conscious of any potential scammers that may try and offer you a deal that sounds too good to be true. Though a loan may look legitimate from a first glance, there are various tell-tale signs to watch out for to spot a fraudulent - [Why your business needs a mission statement](https://deannethomas.com.au/why-your-business-needs-a-mission-statement/) - A compelling mission statement will give your small business the purpose it needs to grow. In just a few clear and succinct sentences the statement should announce your driving business strategy. However, it is not enough to merely generate a statement and slap it on your website. A mission statement will do little to impact - [How the new super measures will apply to SMSFs](https://deannethomas.com.au/how-the-new-super-measures-will-apply-to-smsfs/) - The Government has introduced new measures to allow SMSF members to access their super for their first home or make contributions to their super from the sale of downsizing their home. SMSFs should be aware of the following: Downsizing From 1 July 2018, SMSF members who are 65 or over and exchange a contract of - [Focus on work-related car expenses](https://deannethomas.com.au/focus-on-work-related-car-expenses/) - The Tax Office has flagged work-related car expenses as a concern this tax time. The ATO is targeting those who make mistakes or deliberately lodge false claims. Examples include: – Claiming things they are not entitled to, i.e., private trips such as work to home travel. – Making claims for trips that did not occur. - [Morning habits matter](https://deannethomas.com.au/morning-habits-matter/) - How do you like to begin each day? The daily routines of successful entrepreneurs prove that ‘when' and ‘how' you choose to start your morning significantly impacts the rest of your day in the office. Incorporating positive habits into your morning routine will help to increase your productivity and creativity throughout the day, and lead - [Budget 2018: living stronger](https://deannethomas.com.au/budget-2018-living-stronger/) - The Government is focused on encouraging older Australians to better grow and secure their personal retirement funds. Retirees exempt from work test An exemption from the work test will be established to allow retired Australians aged between 65-74 who have total super balances below $300,000 in their first year that they do not meet the - [Budget 2018: creating a level-playing field](https://deannethomas.com.au/budget-2018-creating-a-level-playing-field/) - The Government will continue its commitment to strengthen the economy by focusing on improving its integrity measures to create a fairer level-playing field for all. Funding new ATO enforcement Additional funds will be allocated from the Budget over four years to fund a new ATO enforcement strategy to tackle the black economy. Through this measure, - [Budget 2018: living longer](https://deannethomas.com.au/budget-2018-living-longer/) - The Government is introducing a series of new measures designed to help Australians keep a greater portion of their superannuation savings pie. Insurance opt-in Insurance within super may not be suitable for everyone, particularly young people and those with low balances. From 1 July 2019, insurance will be offered on an opt-in basis for members - [Budget 2018: building resilience](https://deannethomas.com.au/budget-2018-building-resilience/) - The 2018 Federal Budget is built on the back of a historically strong post-mining boom Australian economy, triggering fairly conservative changes to tax policy. The Budget's strategy is to provide sustainable tax relief to those in the workforce, stimulating spending and encouraging businesses to invest in creating jobs. Individuals The Government is introducing a seven-year - [Make your meetings more productive](https://deannethomas.com.au/make-your-meetings-more-productive/) - Too often employees can walk out of a meeting feeling tired and frustrated; discussions have dragged on, and it seems like nothing is resolved. When an owner pulls their staff in for a meeting, they reduce the time available for employees to complete their tasks. So it is important that each meeting you have with ## Pages - [Home](https://deannethomas.com.au/) - Deanne Thomas & Co and MJC Partners Join Forces Delivering Greater Capability, Same Personalised Service Dear Valued Client, We are delighted to share some exciting news regarding the future of our practice. Following a carefully considered succession planning process, we are pleased to announce that Deanne Thomas & Co will merge with MJC Partners, an - [home copy](https://deannethomas.com.au/home-copy/) - Deanne Thomas & Co and MJC Partners Join Forces Delivering Greater Capability, Same Personalised Service Dear Valued Client, We are delighted to share some exciting news regarding the future of our practice. Following a carefully considered succession planning process, we are pleased to announce that Deanne Thomas & Co will merge with MJC Partners, an - [Newsletters](https://deannethomas.com.au/resources/newsletters/) - [Resources](https://deannethomas.com.au/resources/) - Our resources are designed to help clients get the most out of what we offer and stay up to date with any industry changes that may affect them. Useful calculators Facts Online is a powerful online tool that can streamline everyday business and individual financial tasks. News Our news page keeps clients up to date with the latest industry news - [Our services](https://deannethomas.com.au/our-services/) - We offer a range of high-quality accounting, financial and business services. At Deanne Thomas & Co, we understand that no two clients are the same. 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