Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Finding your point of difference

    In today’s competitive landscape, business owners need to be able to identify and promote their business’ point of difference. A differentiated brand helps businesses to stand out to customers and can prevent them from getting lost in the traffic. Businesses can differentiate themselves from competitors with similar offerings by creating a unique selling proposition. A unique selling proposition i...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Social media etiquette

    There is no denying that social media is fast becoming the most powerful way for businesses to communicate with their existing and potential customers. Although it has become a new approach to communication, businesses should always remember to treat their customers as if they were dealing with them face-to-face. Here are some important rules to remember when using social media for business: Fill ...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Transitional CGT relief for SMSFs

    Self-managed super funds can access Capital Gains Tax (CGT) relief to provide temporary relief from certain capital gains that might arise as a result of individuals complying with the transfer balance cap, and Transition to Retirement Income Stream (TRIS) reforms, commencing on 1 July 2017. The transitional CGT relief is designed to preserve the income tax exemption for certain, accrued capital g...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Easier GST reporting for food retailers

    Many small food retailers buy and sell products that are both taxable and GST-free. Depending on the point-of-sale equipment used, identifying and recording these sales can be difficult for business owners. The ATO has introduced a series of simplified accounting methods (SAMs) to make it easier to account for GST and work out the amount of GST that is liable at the end of each tax period. There a...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • What’s in a landing page?

    A well-designed landing page can greatly increase a business’ online conversions. Landing pages are different from general websites. They are a single page designed for a single objective used to prompt a certain action or result. Landing pages are designed to improve a business’ online conversions and have specific requirements such as a clear call to action, clean and simple design and persuasiv...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Reasons to make a valid Will

    Without an up-to-date and valid Will, you are missing out on a critical opportunity to make proper arrangements for your family’s future. For a Will to be considered valid: it must be in writing the will-maker must have the mental capacity it must be voluntarily signed by the will-maker or by some other person in the presence of and at the direction of the will-maker the will-maker’s signature mus...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Negotiating price with your customers

    Successful negotiation with your customers is key to maintaining strong and mutually beneficial relationships. Even if you have mastered your sales approach, it is likely you will come across customers hunting for a better deal. Here are three ways to negotiate with your customers for a win-win solution: Ask questions Asking the customer questions shows your interest in understanding, and most imp...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Understanding financial ratios

    Financial ratios are useful tools for business owners to monitor, analyse and improve their business performance. A financial ratio contains one or more financial figures and is expressed as a ratio, rate or percentage. Financial ratios are used to measure profitability, cash flow and liquidity, risk and return, and stock turnover and sales. Here are some common financial ratios used in business t...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Preparing for contribution cap changes

    From 1 July 2017, many of the 2016 Federal Budget super reforms will take place, including the reduction of both the annual concessional and non-concessional contribution caps. Concessional contributions Concessional contributions include employer contributions and salary sacrifice amounts. Personal contributions claimed as a personal super contribution deduction also count as concessional contrib...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 days ago

New blog articles detected

  • Acting on customer feedback

    Customer feedback is a great learning source for any business looking to improve their competitive edge. But actually acting upon this feedback is the most important, an often neglected next step. Feedback from customers is a valuable asset for many businesses. It provides them with customer insights which can assist in improving services, products and overall customer experience. Feedback has als...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 2 weeks ago

New blog articles detected

  • Understanding cloud storage

    Cloud-based storage is becoming increasingly advanced with age. The service’s easy access, tight security, and flexibility are attracting both big and small business owners. Cloud storage refers to an online space that is used for the storage of data. It allows its users to backup data to a network of servers that are hosted by a cloud service provider. This data is then available through any Inte...

  • Insurance through super: is it right for you?

    Taking out insurance through a super fund can be a great option for some members, but it does also come with some pitfalls. Most super funds provide their members with insurance options and an option to increase, decrease or cancel your default insurance cover. There are many benefits of taking out insurance through super, which include: – the ability to purchase policies in bulk – not having to p...

  • Are your website costs tax deductible?

    The ATO has provided business owners with further guidance on the deductibility of website costs in a recent Taxation Ruling. The Tax Office considers a commercial website as a website which is used in the course of a business, irrespective of whether it is used directly to produce income. This does not include software provided on the website for installation on the user’s device. Hardware, the r...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 3 weeks ago

New blog articles detected

  • Budgeting for social media

    Social media, like any other marketing medium, requires planning for success. A social media plan provides businesses with a strategy for social media activities, tactics and most importantly, a budget. A social budget helps to ensure time and resources are used effectively and efficiently. Here are three things to consider when setting a social media budget: Ensure social goals align with overall...

  • A guide to workplace discrimination

    Employers hold the responsibility of providing a workplace environment which is free from discrimination. Under the Fair Work Act 2009, unlawful workplace discrimination occurs when an employer takes adverse action against an employee or prospective employee because of the following attributes of the person: Race Colour Sex Sexual preference Age Physical or mental disability Marital status Family ...

  • Finding the right cultural fit

    Cultural fit should be considered just as important as competency when making recruitment decisions to benefit your long-term business. Failing to consider cultural fit can lead to plummeting business productivity, poor performance, lost opportunities, poor public relations and high staff turnover. Successful recruitment judges applicants on more than qualifications and experience alone – it exten...

  • Discounting pricing strategies

    Discounting is a popular pricing strategy and when used appropriately can help drive business growth. Discount pricing can help to maximise sales and profit by encouraging new sales from inactive customers, attracting new customers and encouraging undecided customers to purchase (i.e. limited time offers). Before discounting your products or services, it is a good idea to review your current profi...

  • Boost your retirement savings

    Pre-retirees can take advantage of a range of strategies to boost their nest egg. Here are three popular ways to top up your retirement savings: Maximise contributions Take advantage of the concessional (pre-tax) and non-concessional (after-tax) contributions by contributing as much as you can afford before reaching the caps. From 1 July 2017, the annual concessional contributions cap will be $25,...

  • Clarification on ride-sourcing

    The Federal Court has recently agreed that ride-sourcing is taxi travel. For GST purposes, the word taxi means a car (vehicle) made available for public hire that is used to transport passengers for fares. State and territory laws regulating transportation of passengers contain specific definitions of the term taxi. A vehicle can be considered a taxi for GST purposes, but not for state and territo...

  • Improving your staff training

    Staff training is almost a necessity in most workplaces. However, training the unmotivated can be quite challenging. Here are some tips to tap into more productive training sessions: Provide a variety of learning opportunities Different employees have different learning styles and preferred communication. Businesses must ensure they match different learning styles to the needs of each individual e...

  • Working with online influencers

    Influencer marketing may seem like a “buzz” term; however, the movement is providing more businesses with online opportunities to expand their customer base. Online influencers are generally prominent individuals within an industry with large social media followings, i.e bloggers and celebrities. Small businesses can work with online influencers to promote their products and services. One of the p...

  • Budgeting for growth

    It may seem obvious that business growth can only occur when there is money available for reinvestment. However, many businesses do not consider this when budgeting and planning their long-term finances. One of the biggest impediments to growth is access to finances that will fuel the investments that are needed to support growth. Therefore, it is important that a business obtains healthy and robu...

  • Marketing habits to ditch in 2017

    Ever-changing trends, increasing competition and changes in customer buying patterns are just a few reasons why business owners should review marketing efforts regularly. Past marketing activities that were once successful can easily go out of date. There are always new marketing techniques to experiment with but first it is important to let go of the marketing activities that are holding your bus...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • Maintaining an active online presence

    Most small businesses understand the importance of having a website, but not as many understand the importance of maintaining a consistent and active online presence. Maintaining a consistent online presence is crucial for businesses wanting to see results from their online marketing strategies. A consistent and active online presence breaks down communication barriers while opening up new levels ...

  • Protecting your finances after separation

    The end of a relationship is a particularly difficult time for most individuals – among the emotional pain comes the burdensome administrative tasks such as sorting out finances. Although these tasks may seem tortuous/complicated; it is best to promptly address financial issues to safeguard your finances against misuse and ensure a piece of mind. Here are three things to consider when protecting y...

  • Keeping in touch with old staff members

    Many employers will simply lose touch with an old employee once they have left the workplace. And while individual staff members may stay in touch via social media sites, especially LinkedIn, it is communication from the business itself that will often be left wanting. By sending out alumni newsletters, holding annual events that ex-employees are invited to or just dropping the occasional email yo...

  • Team building exercises

    While hiring a group of people that work well in a team isn’t always easy, when you do, it can result in a more effective, productive and overall more successful workforce. To create a strong team of workers, some businesses turn to setting aside a day to undertake team building exercises to rally everyone together and break down communication barriers, overcome shyness, build confidence in one an...

  • Tips to get out of debt faster

    An overwhelming majority of people will face debt at some point in their life. Uncontrolled debt can easily snowball and severely impact an individual’s lifestyle and financial freedom. Fortunately, debt is manageable and is often contingent upon an individual’s motivation to get rid of debt fast. Tackling debt is often a process of managing expenses against income and formulating a plan of attack...

  • Preparing for the super changes

    Tighter superannuation rules will apply from 1 July 2017 as part of the super reforms announced in last year’s Federal Budget. The new rules include the introduction of a $1.6 million super balance cap for after-tax contributions; a maximum of up to $25,000 for concessional contributions; and the removal of the current “bring-forward” rule allowing $540,000 of contributions in one year. Although t...

  • ATO issues bad debt ruling

    The Australian Taxation Office (ATO) has issued a ruling that clarifies the circumstances in which a deduction for bad debts is allowable. To obtain a bad debt deduction under section 63 of the Act, a debt must exist before it can be written off as bad. A debt exists for the purposes of section 63 where a taxpayer is entitled to receive a sum of money from another either at law or in equity. The q...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • How to have successful meetings

    Poorly run meetings are a common frustration among many workers. Not only do they waste time and resources but they can be damaging to productivity levels. Successful meetings are time-efficient and well-structured. Effective meetings have a clear purpose, prioritise important agenda items and minimise distractions. Here are three ways to improve the way you conduct meetings: Write up a plan Altho...

  • Optimising your business’s Facebook page

    Facebook is now a vital platform in just about every business’ online marketing strategy, placing an even greater importance on businesses to have an active presence on the platform. Here are a few ways to optimise your business’s Facebook page: Complete your business’ profile Businesses with incomplete profiles appear unprofessional and can risk losing a customer’s trust. The ‘About’ section shou...

  • Unpaid super costing workers tens of thousands of dollars

    Workers on the cusp of retirement who are short changed on their superannuation entitlements have nest eggs that are tens of thousands of dollars less than those who are paid correctly. Using the latest ATO data from 2013-14, the research from Industry Super Australia found that people aged 60 to 64 on salaries ranging from $50,000 to $75,000 who weren’t correctly paid their SG that year, had over...

  • FBT and business vehicles

    Business owners who make a car (leased or owned) available for employees to use for private travel may be subject to fringe benefits tax (FBT). If a car is garaged at or near your employee’s home, even if only for security reasons, it is considered by the ATO to be available for their private use regardless of whether or not they have permission to use the car privately. Similarly, where the place...

  • Tips for improving cash flow

    Maintaining appropriate cash flow is a critical component of running a successful business. Despite this, running out of liquid capital is one of the most common reasons that small businesses fail. Monitoring cash flow and planning accordingly is important at every stage of the business lifecycle; however, it is especially critical that businesses experiencing rapid growth remain acutely aware of ...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 1 month ago

New blog articles detected

  • Building customer relationships through social media

    Social media is a great way to connect with your customers and develop a loyal following. Here are three ways to leverage social media to build meaningful relationships: Focus on the customer, not the saleSteer away from sales pitches and focus on delivering information which is interesting and relevant to the customer. This may mean starting a blog or sharing industry news stories etc. If you are...

  • Ending employment

    Most businesses from time to time will need to dismiss a staff member. Employers must ensure they follow the correct procedures to ensure dismissal is not considered harsh, unjust or unreasonable. Small business employers (with fewer than 15 employees) must follow the Small Business Fair Dismissal Code to protect against unfair dismissal claims. Small business employees cannot make a claim for unf...

  • Boost employee engagement

    Employee engagement is more vital than ever before to a business’s success and competitive advantage. Workers who are not motivated to work convey a bad impression to customers and are more likely to make mistakes. Employees who are engaged significantly outperform those who are not engaged. Employees are no longer spending their careers working at one company until their retirement. In today’s bu...

  • Personal insolvency agreements

    Individuals with high debts can see bankruptcy as a solution to their problems. However, being declared bankrupt has some serious long-term consequences and should be seen as a last resort. A personal insolvency agreement (PIA) is a formal way to deal with unmanageable debt without having to declare bankruptcy. It provides a flexible way for individuals to come to an agreement with their creditors...

  • Email etiquette tips

    The way an email is composed can say a lot about a business’s professionalism and image. Despite emails being a main medium of contact, many still don’t understand the importance of email etiquette. Netiquette is a term used to describe the correct etiquette when composing business emails. Sending a poorly written email to a client can damage a business’s reputation with the click of a mouse. Here...

  • SuperStream checklist

    All businesses should now be SuperStream compliant. SuperStream is a standard for processing superannuation data and payments electronically. Employers must pay employee super contributions electronically (EFT or BPAY) and send the associated data electronically under SuperStream. SuperStream ensures the data is in a standard format so it can be transmitted consistently across the super system – b...

  • ATO targeting online selling and ride-sourcing

    The Australian Tax Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards, online selling and ride-sourcing. The data will include: the total amount of credit and debit card payments businesses received online sellers who have sold at least $12,000 worth of goods or services payments made to ride-sourcing dr...

  • Building your dream team

    Attracting and hiring the right people is often a trial and error process. Although finding the right employees can be tricky at times, there are some ways to ensure you build the kind of team that will improve your business. Here are three ways to build your dream team: Create a vision Envision your ideal work environment and overall culture – think about what qualities, skills and talents are re...

  • Repurposing blog content

    Creating new content for your blog or site can be challenging; not only does it involve a lot of time but it can require a great deal of creativity. Fortunately, businesses do not need to write fresh content all the time – old content can be repurposed to make the most out of each of your ideas. Repurposing content can help expand your reach to new audiences that might have missed it the first tim...

  • Protecting confidential business information

    Confidential business information can be one of a business’ biggest assets. When employees leave a business, this data can be compromised and potentially lose a business’ competitive advantage. It is important for employers to take a proactive approach to protecting their confidential information to avoid any breaches of sensitive data. Here are three preventative tips to help protect your confide...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 5 months ago

New blog articles detected

  • Meeting your employee obligations

    Employees are arguably a business’s greatest asset and are vital to its growth and prosperity. But to make the most of this valuable resource, employers must ensure that they fulfil their legal responsibilities and moral obligations as an employer. To help avoid having a call from the Fair Work Ombudsman, here are a few points to consider: National Employment Standards (NES)The NES are a set of st...

  • Attracting and retaining talented staff

    For employers, the ability to hire and retain talented staff members involves providing opportunities that encourage engagement, enable learning and reward staff contributions. Most talented individuals want to learn and grow in their current working position so they can improve their skills and therefore continue to advance in their careers. Therefore, creating opportunities for staff to improve ...

  • Self-employed money management tips

    When you are self-employed or run a home-based business, it is vital that you have a business plan that outlines your goals and financial information. Unfortunately, statistics show that many home-based businesses often fail due to poor financial planning. Therefore, for small business owners should not only develop a financial plan, but also consider developing a method for managing their persona...

  • Claiming your business independence

    Entrepreneurs are particularly independent. No matter how risky starting a business seems, for entrepreneurs, it is the route to the pursuit of happiness.However, while some started their companies to be independent, many may have lost that freedom along the way. If you allowed yourself to become subject to the petty demands of your business, it is time to come up with your own Declaration of Inde...

  • Strategies to fix the superannuation imbalance

    Those living in households where one spouse has a much lower super balance may want to start considering their options as to how to even up the superannuation imbalance. In Australia, many couples and families have at least one member with limited finances due to taking time off work to raise a family. But there are steps many couples can take themselves to help fix the imbalance, including: Salar...

  • ATO outlines common FBT mistakes

    Fringe benefits tax (FBT) is a tax an employer pays on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Fringe benefits tax is separate to income tax and is calculated on the taxable value of the fringe benefits provided. Recently, the Australian Tax Office has rele...

  • How to use hashtags

    When used correctly, hashtags are a great way for businesses to increase customer engagement and make their social media posts more visible. A hashtag is a keyword phrase that has no spaces with the # sign at the start of the phrase e.g. #sydneycafe. They can be placed anywhere in a business’s social media post; at the beginning, end or anywhere in between. Hashtags are the most popular way to cat...

Macmillans Waller Fry

Category: Content
Type: Blog Article

Generated 6 months ago

New blog articles detected

  • Five expenses you can’t claim as a tax deduction

    As the countdown begins to Australia’s tax return lodgment date, many individuals in the country may be hurrying to find a few extra possible tax deductions to claim. However, in the rush before the deadline, it is important not to waste time claiming deductions for expenses or items that are commonly thought of as tax deductible, but are knocked back by the ATO. Volunteer work: Individuals cannot...

  • Managing SMSF losses

    Carrying forward significant capital losses can be a viable strategy for trustees wanting to offset gains and achieve tax savings in the near future. This kind of strategy is suitable in circumstances where it is likely that younger members may join the fund or when members are considering switching back to the accumulation phase. One way SMSF trustees can carry forward capital losses is to set up...

  • The advice you should be ignoring

    With entrepreneurship becoming an increasingly popular career choice, it comes as no surprise that there is now a strong demand for startup related advice. However, entrepreneurs should remain vigilant when seeking advice. Not all advice is correct or well informed; more often than not it can be completely irrelevant or downright wrong. Entrepreneurs need to be able to recognise what’s valuable an...

  • Ways to spring clean your finances

    When it comes to your money, whether it includes loans, insurance, savings or superannuation, nothing about it is ‘set and forget’. From time to time, it is quite important to consider looking at the different aspects that make up your finances to see if they need a freshen up. Here are some tips on to renew your finances this Spring. Your budget: Since a person’s income and expenses will change o...

  • Top tips for Facebook marketing

    For businesses that want their online marketing content to reach consumers and potential customers, having a presence on Facebook is a must. Facebook continues to dominate the social marketing landscape, with over 1.09 billion people logging in daily. However, for businesses to make the most of a Facebook page i.e. attracting and engaging visitors, they need to optimise their Facebook presence fir...

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