Focus requires control. Control of distractions, thoughts and, most importantly, your time. Consider the following tips to improve your focus and concentration in your workday: Tune out distractionsIdentify your biggest distractions and plan to minimise or eliminate them while you are working on a task. This may include closing your emails, hiding your phone and…
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. 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.…
The small business income tax offset can help reduce the tax small businesses pay on business income by up to $1,000. This offset is available from the 2015-16 income year onwards. Small businesses with an aggregated turnover less than $5 million can access the concession from the 2016-17 income year. Business income derived by another…
There are no steadfast rules for saving money. Everyone’s financial situation is different; people earn different amounts, need to save different amounts and have varying expenses. Luckily, the following tips can apply to anyone. Budget Planning ways to cut your expenses and save money is important if you want to save but at the same…
All businesses, at one stage or another, will have to go through significant change. Change is necessary for growth but accepting the need for change can be difficult for some. Change can arise in various ways, i.e., struggling to find quality employees, a demand to change direction, targeting a new target market and so on.…
Recent research has found that an alarming 31 per cent of SMSF trustees consider choosing investments as one of the hardest aspects of running an SMSF. Value investing is one such strategy that SMSF investors can utilise to boost their portfolios. Value investing involves identifying undervalued assets that have the potential to increase in value…
Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry or profession can receive PSI. The most common are financial professionals, IT consultants, engineers, construction workers and medical practitioners. PSI does not affect…
When looking to establish or improve your business saving money is a smart strategy, but trying to cut certain corners can also be a downfall. There are certain areas you should invest in and perfect, those being: An accountantHiring an accountant means one extra expense, which is why many business owners are tempted to go…
