Poor cash flow is one of the biggest reasons why small businesses fail. A healthy cash flow allows you to operate your business free of hassle; allowing you to pay your staff and bills on time. Having enough working capital to meet your business’ needs can help you stay out of debt and in business.…
Millennials are encompassing around a quarter of the workforce now and bringing along with them diverse needs and challenges. Employers must understand these needs and challenges to better attract more Millennials to work for them as their skills are in high demand. Firstly, Millennials (born between 1980-2000) are the first generation to understand technology possibly…
The superannuation transfer balance caps have been problematic for SMSF members who don’t take careful consideration when succession planning. Failure to understand the impact of these transfer balance cap changes can have on your finances may force you to transfer large amounts of money out of your super. The transfer balance cap of $1.6 million…
With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently targeting the following rules for FBT: Motor vehicles Situations where an employer-provided motor vehicle is used or available for private travel for staff.…
Setting goals involves having an end date, but deadlines could be killing your business. While deadlines can help motivate employees to complete their work within a given timeframe, research shows that there are a number of downfalls to setting strict deadlines. Consider the following: Creativity Deadlines have been proven to hinder an individual’s creativity and…
Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to. Stay informedYou can’t expect your SMSF balance to be the…
It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes. Fortunately, if you are a small business, car parking benefits are exempt if you meet all of the following conditions: –…
Superannuation funds in Australia have delivered a return of 10.5 per cent for 2017 – the first double-digit growth since 2013. According to recent findings, there was a 1.3 per cent rise in November 2017 and 0.6 per cent rise in December 2017 alone. The new figures mark the sixth consecutive year of positive returns…
