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…
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…
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…
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…
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…
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…
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…
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…
