This time last year, you might have been pondering Christmas bonuses or booking your summer holiday, but with a completely different business landscape in front of us, your head is no doubt filled with different questions. I’ve decided to restructure. What’s the best way to do this? Restructuring is never easy but if it’s necessary to keep your business afloat, there’s a process you can follow to keep stress to a minimum. Write a proposal outlining why roles need to change for the

The Federal budget was announced on Tuesday 6th October after a delay due to the coronavirus pandemic. Treasurer Josh Frydenberg said it would focus heavily on job creation in order to pull the country out of the economic crisis it faces. With uncertainty remaining until a vaccine for Covid-19 is available, there will likely be more announcements as circumstances change over time. Some of the key measures in the budget are: Tax cuts Lower and middle income earners will receive a tax cut that

You know what chocolate-chip cookies are, but what about the ‘cookies’ that websites ask you to accept and that are somehow linked to digital marketing? HTTP cookies, to give them their full name, are small packets of information that are stored on your computer when you use a web browser. So, when you visit your favourite websites, you’ll have downloaded certain cookies onto your device. These cookies fall into three basic categories: Session cookies – these are stored in your temporary memory and will

Buying an existing business can be a great way to get started as a business owner, or to expand operations if you are already running a business successfully. Established businesses have already done the hard work of setting up a business, so you can get up and running on day one without a lengthy formation process. Things You’ll Need Why is the business for sale? – It’s important to understand the motivation for the sale, whether strategic or whether an emergency sale. There may

We are living in uncertain times right now. The situation changes daily with new challenges to overcome. We are all feeling the strain. So what can we do to manage the stress and regain some much needed sense of wellbeing? Research shows that doing something (no matter how small) is the best way to manage anxiety. There is a lot we can’t control right now but there are also things you can do, and simply taking action can help us feel

When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in an ATO audit. The car log book is an important piece of tax substantiation for those who use their vehicle in the course of performing their duties. There are two main instances where a car log book is required:   where the individual is claiming a deduction

You’ve taken the first step and developed your personal budget for the year. However, don’t set and forget and then expect to achieve your personal finance goals! If you don’t monitor your progress, your spending habits are unlikely to change. So, what steps can you take to ensure you’re on track with your Personal Budget? 1. Track your spending.Keep a record of your spending. Consider using an App to keep track; while your bank statement is a great source, some transactions may

Recent court cases involving casual workers have increased attention on casual worker classification, which means your workers may be more aware of the ability to convert to a permanent position. The law has not changed; however, these cases are good reminders for employers to be aware of the rules around converting casual employees to permanent positions. What Makes an Employee Casual? No expectation or commitment about duration of employment. No guaranteed hours of work. Usually works irregular hours. Is not entitled to paid leave. Can usually end

A business budget is one of the essential tools in managing your business finances and actively building your business. A budget shows what you plan to do with your cash over the next year. For a complete picture of your business health, you need to review the profit and loss statement, the balance sheet, the cash flow forecast and the budget. Taken together, these reports allow you to make informed business decisions and monitor performance. Why have a Budget? Forecast sales and expenses according

Managing the gap between the receiving money into your business and paying money out of your business is vital for sustaining viability. Debtor days is the average number of days taken for a business to receive payment for goods or services. Keeping track of the average number of days for a business to receive payment is important in understanding the cashflow gap you might experience and the impact on cashflow planning and budgets. How to Calculate Debtor Days (Year-end receivables amount ÷ annual