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Areas of investment you might not have considered

Posted on January 18, 2019 by admin

People and internal processesArguably one of the best forms of investment is in the employees you hire, and the talent, experiences and skills that come with them. Take the time to reflect the strengths and weaknesses of your business and where you can retain or invest in your people. YourselfConsider investing in a way that would help you earn more income in the future. Just as you would consider investing in your team, consider investing in yourself and your career. Between taking online courses to skill up, learning and networking at conferences, earning a certification in your field, pursuing higher education, and becoming more enlightened through books, audiobooks, and podcasts, the opportunities are at your fingertips. How can you make yourself more valuable to your business? A side hustleWhether you’re not earning as much as you’d like at your day job, or if you’re looking to discover an untapped passion or skill, consider making more out of 2019 with a side hustle. Not only would a side hustle help you reach your financial goals, but in the age of the ‘Share Economy’, the opportunities are growing. Options include selling old items online, renting out a room on Airbnb, tutoring online, […]

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Challenging the use of country as a proxy for culture

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Associating certain behaviours to different countries have long been a way of identifying and comparing cultures and widely assumes country homogeneity. For example, previous studies on national culture have compared vastly different working styles between East-Asian countries and the West. However, a recent study published on Havard Business Review found that equating country with culture can overlook even bigger cultural gaps within a single country – including those of age, gender, number of years of education, socio-economic status, and occupation. That is, it could make more sense to talk about cultures of age and cultures of the rich or poor than it is to discuss the cultures of countries.

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Superannuation for Women

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It’s no secret that the median super balance for Australian women at the time of retirement is significantly lower than that of their male counterparts. The Australian Commission & Investments Commission (ASIC) have reported that men retire with about twice the amount as women. The discrepancy is reportedly even higher between Mums and Dads. Between lower wages and a higher likelihood of having an interrupted working life for women, women also tend to live longer and thus require more super to cover more years. Unfortunately, between personal finances, business financial capabilities, and governmental policies, actions to close this gap can be limited. Where viable, private companies can consider: continuing paying superannuation to staff during parental leave. paying full-time super benefits to part-time parents. This has already been implemented by Viva Energy (a Shell subsidiary). From the ABS, women are much more likely to be working part-time than men. increasing the percentage of base salary put toward their employees’ super accounts.

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Single Touch Payroll to include all businesses in 2019

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On 1 July 2018, the Australian Tax Office (ATO) rolled out Single Touch Payroll (STP). This changed the way employers with 20 or more employees report their employees’ tax and super information. Generally through payroll or accounting software that offer STP reporting (or through a third-party service provider), employers are expected to report information on withholding amounts, superannuation liability information or ordinary times earnings (OTE) and salary, wages, allowances and deductions. The STP currently affects businesses with 20 or more employees, but just last month, the Senate passed a Bill for the STP to include all Australian businesses, affecting at least an additional 700 000 businesses. Although the amendments to the STP are currently under review by the House of Representatives, the change is expected to be implemented on 1 July 2019.

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Hiring high potential staff

Posted on December 20, 2018 by admin

Your business is only as good as your staff, which is why you want to hire high potential employees. You may find it hard to spot a high potential candidate in an interview. Our tips will tell you what to look for and ask when you are recruiting. High potential employee traitsA common set of characteristics can identify high potential employees. These candidates will: Have leadership qualities Take on extra responsibility Be team players Think outside the box Solve problems Have a passion for their industry Spotting high potential employees in an interviewIn an interview, you can identify an employee with these high potential traits by: Asking about their goals, to assess ambition Asking about industry current events, to see if they are passionate about this area of work Listening to the questions they ask you, to judge their interest in the position Asking about prior challenges they overcame, to provide you with evidence of their problem-solving skills

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A guide to consolidating your super

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Merging your super is vital to maximising your retirement savings. Changing jobs over the years will put you at risk of losing some of your super if your previous employers have set up accounts you have forgotten about. Fees will erode the balances on these inactive accounts and result in you losing your hard earned super. You should also consolidate to maximise the interest accrued on your single super balance. Merge your super with this checklist and keep your super savings on track for success. Research your fund’s policyCompare your active super accounts so you can make the right choice about which one you should close. You should assess: Exit fees Insurance policies Investment options Ongoing service fees Performance of the funds Rollover processOnce you have made your decision, you can combine your super balance by: Requesting to merge your accounts through your chosen super fund Apply through your myGov account or the ATO Keep in mind that funds will take time to process your request and rollover.

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Claiming deductions for business travel expenses

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You can claim tax deductions for expenses related to business travel provided you follow the ATO’s rules. Eligibility requirementsYou must fulfil certain eligibility requirements for your tax deduction claims to be valid. You can only claim a tax deduction if you: Travel once your business has already started Keep records and documentation to provide evidence for your claim Record keeping rulesThe ATO has strict recordkeeping rules to ensure deductions are accurate. For one or more nights away from home ensure you keep documents like: Boarding passes Booking confirmations Receipts For travellers spending six or more consecutive nights away from home, a travel diary or similar document must be kept. You must record the detail of each business activity before your travel ends, or as soon as possible afterwards. You must log: The nature of the activity The day and approximate time the business activity began How long the business activity lasted The name of the place where you engaged in the business activity Business and private travel rulesMany travellers may integrate a holiday into their business trip. If you operate your business as a company or trust, fringe benefits tax may apply if the employee travel includes private activity paid […]

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Authority for super complaints introduced

Posted on December 14, 2018 by admin

The new Australian Financial Complaints Authority (AFCA) will make it easier for individuals and small businesses to make complaints about their superannuation financial firms. The Coalition government has responded to criticisms of previous dispute resolution bodies by creating a new financial disputes framework. AFCA has been described as a “one-stop shop” that will improve outcomes for consumers and increase the efficiency of the dispute resolution process. AFCA’s jurisdictionAFCA has been given authority over a range of complaint areas including: Superannuation annuities Corporate, industry and retail super funds SMSFs (handled under investments and advice jurisdiction) Approved deposit funds Small funds Retirement savings accounts Trustees, insurers and decision makers of relevant super bodies What you can make complaints aboutYour super complaint to AFCA must adhere to its governing rules. AFCA has specific time limits for complaints but no monetary limits. You can make complaints about: The advice you were given about a superannuation product Fees or costs that were incorrectly charged or calculated Information you weren’t given about the product including fees or costs Errors in the information provided to you; for example, if your benefit statements are incorrect Decisions your super provider has made Payment of a death benefit Giving instructions […]

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Avoid these small business tax errors

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Unwanted attention and penalties from the ATO can jeopardise your small business. Protect your business by avoiding these common small business tax errors. Not using an accountantTax laws frequently change, and compliance requirements can be time-consuming and demanding. A registered tax agent will streamline your financial processes, provide advice on maximising your finances and keep you compliant. Inaccurate tax returnsSmall businesses that do not declare their income and deductions accurately will attract the ATO’s attention and financial penalties. All foreign income, capital gains tax, business sales and bank interest must be declared. You must also have legitimate evidence supporting your tax deduction claims. Poor record keepingBusinesses that fail to keep accurate records will struggle to remain compliant. It is vital to keep: Cash, online, EFTPOS, bank statements, credit and debit card transactions Records showing when you use business purchases for private purposes to provide evidence for tax deduction claims Incorrect superannuation paymentsThe ATO will sanction employers that fail to pay their employees’ superannuation correctly and on time. Make your mandatory quarterly payments are paid at the correct rate of 9.5 per cent of your employee’s pay. The cash-flow benefits of delaying super payments and missing deadlines are not worth the […]

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How small business can compete with major corporations

Posted on December 7, 2018 by admin

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 with their customers through the delivery of friendly and personal customer service. Businesses that provide superior customer service to their corporate competitors will build a loyal customer base and grow their business through word of mouth. Tap into niche marketsSmall business owners are directly involved with their customers, which means they have a greater insight into what their customer base values. Take advantage of this by innovating more quickly than corporations, whose decision-making processes are slower. You may provide a service that corporations cannot feasibly implement. Build a strong staffThe expansive corporate chain of command is far more likely to have a weak link than a small business. Small businesses have greater quality control over the selection of their staff and the standards and expectations of performance. Build a competent team that outperforms your corporate competitors.

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You can contact us at the following:

Office Location
Suite 4, 12 Tindale Street,
PENRITH NSW 2750

Mailing Address
Suite 4, 12 Tindale Street,
PENRITH NSW 2750

Phone: 02 4721 7444
Fax: 02 4721 7755
Email: wmw@wmwright.com.au

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