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SMSF trustee investment strategy checklist

SMSF trustees have the freedom to invest as they choose to grow their retirement savings, which is why it is vital that they check in on their investment strategy regularly. Maximising your retirement nest egg depends on how well your investment strategy functions at different phases in your working life. This is why your investment strategy should shift according to your changing financial circumstances. A new job, fluctuating markets, changes in tax laws or your retirement drawing closer may mean it’s time to switch up your investments.

Here is a checklist to get you started.

Posted on 20 November '18, under Super. No Comments.

ATO provisions for mental health

Small business owners suffering from mental health issues can seek the ATO’s help in meeting their taxation and super commitments.

If you are going through tough times take advantage of ATO services that will help keep your finances in check.

Get in contact with the ATO
Get in touch with the ATO as soon as you realise your mental health is impacting your ability to keep track of your tax. An ATO official can assess your circumstances, advise you on your options and help come up with a solution. The ATO offers an after-hours web chat and an after-hours call back service to get you the help you need. If you wish to talk over the phone, book in a time by completing the ATO’s online form. You may also have a person speak on your behalf provided you have authorised them as a nominated representative and verified their identity.

Support options
Once you have contacted the ATO, there are several options you can choose from to make it easier to stay up to date at tax time:

Posted on 20 November '18, under Tax. No Comments.

Leadership mistakes to avoid

Leadership mistakes contribute to falling standards around the office due to a lack of motivation or inefficient management.

Here are some leadership mistakes to avoid in the workplace.

Being hypocritical
Leaders that do not meet the expectations they set will lose the loyalty and respect of their employees. If you require your staff to come in ten minutes early every day or are strict on their lunch break, follow your own rules. Setting a consistent standard will make employees feel they are being treated fairly.

Shifting blame
Employers that do not take accountability for their own mistakes and shift blame onto their customer or their employees will lose the support of both. Admitting you are in the wrong is essential for moving forward with the business relationship by making amends.

Poor delegation
Your delegation will fail if the task is given to an unsuitable member of staff or a new responsibility is given without the leader providing training and feedback.

Posted on 8 November '18, under Business. No Comments.

Trustee reporting obligations checklist

Trustees must comply with reporting obligations to avoid penalties from the ATO.

The following trustee reporting checklist to make sure you are stress-free at tax-time.

Trustees must:

Posted on 8 November '18, under Super. No Comments.

Record keeping for small businesses

Businesses that fail to keep accurate records may struggle to remain compliant at tax time and incur financial penalties from the ATO.

Follow the ATO’s record keeping guidelines to stay organised.

Basic organisation tips:

Financial tips:

Posted on 8 November '18, under Tax. No Comments.

Tips to save money on office space

The expenses of running your office and paying for rent add up to a significant cost to your business. There are several key ways you should consider to reduce costs, without sacrificing conditions in your environment contributing to your employee’s productivity.

Consider the following tips to help you better your bottom line on your office space.

Get a second opinion
Another set of eyes and a fresh perspective will spot savings that may be hiding in plain sight. Get someone who has experience in running an office who will assist you by spending a day in an office and working out what is necessary and what can be culled.

Allow flexible working arrangements
Where it is possible and beneficial to both the employer and employee working from home is a great way to minimise the number of bodies in the office, and makes a smaller office space with lower rent a more viable option for your business.

Rent your office space on weekends
If you own your office space and want to find ways to finance your mortgage, consider renting out your office space when you are not using it. You could potentially rent it to organisations who run workshops or classes on weekends.

Negotiate a fixed fee
Certain office spaces will entice you with low rent options but your amenities costs like electricity, internet and water bills will be significantly higher. Including all the services that your landlord provides in and renting the actual office space in a fixed rate, will help you stay in control of your costs and avoid any nasty surprises when your bill rolls in for the month.

Posted on 30 October '18, under Money. No Comments.

How community involvement grows your business

Business’ that get involved in community reap financial, workplace and brand image related benefits. Whether your business is new or relatively established in your area, community involvement should be at the forefront of your business strategy. Consider donating services of products to a range of charitable ventures or getting amongst community fundraising initiatives, parades, picnics or festivals.

How community involvement can grow your business are provided below.

Grow your network
Getting your name out there in the community and having a positive association with your brand is a great way to grow your business. If you are partnering with another local business, assisting in a fundraising activity or putting your business out there at a community event, will give you the opportunity of mixing with new customers and forging valuable industry connections. Make sure you keep your business cards on you and display contact information at every opportunity.

Build a loyal customer base
When customers see that your business is supporting a good cause, this appeals to their values and ethics. Your community involvement may be the discriminating factor in your customer’s decision to choose your business over your competitors. Your work in building relationships in the community will reward you with loyalty.

Opportunities for collaboration
You never know whom you will stumble across whilst you are playing your part in the community. The relationships you may forge may be beneficial to your business, and you may find collaboration partners on your marketing or developing new products or a courier service that may be the right fit for your company.

Posted on 30 October '18, under Business. No Comments.

A checklist for setting up your SMSF

Setting up an SMSF can be complex, which is why a checklist is useful to streamline your process. Before you set up your SMSF, first determine if having an SMSF is a commercially viable option.

Once a decision is reached and you are about to start your SMSF, here are the basic steps to get things started:.

Posted on 30 October '18, under Super. No Comments.

Tax implications of a business restructure

Tax exemptions may apply to small businesses going through a restructure provided they meet certain criteria.

Typically when a business is sold, you would have to pay income tax due to transferring assets. However, when a business is restructuring, the ownership of assets remains unchanged, and there is instead a rollover. This allows you to transfer assets as a part of the restructure without having to pay income tax on that transfer.

Your business may be eligible for the small business restructure rollover provided that:

The commissioner’s remedial power has repealed laws that incurred tax consequences on depreciating assets during a business restructure. When transferring depreciating assets, like cars during a business restructure, the commissioner’s remedial power will automatically apply, and there is nothing different you need to do to qualify for this tax exemption.

Posted on 30 October '18, under Tax. No Comments.

Picking the right business location

The decision of where the headquarters of your business should be will have a significant hand in determining your profitability and productivity.

Consider the following checklist to ensure you make the right choice.

Will you buy or lease?
First, you need to decide whether you will buy or rent. Entering a lease is less of a financial commitment and perhaps a lower risk option for businesses in their infancy. Buying increases your business value by adding a property to your portfolio but could be a step for businesses with stable finances.

What kind of property will you require?
Picking your location will depend on the needs of your business. Consider whether you need office space or whether a retail space, warehouse or processing plant is necessary. If you require a warehouse, you will want to consider the distance between your suppliers and contractors for ease of convenience.

Who are your customers?
Knowing your customers is vital to understanding whether the location you have chosen is convenient for them if you will need to rely on foot traffic, if there is parking and other amenities nearby to make for a positive experience.

Posted on 26 October '18, under Business. No Comments.

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GERALDTON WA 6530

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GERALDTON WA 6531

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