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Innovation Stems From Collaboration – So How Can Your Business Get Involved?

Posted on 18 October, 2021 by admin

Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between team members and already put into place tools to help promote this. However, what exactly does effective business collaboration look like? Business collaboration is the leveraging of internal and external connections in order to generate ideas, find solutions and achieve common goals for your business. It can be done internally (through collaboration with your team), or externally (through the combined efforts of multiple businesses). Many businesses are already seeing the benefits of remote collaboration within their teams, especially with regards to the time being saved and the increase in productivity. Businesses may also find that learning opportunities are presented to their employees and team members through the interaction and collaboration with other businesses that could benefit them, with additional knowledge and skillsets gained throughout the process. Even with many restrictions remaining in place that limit travel on both domestic and international scales, businesses are able […]

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Spousal Contributions: The Filler For Super

Posted on 11 October, 2021 by admin

Depending on your relationship, you may have discussed with your partner the prospect of marriage. Or you might be more comfortable remaining in a long-term de facto relationship (especially since many de facto relationships have similar rights as those of a marriage). You might share a lot of things with your partner (such as a mortgage, a family, or a car), but did you know that you might be able to boost their super for them? Specifically, if you (or your partner) were unable to work for a length of time, such as during maternity/paternity leave, unemployment or are a single income household, the super fund of the non-working part of the pair might not be increasing. As a result, the retirement savings held in super for one member of these households may not be increasing as exponentially fast as the working member. The good news is that when in a relationship, a spouse can boost their non-working partner’s super fund with their own contributions. The best part? It could be a tax write-off for the working spouse. Under Australian superannuation law, a spouse can be a legally married partner with whom you live or your de facto partner. That […]

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Retail Workers & Tax – Here’s What You Need To Know

Posted on 4 October, 2021 by admin

In spite of the many challenges that have faced many industries across the country during COVID-19’s persistence and ongoing effects, the retail industry through their continued, adapted operations has continued to progress. As a result, retail workers across many stores may find that the taxable income from their work may have been affected by the changed situation. This may be a result of additional income, less income, or stagnation of their taxable income as a result of stand-downs, business closures or a forced pause in their operations. No matter the situation though, retail workers will still need to ensure that all of their taxable income has been accurately reported and lodged in their tax returns. If you are a retail worker earning your income or have earned your income in the industry over the course of the previous year, you will need to know: What income and allowances you may need to report What can and cannot be claimed as a work-related deduction What the records are that you may need to keep track of This information may be applicable to income earned in the 2020-21 financial year, or to income earned over the next year. Income and Allowances That […]

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Thinking About Becoming A Contractor? ABNs, Sham Contracting, Agreements And More…

Posted on 27 September, 2021 by admin

Being a contractor offers flexibility, choice and more control over your own schedule. It also means that you have different responsibilities from other employees that you may have to fulfil. For employers, knowing the difference between a contractor and an employee is a must. It can lead to costly penalties if the two get confused. An independent contractor is someone who operates under an ABN and is not an employee of the company that they perform work for. They may also provide services to another person or business, Sometimes an independent contractor may operate their own business and have many clients, in other cases the independent contractor may only do work for one company. There are a number of factors that determine whether or not you may be classified as a contractor versus an employee. These can include: How much control you have over the work you are conducting for the business – the more control you have, the more likely it is an independent contracting relationship. If you are allowed to pick when you are working – employees have set hours in their agreement. If you are running your own business and can have other clients while doing the […]

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Changes To Employers & Super When Stapled Funds Come Into Effect 1 November 2021

Posted on 20 September, 2021 by admin

This year has seen a lot of amendments and changes to the rules governing superannuation funds and their providers by the Federal Government that may have an impact on how you as an employer deal with super. Are you aware of the changes to “choice of fund” rules that you might need to be aware of as an employer of new to the workforce employees? Currently, as an employer, you may be paying contributions to your new employees into a  default superannuation fund of your choice if they have failed to provide you with their own choice of superannuation fund details. This may be due to not having a superannuation fund (as in, the employee is new to the workforce), or as a result of other circumstances. As an employer, you must provide all new employees with a Superannuation standard choice form within 28 days of their start date. They may also be provided with one if: They as an employee request one You are not able to contribute to their chosen fund, or it is no longer a complying fund You change the employer-nominated fund into which you pay the employee’s contributions. If the employee holds a temporary working […]

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Capital Gains Tax Can Be Tricky – That’s Why We’re Here To Help

Posted on 13 September, 2021 by admin

If you have disposed of any assets (which can include the loss, destruction or sale of an asset) which are subject to capital gains tax, you need to let us know as soon as possible. These are known as capital gains events, which can affect the way in which a capital gain or loss is calculated, and when it is included in a net capital gain or loss. The type of CGT event that applies to your situation may affect the time of the CGT event’s occurrence, and exactly how to calculate your capital gain or loss. As mentioned earlier, a CGT event can involve the loss of an asset, the destruction of an asset or the sale of an asset. The Sale Of An Asset If there is a contract of sale, the CGT event happens when you enter into the contract. A common CGT asset involved with contracts of sale that is often sold is the house. The CGT event, in that case, happens on the date of the contract, not on the date of settlement. If there is no contract of sale, the CGT event is usually when you stop being the asset’s owner. Your capital gain […]

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A Restructure Only Means A Setback To Your Business, And Not A Closure – Here’s What The Reforms Could Mean For Your Business

Posted on 6 September, 2021 by admin

With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is too late. COVID-19 has unfortunately resulted in reduced foot traffic, store closures, the accumulation of legacy creditors and significant deteriorations in working capital positions. Even with the support of JobKeeper and other government initiatives buoying business ventures from early 2021 to now, many family and small businesses are sure to continue to struggle. The Misconceptions Of Formal Restructures The idea of restructuring your business or reaching out for external help can appear scary and often seen as something to be avoided at all costs. However, business owners are not on their own when dealing with the difficult conditions facing them in their short-term future. No one wants to see a business fail. That’s why there are always options available to businesses. However, the longer a company holds off on making a decision, the more the business and its available options will deteriorate. If companies and businesses can act early enough, their options include informal arrangements and advice, voluntary administration, and new restructuring reforms for small businesses. With the availability of […]

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Breaching The Complex Laws That Surround SMSFs Could Land You In Hot Water

Posted on 30 August, 2021 by admin

There is a proverb that says that it is better to ask for forgiveness than to ask permission. Generally speaking, the idea behind this saying is that if you ask for permission and you do not receive it, then the punishment will be a lot harsher than if you do the thing that you asked to do and get caught afterwards. For example, if your children were to ask you if they could go to the local pool, and you deny them that request, the chances are that they would be in more trouble than if they simply circumvented you, and went anyway. It may also be said that you may never get caught doing the wrong thing, but asking for permission to do the act could have someone keeping watch over you. The same cannot be said for Self Managed Superannuation Funds. It is never a good idea to break the rules and then ask for forgiveness in that instance (or at least not intentionally). SMSF laws are complex. Breaking the rules could be thought of as being quite easy, but is not an excuse. The Australian Taxation Office (ATO) makes each and every person appointed as a trustee […]

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Renovations, DIY and Repairs – Here’s The Tax Information You Need To Know As A Property Investor

Posted on 23 August, 2021 by admin

As a property investor, you might find yourself implementing repairs and renovation work onto a property to ensure that you are maximising its value on the market. However, though both can be claimed on your tax return, it’s of paramount importance that you know how to claim them. Getting it wrong can be both costly, and unlawful. A rental property improvement is a renovation where something is improved beyond its original state and must be claimed with depreciation. This means that you are claiming a deduction for the decline in the value over the effective life of the renovation. For example, a rental property improvement that could be claimable by a property investor could include a bathroom getting retiled. Maintenance and repairs however can be claimed differently, with all records kept containing accurate information on that work. This will assist in working out the depreciation of assets of the property. A depreciation schedule is a report that outlines all available tax depreciation deductions for a residential investment property or commercial building. These depreciations can be claimed in your tax return each financial year and could help you to save thousands. Investors who renovate and lodge their tax returns prior to […]

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Finding The Right Partner For Business Is As Serious As A Marriage – And Just As Complicated

Posted on 16 August, 2021 by admin

Making decisions as the owner of a business can be a world of difficult choices, but none so much as deciding that your business requires a partner. It’s a critical, strategic decision for the business that you won’t want to get wrong. Approach your search for the right business partner to suit your business as you would a life partner. As a major legal covenant, a partnership is not unlike a marriage of sorts in the business world. It’s also something that you won’t want to rush into. A good partnership requires: A shared vision and goal Mutual hard work Open communication Mutual respect A balance of power Effective conflict resolution You might already have an idea of what you are looking for when it comes to a business partner, but it’s still important to identify key aspects of what makes a good one. Critical Skills & Experience  A candidate for a business partner should possess skills and experience that can be brought to the table which complement that which you already possess. They may possess strengths that you simply do not, which can make it easier to start, plan, grow and run a business. For example, you may be […]

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Innovation Stems From Collaboration – So How Can Your Business Get Involved?

Posted on October 18, 2021 by admin

Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration.

Most businesses will have understood the impact and importance of internal collaboration between team members and already put into place tools to help promote this. However, what exactly does effective business collaboration look like?

Business collaboration is the leveraging of internal and external connections in order to generate ideas, find solutions and achieve common goals for your business. It can be done internally (through collaboration with your team), or externally (through the combined efforts of multiple businesses).

Many businesses are already seeing the benefits of remote collaboration within their teams, especially with regards to the time being saved and the increase in productivity.

Businesses may also find that learning opportunities are presented to their employees and team members through the interaction and collaboration with other businesses that could benefit them, with additional knowledge and skillsets gained throughout the process.

Even with many restrictions remaining in place that limit travel on both domestic and international scales, businesses are able to confer with remote workers and businesses through the assistance of digital technologies, thus enabling collaborative efforts to continue

As restrictions ease and businesses are able to engage with one another once again in face-to-face settings, remote collaboration tools can be used to facilitate inter-business collaboration from the ease of anywhere.

These include:

These tools allow businesses to work uninterrupted with individuals, clients and other businesses, as the distance between is no longer a major inhibiting factor to operations (if operations can be conducted away from the site). It can also potentially promote global interconnectedness for the business, as collaboration does not have to occur at a local or domestic level.

Your business might not collaborate with other businesses in exactly the same way as a business in the same industry. It’s important to know what might be the right form of collaboration for your business to benefit from it – and doing that will depend on what you may want to get out of it, and how long you may want it to last.

Alliance

This is known as the traditional type of business collaboration, usually involving two or three companies temporarily working together. They are able to reach a common goal by combining their resources and knowledge, which can be effective for businesses with knowledge/resource gaps that another business could temporarily fill.

Co-Opetition

Competitors can be great collaborators if used appropriately. Co-opettion involves collaborating with competitors so that businesses can share resources, avoid duplication of their work and generate new customers for all parties involved.

Portfolio

When one large business manages a broad collaboration with multiple smaller, external partners, this is known as portfolio collaboration. The main, central business sets the rules for the collaboration and maintains it, offering many of the benefits of an alliance but in a long-term form that generates more connections between businesses.

Community 

Simply put, community collaboration uses one of the greatest resources that a business may have at its disposal – the community. Essentially, businesses collaborate with individuals or other businesses that are within their community. This can be done via both the business community (e.g local business partnerships) AND the customer community (e.g. social media influencers).

Network

If a business knows of other businesses with similar goals and values that they want to uphold, they may instigate network collaboration. This style of collaboration means that the businesses may not necessarily be in competition with one another but, with shared interests can collaborate on mutually beneficial projects with access to one another’s resources and customer base.

Your business may choose to collaborate with other businesses through:

The rapidly changing and digitally-inclined business world means that businesses that don’t prioritise collaboration – both internally and externally – are likely to fall behind. Making the most of collaboration solutions and tools allows collaborations to be streamlined, which is beneficial to all involved.

If you are looking for advice on how to structure these collaborations or work out the best way to get involved with other businesses, you can plan out your way forward with our help. Start a conversation with us today.

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