JobKeeper to be extended
The Australian Government has announced that JobKeeper payments will be extended for a further six months after the initial 28 September 2020 deadline. However, the extended JobKeeper program will have substantial payment reductions compared to the original JobKeeper amounts, as well as revised eligibility requirements. The new JobKeeper flat-rate payment after September will be reduced from $1500 per fortnight to $1200 a fortnight for eligible employees who were working an average of 20 hours per week in the four weeks before 1 March 2020. The rate for employees who were working less than 20 hours per week for the same period will be reduced to $750 a fortnight. These rates are set to apply until the end of 2020. A further reduction in JobKeeper payments will be administered from 4 January 2021. After this date, eligible employees who were working..
How well are you using your email list?
Every business owner’s dream is a marketing strategy that is highly efficient while still being cost-effective. Email marketing is one such strategy that has seen a huge return on investment for businesses. Consider implementing the following strategies to get the most value from your email marketing campaigns. What is an email list?An email list is a set of names and email addresses of those who have given you permission to keep them informed about any promotions your business has to offer. This is a customer registering their interest in your brand, and are therefore more likely to be converted into loyal customers. How can you build an email list?Offering your customers incentives to join your mailing list is considered one of the most effective ways to grow your email marketing audience. Consider giving your customers discounts off their first orders..
Getting your money back from late-paying customers
Businesses can be heavily impacted by customers who cannot, or simply will not pay when payment is due. A single unpaid invoice can cause issues, and the longer this debt is left uncollected, your chances of getting your money back become slim. Consider these tips to avoid and manage debt recovery to save your business from major losses. Reduce credit termsIf late payments and managing bad debt is a regular occurrence, consider reducing your credit terms. You may want to remove your credit terms entirely, but it is important to look at your customer base, the services you offer, and whether there is an average credit term that is expected by your clients. If you offer credit terms shorter than your competitors, you may end up losing valuable customers. However, if your credit terms are too spacious, your cash flow..
How to avoid SMSF disputes
Self-managed super funds (SMSF) can be vulnerable to disputes, especially when family members are involved. SMSF disputes may be caused by a number of reasons such as relationship breakdowns, (common in funds where parents and siblings are in a member and trustee relationship) and fundamental differences in opinions. Other common triggers for SMSF disputes include: investment strategy disagreements, differences in opinions over the payment of benefits, especially in SMSFs involving both parents and their children, payment of death benefit disputes, and disagreements on the distribution of SMSF death benefit payments between surviving members. Consider the following methods to avoid SMSF disputes. Clear decision-making proceduresDisagreements are bound to occur when it comes to money, so it is important to include concise decision-making provisions to keep things fair for all parties involved. For example, trustee decisions can be made by a simple..
What types of income do you need to include in your business’ tax return?
Due to changing economic circumstances, businesses may be receiving income from sources they have never received from, and may be unaware of their tax implications. In the event that they are listed below, you will need to include them in your business’ tax return. Government paymentsDue to COVID-19, many government grants and payments have been made to businesses this year. Businesses receiving the following grants will need to report them as part of their assessable income in this year’s tax return: JobKeeper payments, Supporting Apprentices and Trainees wage subsidy, Grants under the Australian Apprenticeships Incentives Program, Subsidies for carrying on a business. Keep in mind that COVID-19 cash-flow boost payments are non-assessable and non-exempt income, meaning they do not have to be included as part of your assessable income. Crowdfunding incomeCrowdfunding refers to the usage of the internet or social..
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