S & H Tax Accountants

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  • Business Update – 1 September 2021

    Business Update – 1 September 2021

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    Melbourne and Canberra’s lockdowns extended

    The lockdown in Melbourne was due to end this Thursday, but authorities announced that they will extend it as the number of COVID-19 infections in Victoria continues to increase. Melbourne’s lockdown is currently in its fourth week and includes a curfew and limits on exercise.

    Meanwhile, Canberra will remain in lockdown until at least 17 September. The capital city has been in lockdown for three weeks after a spate of cases believed to have spread from NSW.

    Travel Bubble With Singapore Confirmed

    Federal Trade and Tourism Minister Dan Tehan confirmed that a travel bubble with Singapore will commence as soon as 80% of all Australians are fully vaccinated. Trade ministers agreed to finalise the rules for quarantine-free travel between both countries by the end of the year. The travel bubble is expected to work similarly to Australia’s arrangements with New Zealand.

    Aussie Businesses Spending Big Before Lockdowns

    Business investment jumped to two-year highs in the June quarter as firms boost their spending plans for the year ahead. Recent data released by the Australian Bureau of Statistics last week confirmed the economy had a good head of steam in Q2 before the lockdowns likely threw it into reverse.

    Business investment climbed 4.4% to reach $32.7 billion, beating forecasts of a 2.5% increase and the highest level since 2019.

    GDP Growth Slows in Q2 Ahead of Lockdown Downturn

    Even before lockdowns were implemented due to the Delta outbreaks across the country, the country’s economy was already slowing in the June quarter.

    According to the latest figures released by the Australian Bureau of Statistics, GDP rose 0.7% in the June quarter– down from 1.9% in the March quarter, but beating forecasts of 0.5%. Although annual growth was the fastest in modern history at 9.6%, this was only because the pandemic caused a severe contraction in the June 2020 quarter.
    On the positive side, nominal GDP reached a record $2.07 trillion for the year, making it the world’s 11th largest economy.

    Extra $40 to $50 Million in COVID-19 Assistance for Childcare Centres

    After the Victorian government’s announcement at the weekend to limit childcare centre attendees to the children of essential workers, Education Minister Alan Tudge said $40 to $50 million a week in new support for centres would be provided.

    The new support package will provide 25% of a childcare centre’s pre-lockdown revenue if it is subjected to orders for children not to attend, and 40% of an after-school care centre’s revenue. It will be available to all childcare centres locked down for at least 4 weeks.

    Furthermore, the funding is expected to provide immediate relief to about 3,600 services caring for children in greater Sydney, as well as another 1,200 services in Melbourne and Canberra.

    Victorian Business Costs Assistance Program Round 2 July Extension

    The Victorian Government’s Business Costs Assistance Program Round Two July Extension (BCAP2e) gives eligible businesses that had not previously applied for the Program in June, or have since become eligible, with the opportunity to apply for the equivalent of the July Top-Up Payments.

    The program offers grants of $4800 to eligible businesses, including employing and non-employing businesses, depending on their industry sector.

    Read the eligibility criteria here.

    All hotspots: COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    JobSaver payment

    JobSaver is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. To check your eligibility and apply, visit the Service NSW website.

    Small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view more NSW Government COVID-19 Support Packages here, including Jobs Plus, Sydney CBD Friday vouchers, Payroll tax support and support for the tourism industry. Get in touch with us if you have any questions.

    QLD COVID-19 Business Support Grant

    Your business may be eligible for financial support through the 2021 COVID-19 Business Support Grants. $5,000 grants will be made available to small and medium businesses across Queensland affected by COVID-19 lockdowns and lockdowns in other states. You must have experienced a 30% reduction in turnover as a result of the lockdown.

    Applications will open in mid-August so we will keep you updated.

    The Business Queensland website has an overview of the range of assistance available.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit’s Second Claim Period

    The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register any time until the scheme ends.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

    4 Strategies to Help Boost Sales

    Small business owners know how challenging it is to close a sale. If you find yourself in a limbo– unwilling to give up on poor strategies or commit to potentially effective ones– try the following tactics shared in a Forbes article to improve your closing percentage.

    1. Provide leads with educational materials. It’s easy to close sales when customers truly understand a product or service.
    2. Use a multichannel approach. Don’t restrict yourself to a single sales channel– use social media, video and phone meetings, emails, and other ways to connect.
    3. Tailor your pitch better. Carefully target client needs and deliver a pitch that would appeal to them.
    4. Sell your solution—not the product. Clients want solutions to their problems. So focus on each client’s pain points and deliver a tailored pitch on how you could address those.

    If your business is still struggling because of the pandemic, get in touch with our advisors today so we can work out a plan!

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • 5 Ways to Recover After a Financial Setback

    You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery.

    Here are 5 steps you can take to help your business recover after a financial setback.

    1. Find areas to cut back

    As a business owner you’ll always have expenses, but there are ways to reduce your spending and save money. Negotiate rates with your suppliers or find out if you can make arrangements for a discount. If not, see if you can switch providers. Look for ways to cut back on office expenses. Can your company work remotely? Can some of your office space be rented out? Can you change utility providers?

    You likely don’t want to cut back on your staff if possible, but you may have to. If you don’t want to lay staff off, try reducing hours or cutting back on perks until things turn around.

    2. Follow up with clients that owe you money

    During busy times it’s tempting to be more laid back with clients who owe you money. When you’ve had a financial setback it’s important to take stock of who owes you money and start collecting. Go through your invoicing system and follow up with anyone who owes you money. You might be surprised at how much could be coming your way.

    If cashflow is a concern, consider charging clients a deposit to work with you. Doing so speeds up how quickly you have money coming in.

    3. Diversify your income

    Governments around the world are offering assistance to small businesses affected by the pandemic. Look into business grants and income support schemes in your area designed to help your business recover.

    Consider other ways of diversifying your income. If you’re an expert in a particular field, offer virtual courses or workshops to teach other people what you know. If your business is a brick and mortar store, offer online shopping or curbside pickup. If you offer services in one niche, consider whether another niche might be closely enough related to yours to allow for expansion.

    4. Review your budget

    If your budget was created before the financial emergency, go over it again and revise it as necessary. See if anything in it can be removed or delayed. If you planned on offering training seminars for employees, consider postponing for a few months. If you budgeted to expand your business, hold off until you’re more financially stable.

    5. Increase your marketing

    You need to bring in customers. To do this, you need to market your business. Traditional advertising can help, but there are more cost-effective ways to go about it. Explore content marketing or social media. Consider email newsletters or search engine optimization.

    Marketing reminds people about your business, and although it may seem like a bad idea to spend money at the moment, some spending is worth it in the long run. Not all marketing is expensive—and some can be just as effective as traditional advertising.

    Final thoughts

    Financial setbacks are upsetting and frustrating, but they don’t mean your business is finished. Follow these strategies to give your company the best chances of recovery.

  • 4 Money Saving Tips for Business Owners

    4 Money Saving Tips for Business Owners

    Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business.

    Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners.

    1. Have a list of all your subscriptions, and get rid of some

    These days, there are apps, programs, and other solutions designed to increase your productivity and boost your efficiency. Because they have automatic monthly payments, it’s easy to sign up for them and then forget about them. But those monthly fees quickly add up and cost you hundreds—if not thousands—over the course of a year.

    Keep a list of all the subscription services you’ve signed up for, along with the monthly (or yearly) cost. Review the list each quarter and ask whether you’ve used that platform within the last six months. If you haven’t, consider cancelling the account. That money will easily go elsewhere and you can almost always sign up again later if you find you need that program.

    Additionally, research less expensive options that are more appropriate for your business. It might not be worth it to pay thousands of dollars for an expensive photo editing program if you don’t regularly edit photos, for example. A less expensive version with fewer features might be just as effective.

    2. Consider alternatives to traditional advertising

    You don’t need to pay huge amounts to market your business. Some companies benefit from paid ads online, but many small businesses don’t need to. Explore content marketing or YouTube videos to boost traffic to your website, or consider whether a social media account would allow you to connect with your ideal clients.

    Marketing well still costs money, but it doesn’t need to be expensive. Figure out what avenues are most effective at connecting you with your clients and spend your time and money marketing yourself there.

    3. Know when to spend money

    This might seem counterintuitive, but paying for outside expertise can save you money in the long run. Hiring a lawyer to review contracts can prevent misunderstandings that lead to lawsuits. Talking with an accountant about taking advantage of tax breaks can save you money during tax season.

    There are times it makes sense to go it alone, but there are also times when an expert’s advice saves you in the long run. Be flexible enough with your spending to pay for outside expertise.

    4. Cut back on office expenses

    With many employees now working from home—and companies now implementing the technology that allows remote working—it makes sense to review how you use your office space. Can you move to remote working and cut back on rent? Can you implement a flexible work schedule to save on utilities?

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    Explore how the shift to remote working can free up your finances by allowing you to cut back on office expenses that are no longer necessary.

    Final thoughts

    As a business owner, it’s important that you know when to spend money and when to save it. If you’re looking for ways to save your money, consider alternatives to traditional marketing, review your subscription list, and explore whether it’s possible to cut back on office expenses. These money saving steps will boost your finances.

  • Business Update – 25 August 2021

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    Australia Closes One-Way Travel Bubble from NZ

    Australia has paused “green zone” flights from New Zealand that allow Kiwis to travel to the country without going into quarantine. All passengers on flights originating in New Zealand up until 11.59pm (AEST) on 23 August 2021 will need to go into 14 days of supervised hotel quarantine. The pause is due to be reviewed on Friday.

    New Zealand has already suspended quarantine-free flights from Australia because of the NSW outbreak, which means the bubble is now completely closed.

    Sydney Faces Curfew and Longer Lockdown

    Sydney’s lockdown is being extended until 30 September, as the Delta outbreak continues to grow.

    New South Wales reported a record number of cases on Wednesday. The new high local cases and deaths prompted Premier Gladys Berejiklian to require masks to be worn outdoors throughout the state at all times except when exercising.

    From Monday, a curfew of 9pm to 5am has been imposed in western Sydney’s council areas of concern. Vaccinations will also be mandatory for all healthcare workers by the end of next month, and for childcare workers and disability support workers in the council areas of concern by 30 August.

    Pfizer Vaccine Eligibility Expanded in Victoria

    All Victorians aged 16 to 39 will be eligible for the Pfizer vaccine at state-run hubs from Wednesday, as the state tries to bring its Delta outbreak under control.

    The lockdown is due to expire on 2 September, but there’s no word yet on whether this will be pushed through. However, given the number of cases, it seems increasingly unlikely that the restrictions will be lifted.

    SA Imposes Level 6 COVID-19 Restrictions on Residents Returning From Victoria

    South Australians will need a specific exemption to return home from Victoria from 6:00pm Sunday, as the situation worsens in the eastern state.

    Under the new rules, anyone who wants to travel into South Australia from Victoria will be classified as level 6 and will have to apply for exemptions to enter through SA Health. Meanwhile, those fleeing from domestic violence will be subject to Level 5 requirements which include COVID-9 tests on days one, five and 13, 14 days of quarantine, and mandatory wearing of masks for 14 days after their arrival in South Australia.

    Extra $40 to $50 Million in COVID-19 Assistance for Childcare Centres

    After the Victorian government’s announcement at the weekend to limit childcare centre attendees to the children of essential workers, Education Minister Alan Tudge said $40 to $50 million a week in new support for centres would be provided.

    The new support package will provide 25% of a childcare centre’s pre-lockdown revenue if it is subjected to orders for children not to attend, and 40% of an after-school care centre’s revenue. It will be available to all childcare centres locked down for at least 4 weeks.

    Furthermore, the funding is expected to provide immediate relief to about 3,600 services caring for children in greater Sydney, as well as another 1,200 services in Melbourne and Canberra.

    Victorian Business Costs Assistance Program Round 2 July Extension

    The Victorian Government’s Business Costs Assistance Program Round Two July Extension (BCAP2e) gives eligible businesses that had not previously applied for the Program in June, or have since become eligible, with the opportunity to apply for the equivalent of the July Top-Up Payments.

    The program offers grants of $4800 to eligible businesses, including employing and non-employing businesses, depending on their industry sector.

    Read the eligibility criteria here.

    All hotspots: COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    JobSaver payment

    JobSaver is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. To check your eligibility and apply, visit the Service NSW website.

    Small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view more NSW Government COVID-19 Support Packages here, including Jobs Plus, Sydney CBD Friday vouchers, Payroll tax support and support for the tourism industry. Get in touch with us if you have any questions.

    QLD COVID-19 Business Support Grant

    Your business may be eligible for financial support through the 2021 COVID-19 Business Support Grants. $5,000 grants will be made available to small and medium businesses across Queensland affected by COVID-19 lockdowns and lockdowns in other states. You must have experienced a 30% reduction in turnover as a result of the lockdown.

    Applications will open in mid-August so we will keep you updated.

    The Business Queensland website has an overview of the range of assistance available.

    Fuel Tax Credit Rate Hike

    Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including:

    • the rate that applies at the end of your BAS period
    • the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle.

    You can find the updated rates here and use this fuel tax credit calculator to work out your claims. If you need more help with your tax, contact our tax agents today!

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit’s Second Claim Period

    The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register any time until the scheme ends.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

    Training Incentive Allowance

    The Training Incentive Allowance can help with tuition fees, books, childcare, equipment, transport and any additional caring costs while studying. It’s available for courses at levels 1-7 of the NZ Qualifications Framework. Visit the Work and Income website to find out who’s eligible, how much you can get and who can apply.

    Three Sales Strategies to Help You Grow Your Business

    Marketing is essential in growing a business. Without customers coming your way, you can’t increase sales.

    Businesses can boost their sales by implementing visibility strategies that can get their products or services in front of more customers. However, aside from great marketing, you would also need the right sales systems in place.

    This Forbes article shares three sales systems that can help small businesses increase their revenue. Below is a rundown of these strategies:

    1. Create a sales funnel that adds value and nurtures prospects. A sales funnel is a step-by-step process that leads consumers into making a purchase. The best way to develop a solid sales funnel is by adding value for customers, followed by offering content that solves their pain points.
    2. Have better discovery conversations, and disqualify the wrong fits. Your goal should be to onboard customers who make sense for your business and would benefit from your services.
    3. Show up in all the mediums and methods your ideal consumers use. Show up where your customers are– you can use blogs, videos, podcasts, or other formats to reach your ideal customers.

    Do you need more tailored business advice? Get in touch with us today and let’s work out a plan together!

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • Business Update – 18 August 2021

    Business Update – 18 August 2021

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you.

    Tougher COVID-19 Restrictions in Melbourne

    New stricter COVID-19 restrictions came into effect in Melbourne at 11:59pm on Monday and will be in place until 2 September.

    As part of the new restrictions, playgrounds, basketball courts, skate parks and outdoor exercise equipment will be closed and people will no longer be allowed to remove their masks to consume alcohol outdoors. Meanwhile, large construction projects will be restricted to 25%.

    Curfew will also be in force from 9:00 p.m. to 5:00 a.m. each day.

    Sydney Lockdown Fines Increased to $5,000

    State police will fine people up to $5,000 if they are found breaching stay-at-home orders or lying to contract-tracing officials. It is also looks increasingly unlikely that Sydney will end its nine-week lockdown on 28 August as planned.

    SA Blocks Travellers From Parts of NT, Greater Darwin Enters Snap 3-day Lockdown

    South Australia closed its border to travellers from several local government areas north of the Central Desert and Barkly LGAs — excluding the East Arnhem LGA — in the Northern Territory as of 6:00 p.m. Monday night.

    Only returning South Australian residents, essential travellers, those who are relocating, and people escaping domestic violence will be allowed to enter SA from the affected LGAs. Meanwhile, Greater Darwin and Katherine entered a three-day lockdown at noon on Monday after one positive case of COVID-19 was recorded.

    Victorian Business Costs Assistance Program Round 2 July Extension

    The Victorian Government’s Business Costs Assistance Program Round Two July Extension (BCAP2e) gives eligible businesses that had not previously applied for the Program in June, or have since become eligible, with the opportunity to apply for the equivalent of the July Top-Up Payments.

    The program offers grants of $4800 to eligible businesses, including employing and non-employing businesses, depending on their industry sector.

    Read the eligibility criteria here.

    All hotspots: COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    NSW Grants

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    NSW: Micro-business grant

    The micro-business grant is a $1500 fortnightly payment for businesses with a turnover between $30,000 and $75,000.

    To check your eligibility and apply, visit the Service NSW website.

    COVID-19 Business Grant

    A one-off payment to help businesses, sole traders or not-for-profit organisations impacted by the current Greater Sydney COVID-19 restrictions.

    Grants between $7,500 and $15,000 are available to eligible businesses depending on the decline in turnover experienced during the restrictions. For eligibility criteria and to apply, visit the Service NSW website.

    JobSaver payment

    JobSaver is a fortnightly payment to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. To check your eligibility and apply, visit the Service NSW website.

    Small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view more NSW Government COVID-19 Support Packages here, including Jobs Plus, Sydney CBD Friday vouchers, Payroll tax support and support for the tourism industry. Get in touch with us if you have any questions.

    QLD COVID-19 Business Support Grant

    Your business may be eligible for financial support through the 2021 COVID-19 Business Support Grants. $5,000 grants will be made available to small and medium businesses across Queensland affected by COVID-19 lockdowns and lockdowns in other states. You must have experienced a 30% reduction in turnover as a result of the lockdown.

    Applications will open in mid-August so we will keep you updated.

    The Business Queensland website has an overview of the range of assistance available.

    Fuel Tax Credit Rate Hike

    Fuel tax credit rates increased on 2 August 2021 in line with fuel excise indexation. If you claim less than $10,000 in fuel tax credits per year, you can use simplified methods including:

    • the rate that applies at the end of your BAS period
    • the Basic method for heavy vehicles to calculate your claims if you use a heavy vehicle.

    You can find the updated rates here and use this fuel tax credit calculator to work out your claims. If you need more help with your tax, contact our tax agents today!

    Government Support for Best Emerging Innovators in Western Australia

    A total of 21 start-ups and SMEs have been awarded up to $20,000 each by the Government of Western Australia. A total of $385,000 has been given through the Innovation Vouchers Program, which aims to assist Western Australian innovators in commercialising their ideas and creating new jobs.

    Since its launch in 2011, the Innovation Vouchers Program has awarded 199 vouchers worth approximately $3.7 million.

    Downsizer Contribution Into Superannuation

    If you’re at least 65 years old and you meet the eligibility requirements, you may be able to make a downsizer contribution into your superannuation of up to $300,000 from the proceeds of selling your home.

    Your downsizer contribution will not affect your total superannuation balance until your total super balance is re-calculated to include all your contributions, including your downsizer contributions at the end of the financial year.

    It will count towards your transfer balance cap which applies when you move your super savings into the retirement phase. You can also access the downsizer scheme only once, and if you sell your home and choose to make a downsizer contribution, you will not be required to purchase another home.

    Get in touch with us to check your eligibility and if you have any questions.

    ATO support for those affected by COVID-19 restrictions or disasters

    The ATO has a range of support options to help those affected by disasters or those experiencing challenges due to continuing COVID-19 restrictions.

    The ATO may be able to:

    • prioritise any refunds owed to you
    • set up a payment plan tailored to your individual situation
    • remit penalties or interest charged during the time you have been affected.

    If you need help to manage your tax or superannuation obligations, please get in touch with us.

    JobMaker Hiring Credit’s Second Claim Period

    The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register any time until the scheme ends.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

    4 Ways Your Business Can Increase Its ROI in 2022

    Finding ways to boost your business’ profit margins can be challenging, especially if you’ve already tried many of the traditional ways of improving the stability of your cash flow during the pandemic. This Forbes article shared some unusual methods to grow your ROI.

    1. Invest in high-performing marketing platforms. Look into platforms that are not as saturated as Facebook, including Youtube and Instagram. You could also switch gears by starting a company podcast.
    2. Automate more tasks. Automate more tasks with the assistance of AI-driven tech and integrations to free up your team’s time and allow them to focus on getting higher level work done.
    3. Unclog your sales pipeline. Sit down with your sales team and outline your customer journeys. Remove stumbling blocks and friction points to improve your sales pipeline and speed up your sales cycle.
    4. Reorganise your team. Switching responsibilities between team members could improve your efficiency and may allow you to keep the same amount of core staff while scaling your business.

    Do you need expert advice on your specific situation? Get in touch with us today and let’s work out a plan!

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • Why Smart Business Owners Never Stop Marketing

    Why Smart Business Owners Never Stop Marketing

    One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do.

    When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra mile to be at the forefront of the minds of your customers and prospects. With an effective marketing strategy, you should be able to increase sales.

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    However, if you really need to tighten your belt, here are some steps you can take instead of putting a pause on your marketing efforts.

    Be strategic about how you spend your money.

    First of all, don’t waste money. This sounds simple, but in reality, many business owners are not mindful of their spending. Be strategic in your spending and don’t throw money in areas that won’t contribute to your business growth. For instance, if your data suggests that the returns are higher from your digital marketing efforts compared to print ads, you might want to dedicate your resources more online.

    Invest in action campaigns.

    Are you opening a new shop, launching a new product, or running a discount promotion? Invest in an action campaign that will provide your target market all the information they need and will prompt them to act. Make sure that you share all the details such as your website, exact location, operating hours, or a discount code for their purchases.

    Communicate with your target market clearly.

    Ensure that your messaging is not only engaging, but crystal clear and concise. The call-to-action in your campaigns must also be solid and powerful to be able to create the desired action. Whether you want them to sign up for a newsletter, register or buy from your mobile app, or grab a special offer, your messaging must be clear.

    Discuss with your marketing partner/staff and rethink your marketing strategy.

    You may be working on a thousand other things right now, but you have to make time to discuss with your marketing partner or staff and rethink your strategy. Producing great results is not always about doing more marketing, but rather, you have to focus on doing better at it. Stop and think about your messaging, frequency, timing, channels you tap into, and other factors to get the best results.

    Final Thoughts

    Times may be tough right now, but try your best to stay the course and use this as an opportunity to strengthen your relationship with your customers and prospects. Just because you’re on a tight budget doesn’t mean you have to stop marketing and give up the chance to boost sales.

    If you need more focused advice on how to navigate market challenges and economic downturns, get in touch with our advisors today!

  • How to Build an Effective Financial Plan for Your Business

    How to Build an Effective Financial Plan for Your Business

    Every business needs a financial plan. Your financial plan gives you a way to monitor and review your cash flow, make adjustments to your spending, and anticipate any upcoming financial issues. It can also make you more prepared to request funding or find investors so you can bring more money into your business.

    Although many business owners are aware that financial planning is important, it is often overlooked. Without a financial plan, however, you could find your business doesn’t make the money you expected it to—or you could wind up with unanticipated expenses and no way of paying for them.

    Reading Glasses Personal Planning Finances

    Here are some steps to take to build an effective financial plan for your business.

    1. Set your goals

    You need to know where your business is now and where you want it to be so you can develop a financial strategy to move forward. At least once a year, ask yourself important questions so you can plan for what’s to come. Among the questions to ask:

    • Do I need to expand or grow my business (in terms of staff, locations, or goods and services)?
    • Do I need to make any large equipment purchases?
    • What resources might I need to buy this year?
    • How will any purchases or expansions affect my cash flow?
    • What adjustments might be needed to address these expenses?

    2. Understand your cash flow

    To build an effective financial plan for your business, you must understand your cash flow. Your cash flow is the movement of cash into and out of your business. If you have more money coming in than going out, you have a positive cash flow situation and are able to pay your expenses. If more money is going out than coming in, you are in a negative cash flow situation and need to bring in more money.

    Understanding cash flow—including sales cycles—will help you build a plan for your business. If your business is seasonal, for example, it helps to know when sales drop and for how long, so you can plan for those periods. You can also anticipate when sales will be higher and you’ll have extra money to set aside for emergency expenses.

    Remember that cash flow and profitability aren’t the same thing. Your business can be profitable, but if none of your clients are paying you on time you won’t have necessary cash flow to stay afloat.

    3. Create a sales projection

    An important part of your plan is your sales projection. This is related to your cash flow forecast, but focuses on your sales. It gives you insight into every segment of your business so you can better understand which of your offerings brings in the highest sales. For example, if you run a gym you might break down your sales forecasts into the different membership types.

    When you forecast your sales, make sure you include the cost of goods sold so you can determine your forecasted growth margin. This information will help you determine which of your offerings are most profitable and which should be revised to increase your profits.

    4. Talk to an expert

    It’s not important for you to have all the answers for your business, but you have to be willing to talk to people who have the information you need. Once you know your current situation and what your goals are, talk to an accountant or financial expert to figure out your next steps.

    Experts can help you make sense of your financial situation and how to move forward—whether that’s the best use of your profits or getting yourself out of a negative cash flow situation. They can offer you effective solutions you may not have considered, or help you revise your plan so it’s more realistic.

    5. Monitor your progress

    Throughout the year, take a look at your plan and your projections to ensure you’re still on track. If things are progressing as you expected, great. If not, explore how you can address the situation before financial problems become unmanageable.

    Final thoughts

    Creating a financial plan may feel overwhelming, but by having a clear picture of your goals, your current situation, and your progress, you can write an effective financial plan that increases your chances of success.

  • Cash Flow Advice for Small Businesses

    Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of small business owners say cash flow management is a major concern for them.

    Cash flow refers to the movement of money into and out of your business. It’s based on the amount of money you bring in minus the amount you spend. A positive cash flow means you’re bringing in more than you’re spending. A negative cash flow means you aren’t bringing in enough to cover your expenses. Your company can run into problems by not charging enough for goods or services, having clients who are chronically late to pay, growing too quickly or simply spending too much money.

    Cash flow can vary throughout the year, depending on sales cycles or whether you’ve made a large purchase. Here are three strategies you can use to gain control over your cash flow.

    Cash

    1. Understand your profitability

    Managing your cash flow is great, but it won’t help you if your business isn’t profitable. Take a look at each of your products and services to determine how much they bring into your business compared with how much you spend to provide them. Find any inefficiencies in your processes and eliminate them if possible. Figure out where your business is most profitable and where you’re dealing with cost overruns.

    The basis of a solid cash flow is ensuring you offer goods and services that are profitable and help you obtain your goals, while reducing those that negatively affect your finances. You may need to increase your prices to reflect the cost of goods sold, or stop selling lower-margin products or services.

    Similarly, take a look at your clients. Are there some that you are undercharging or spending too much time and energy on? Can you increase their fees or find higher-paying clients?

    2. Write a cash flow forecast

    Your cash flow forecast (also called a cash flow projection) predicts how your business will perform financially over a set period. It’s a good idea to have a cash flow forecast for a year, broken down into quarters and months. Audit services in Melbourne can help you in auditing your cash flow.

    The projection takes into account your revenue and expenses over those set periods, and helps you figure out how much you need to make in that period to cover your expenses. It can also allow you to anticipate any upcoming cash flow issues, such as slower periods that may require you to cut back on expenses. If you have any anticipated big-ticket items you’ll need to buy or plans to expand your business, include those in your forecast.

    Periodically check your actual cash position against your projection to see how you’re doing and if you need to make any adjustments.

    3. Use technology to keep on track

    There are plenty of software solutions that can help you gain insight into your company’s cash flow. They can help you build projections and get a real-time view of how your business is doing. This information can then be shared among company managers, so everyone has an idea of how the company is doing financially and where strategies need to be put in place or altered to get you back on track.

    Additionally, invoicing software and project management software can be used to encourage faster, easier payment from clients and keep projects on budget. This will also improve your cash flow.

    Final thoughts

    Many business owners find cash flow management stressful, but with a little information, and planning, and by using the right tools, you can have better insights into your company’s financial situation. Those insights will help you make better decisions for your business and gain control over your cash flow.

    Visit for Business Advisory Melbourne.

  • NSW and Federal Government Combined COVID-19 Support Package

    NSW and Federal Government Combined COVID-19 Support Package

    This week the NSW state and Australian Federal Governments announced a combined support package to help households and businesses during the ongoing COVID-19 lockdown.

    The COVID-19 Disaster Payment will be expanded and increased under this agreement. The payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 and less than 20 hours of work a week.

    From 18 July 2021, the Disaster Payment will be available to those outside the Commonwealth declared hotspots in NSW that meet the criteria for the payment. It will be offered to any other state or territory that experiences an extended lockdown.

    Also, a new business support payment will be available for those with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover. Eligible entities, including not-for-profits, will receive $1,500 to $10,000 per week based on the level of their payroll. For sole traders, payment will be set at $1,000 per week.

    More information will be on the Service NSW website and we will keep you updated.

    Get ready

    To help avoid delays in completing your application:

    • ensure your business and contact details are up-to-date with the Australian Business Register
    • ensure your personal, contact and business details are up-to-date in your MyServiceNSW Account and your business profile
    • if you don’t have one, create a MyServiceNSW Account and business profile.

    Please contact us if you have any questions about your business. We are here to help.

  • Tax Implications of Cryptocurrency (AU)

    Tax Implications of Cryptocurrency (AU)

    With cryptocurrencies gaining notoriety, many people are unclear on how or when they can be taxed. Despite widespread belief to the contrary, you can be taxed on gains made as a result of obtaining or using cryptocurrency. If you’ve made a profit from trading cryptocurrency, for example, you need to declare it at tax time.

    Here is some important information on cryptocurrencies and their implications for your taxes.

    How cryptocurrency is defined

    For tax purposes, the Australian Tax Office (ATO) defines cryptocurrency as “a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain.” This includes Bitcoin, or other digital currencies with characteristics that are similar to Bitcoin.

    The ATO says cryptocurrency—including Bitcoin—is not Australian currency and is not foreign currency.

    How cryptocurrency is taxed

    You can be taxed on your profits when you exchange cryptocurrency for another currency, other cryptocurrencies, or to purchase goods or services. If they are used in business or professional activities, they may be taxed as income. For example, professional cryptocurrency trading or mining, operating cryptocurrency-related businesses, or operating a business using cryptocurrency transactions all count as income.

    If the cryptocurrency is used in other ways—such as casually or as a hobby—it may be taxed as an investment and subject to capital gains taxes.

    You are not subject to capital gains until you exchange or otherwise dispose of your cryptocurrency holdings. Typical transactions include:

    • Selling cryptocurrency
    • Gifting cryptocurrency
    • Trading or exchanging cryptocurrency for another cryptocurrency or fiat currency
    • Converting cryptocurrency to fiat currency
    • Exchanging cryptocurrency to purchase goods or services

    A capital gain on any of the above transactions, will result in being taxed on part or all of the gain. If you hold the cryptocurrency for more than a year before exchanging, selling or trading it, you may receive a 50% capital gains tax discount. If you have losses on the cryptocurrency exchange, you can use those to reduce capital gains in that year or future years.

    Cryptocurrency obtained or held as an investment may be subject to capital gains taxes. Your reason for purchasing or keeping the cryptocurrency is as important as the reason for exchanging it. Even if you use it for a personal purchase, if you acquired it as an investment you must report it and it may be taxed as a capital gain.

    Keeping proper records

    No matter your reasons for purchasing, holding or using cryptocurrency, it’s important that you keep proper, detailed records of all cryptocurrency transactions. This means keeping a record of the date of each transaction, the value of the cryptocurrency in Australian dollars at the time of the transaction, the purpose of the transaction, and the other party’s details.

    Keep all receipts of any transaction including cryptocurrency and records of all costs associated with the transaction.

    Final Thoughts

    If you’ve been involved in any cryptocurrency transaction in the past year, it’s important that you keep proper records and report the transaction to ATO. Although many people think they do not have to pay taxes on cryptocurrencies such as Bitcoin, ATO views them as income or investments and they can affect your taxes. We at S & H Tax Accountants can help to lodge a tax return with Crypto trading, our accountants are highly experienced and well qualified. Book an appointment today with S & H Tax Accounting, call us at 03 8759 5532 or email us at info@sahtax.com.au

  • Business Update – 21 July 2021

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    South Australia Announces Shutdown, Victoria Extends Lockdown

    Lockdown

    South Australia moved to a full lockdown yesterday after the number of local COVID-19 cases grew to five. The lockdown will last for at least a week to contain the spread of the Delta variant. This article outlines the COVID-19 rules on travelling, gathering, and mask-wearing.

    Also, South Australia has shut its borders with NSW and Victoria as outbreaks continue. You can find the complete set of border rules here.

    Meanwhile, Victoria extended its lockdown by a week after recording 13 new cases. From midnight, Victoria will no longer permit travel for those arriving from NSW, except for essential workers or on compassionate grounds.

    We’re thinking of everyone affected by these ongoing lockdowns around the country and encourage you to get in touch if you need any assistance. Please be aware this is a busy time for us as well and we will do our best to keep you informed.

    COVID-19 Disaster Payment for recognised lockdowns

    This Federal Government support is lump sum payment for workers who cannot earn income because of a state public health order. You can check your eligibility here.

    NSW: JobSaver and Micro-business COVID-19 support grant coming

    The NSW Government will be offering financial support to businesses or not-for-profit organisations impacted by the recent COVID-19 restrictions and stay-at-home orders.

    JobSaver is fortnightly payments to help maintain employee headcount (as at 13 July) and provide cashflow support to businesses. You can register your interest with Service NSW.

    If you’re a micro business (small business or sole trader with annual turnover of more than $30,000 and under $75,000) impacted by the current Greater Sydney restrictions, you may be able to apply for a $1,500 payment per fortnight of restrictions from late July 2021.

    NSW small business fees and charges rebate

    If you are a sole trader, the owner of a small business or a not-for-profit organisation in NSW, you may be eligible for a small business fees and charges rebate of $1500 aimed at helping businesses recover from the impacts of COVID-19. Applications are open and you can check your eligibility here.

    You can view the range of NSW Government 2021 COVID-19 Support Packages here.

    Cash Grants for Victorian businesses affected by lockdown

    The Victorian Government has announced further financial support through the Business Costs Assistance Program, ensuring businesses will get another $2800. For businesses who received earlier rounds of the grants, the top-up payments will be automatic. Businesses who didn’t apply or were ineligible in May-June lockdown, their applications will be considered.

    Alpine businesses will receive an additional $3000 for closure during peak season and community sport and recreation organisations will also receive $2000 grants for events that have been cancelled or postponed.

    South Australian Business Support Grant

    Cash grants of $3000 will be available to small and medium businesses that suffer significant loss of income and sole traders can apply for a $1000 grant.

    The SA government will also provide $600 weekly support payments to workers in regional South Australia, after areas outside of Adelaide were left out of the Commonwealth “hotspot” declaration, meaning they miss out on disaster payment federal support.

    Applications are expected to open within the next fortnight and businesses can register interest on the SA Treasury website.

    NZ Freezes Travel Bubble with South Australia, Extends Pause on Travel Bubble with Victoria

    Quarantine-free travel from South Australia to New Zealand has been paused, but those who are currently in the state who ordinarily live in New Zealand will be able to return on “managed return” flights starting with the next available flight.

    A negative pre-departure test taken within 72 hours of flying will be required for eligible passengers, and they must also complete a health declaration confirming they haven’t been at a location of interest.

    Meanwhile, NZ’s Ministry of Health extended its pause on quarantine-free travel for Victoria for two days starting on Monday. The freeze would be reviewed again today, as well as the arrangement with New South Wales which was on pause since 22 June.

    Tax Implications of COVID-19 Rent Concession

    If you’re a landlord who has given a rent concession or a tenant who received a rent concession because of COVID-19, you need to consider this in your tax returns.

    Take note that the changes in the income you declare, deductions you can claim, GST, and capital gains tax obligations depend on the type of rent concession and the changes to the landlord-tenant agreement.

    If you need some expert guidance, contact us today so our specialists can help you.

    Government Adds More Telehealth Services as Lockdowns Continue

    The federal government has announced extending telehealth consultations for Australians in COVID-19 hotspots from Friday last week. Two new Medicare telephone items will be available for GPs and other medical practitioner services for patients living in hotspots.

    The new items will allow doctors to provide longer telephone consultations of 20 minutes or more.

    JobMaker Hiring Credit’s Second Claim Period

    The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register any time until the scheme ends.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

    Income Statements can be found in myGov in July

    Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) now known as Income Statements can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your or 31 July, depending on if the employer has 20+ employees or 19 or less respectively.

    How to Solve Growing Business Pains

    Experiencing business growth can be both exciting and challenging. As your business moves to the next level, some things may take you by surprise. This Forbes article discusses some of the most common growing pains and some tips on how to deal with them.

    • Constantly fixing mini-crises. When everyone turns to you every time a mini-crisis arises and you constantly put out fires, you lose focus on your long-term goals. What you can do is to hire some senior members to help with some of these issues, as well as set long-term goals and forecasts for your business.
    • Not enough time to meet business demands. When you hit a growth curve, demand also increases and it can sometimes feel like you don’t have enough time to accomplish everything. Review your org chart and make sure your employees are accomplishing tasks that are aligned to your short and long-term goals. If you’re not ready to take in more in-house staff, hire freelancers for short-term requirements.
    • No established processes and procedures. Focus on your long-term goals and implement procedures before you need them. You should also listen to your employees’ feedback about your existing technology and processes because they’re the ones who use them every day.
    • Ineffective communication. While you don’t necessarily have to say goodbye to informal catch-ups even as your business grows, you should scale communications and have formal processes for increased transparency and efficiency.
    • Knowing when to scale. Not everyone is meant to run large-scale operations, so be realistic about your capabilities. Have a reliable board of directors or mentors to serve as your trusted advisors.

    Is your business growing too fast? We’re not only good at crunching numbers, we can also guide you through this new stage in your business. If you need tailored advice, get in touch with us today!

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • 5 Financial Tips for Your 30s

    5 Financial Tips for Your 30s

    Your 30s are an exciting time. You’re typically making more money than you were in your 20s and you’re looking to the future to determine the type of life you want to live. Your 30s are also a great time to take control of your finances, so you have more security and flexibility in the coming years.

    Businesspeople Meeting Plan Analysis Graph Company Finance Strat

    Here are 5 financial tips to follow in your 30s, to help you get ahead.

    1. Create and stick to a budget

    Budgets are a great way to set your financial goals and create a strategy for achieving those goals. Too often, we go from month to month without any overall plan, which usually results in not getting ahead—and sometimes we wind up in even more debt.

    Determine your short- and long-term goals and figure out what you need to do financially to reach those goals. Do you want to buy a house? Go on a big vacation? Retire early? Do you need to spend less? Sell some items? Put more money in savings?

    Without a budget, years can go by and you’ll realise you’re in exactly the same place financially that you were 5 years ago. Instead, create a budget, set out how much you’ll spend—and on what—how much you’ll save and what you’ll do with the rest of your money. Then, stick to your budget.

    2. Diversify your income

    Multiple income streams not only allow you to increase your earnings, they protect you in case of an emergency. Income from your job provides stability, but what happens if you’re suddenly unable to work? Having multiple sources of income protects you in such situations so you don’t find yourself in a financial crisis.

    You can invest in property or stocks, for example. Or you can create passive income by writing and selling books in areas you’re an expert in. You could have a side job that allows you to earn extra money so you can pay down your debt faster.

    3. Pay off your debt

    It may be impossible to live completely debt free in your 30s, but getting rid of some debt such as credit cards and lines of credit can free up your income to allow you to save more for the future.

    Pay off your credit card bills, your lines of credit and anything that has a high interest rate first, then move to other debts with lower interest rates.

    4. Stop overspending

    It’s tempting to overspend because we want to keep up with the people around us. Typically, when we hit our 30s we’re making more money, have greater disposable income and are surrounded by people who are also spending their money. It’s natural to want to keep up.

    The problem is that spending too much in your 30s can affect your finances for the next few decades. Instead of buying a big house that impresses people but eats up your salary, consider something smaller that’s more affordable. Rather than buying a high-power new car, consider a less expensive model.

    There are times when it’s worth it for you to spend big on items, but don’t do it just so you can keep up with other people—and definitely don’t do it if you can’t afford it.

    5. Have an emergency fund

    An emergency fund is essential to help you get through any extreme financial circumstances. Even if you’ve diversified your income, you need to have funds that you can access quickly in case of unexpected expenses, such as home and car repairs or medical bills.

    An emergency fund is there to carry you through unforeseen circumstances, but having one also means you don’t have the stress of worrying about what will happen to you if something should go wrong. You have the peace of mind of knowing that you’ll have the financial means to react and adjust.

    The amount recommended for an emergency fund varies depending on your lifestyle, finances available to you and job, but consider having around 6 months of expenses in a special account. Then promise yourself you won’t touch that money, except in a real emergency.

    Final thoughts

    By following these simple tips, you can take important steps in your 30s to set yourself up well financially for the future.

  • Business Update – 14 July 2021

    Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

    NSW Lockdown Extended for 2 Weeks

    Lockdown measures in Greater Sydney have been extended by at least another two weeks from Monday. At this stage it will last until 11:59pm on Friday July 30. We’re thinking of everyone affected and encourage you to get in touch with us if you have any questions about your business.

    New NSW COVID-19 Support Package Announced

    Under a combined NSW and Federal Government support package, the COVID-19 Disaster Payment will be expanded and increased. The payment will increase to $600 if a person has lost 20 or more hours of work a week or $375 if a person has lost between 8 and less than 20 hours of work a week.

    From 18 July 2021, the Disaster Payment will be available to those outside the Commonwealth declared hotspots in NSW that meet the criteria for the payment. It will be offered to any other state or territory that experiences an extended lockdown.

    Covid

    Also, a new business support payment will be available for those with an annual turnover between $75,000 and $50 million who can demonstrate a 30% decline in turnover. Eligible entities, including not-for-profits, will receive $1,500 to $10,000 per week based on the level of their payroll.

    For sole traders, payment will be set at $1,000 per week.

    More information will be on the Service NSW website later this week and we will keep you updated.

    NSW COVID-19 Business Grant

    If you’re a business, sole trader or not-for-profit organisation impacted by the current Greater Sydney COVID-19 restrictions, you may be able to apply for a grant of up to $15,000 from 19 July 2021.

    Victoria Closes Border to NSW

    Victorian authorities have closed the state’s border with New South Wales on Sunday. The border is closed to NSW and the ACT, except for Victorian residents returning on a red zone permit for 14 days of quarantine and those with exemptions.

    NZ Resumes Travel Bubble with QLD as restrictions ease

    NZ has resumed its quarantine-free travel arrangement with QLD from 11:59 pm on Monday. QLD health authorities announced reduced restrictions on social gatherings and mask wearing starting this Friday, prompting the NZ government to bring back the travel bubble. Queenslanders will still need a pre-departure test to enter NZ.

    Kiwis Stranded in NSW Start to Come Home

    Managed return flights will start bringing New Zealanders stranded in NSW home to NZ on Tuesday. There are as many as 2,500 Kiwis in NSW, but there are only about 1,000 rooms available in the MIQ facilities over the next two weeks. Returning travellers will be required to quarantine for 14 days upon return.

    Singapore-Australia Travel Bubble More Likely in the End of 2021

    A planned travel bubble between Singapore and Australia is more likely to happen towards the end of the year, according to Australian Minister for Trade, Tourism and Investment Dan Tehan. Plans have been on hold due to a third wave of COVID-19 in Australia.

    At present, around 40% of Singapore’s population have been fully vaccinated, while 11% of Australian adult population (20.5 million) have received both shots of an approved vaccine.

    Western Australians Exposed to Victoria, SA Hotspots Must Get Tested

    Western Australians who have been to recently announced exposure sites in Victoria and South Australia are required to be tested immediately and to quarantine for 14 days regardless of the result.

    This comes after a group of COVID-infected removalists from Sydney visited a Melbourne apartment complex and a South Australian petrol station. The entire apartment building in Maribyrnong has been placed into lockdown after the removalists dropped furniture using the building’s lift.

    Australian Business Activity Fell From Record Highs

    National Australia Bank’s index of business conditions dropped 12 points to +24 in June, after climbing 5 points in May. Meanwhile, its measure of confidence slipped 9 points to +11, though that was still above the long-term average.

    This comes as the COVID-19 lockdowns in New South Wales and Victoria curbed sales and undermined confidence.

    Job Maker Hiring Credit’s Second Claim Period

    The second claim period of the JobMaker Hiring Credit is now open. So if you’ve taken on additional young employees between 7 January and 6 April 2021, you may claim the following payments:

    • up to $10,400 over a year for each additional eligible employee aged 16 to 29 years
    • up to $5,200 over a year for each additional eligible employee aged 30 to 35 years

    Register any time until the scheme ends.

    Wage Subsidy Scheme for Apprentices and Trainees

    The government has announced the expansion of the wage subsidy scheme for apprentices and trainees. Under the scheme, the government will pay half the wages of apprentices up to a maximum of $7,000 each quarter for 12 months. Ask us if you have any questions.

    Income Statements can be found in myGov in July

    Since Single Touch Payroll (STP) came into place in 2019, payment summaries (previously called Group Certificates) now known as Income Statements can be accessed through myGov. These are no longer directly provided by employers. This will be prepared and ready for employees by 14 July if your or 31 July, depending on if the employer has 20+ employees or 19 or less respectively.

    Eight Tips to Calmly Handle Company Crises

    Running a business has its own ups and downs. Sometimes, ideas fail and things go out of hand, leading to a crisis within the business. In this Forbes article, members of the Young Entrepreneur Council share eight tips to manage company crises calmly and competently.

    • Take a moment to sit and think, without distractions. It’s through clarity that you can make the best decisions and take the right actions.
    • Ask senior leaders to help address the crisis. Catch up with leaders, explain the current situation, and ask them to help you address the crisis.
    • Respond in a calculated manner instead of reacting. Responding requires you to take a moment, gather all relevant information, and make a plan to move forward.
    • Encourage employees to stick to their daily routines. This keeps a sense of normalcy and prevents placing unnecessary stress on employees.
    • Take ownership of successes and failures. Resist the urge to shift blame as this will only cause more problems and worsen the crisis.
    • Remember your company’s purpose and vision. Re-centre everything to your true north in order to stay calm and manage the crisis.
    • Quantify the issue to put it into perspective. Being able to quantify the issue as a one-dollar problem or a thousand-dollar problem, for instance, can help you approach the crisis from a composed viewpoint.
    • Create a plan of action with detailed steps. Proactively define priorities and then communicate the three or five most important steps. Having a plan will not only help address financial concerns and preserve operational continuity, but will also make your team feel secure.

    Need more focused business advice? Get in touch with us today and let us talk about your specific situation and how we can help you.

    Get in touch

    Contact us if you have any questions or want to discuss the next steps for your business.

  • Managing Field Workers in Your Construction Business

    Managing Field Workers in Your Construction Business

    It’s one thing to manage workers when they’re all in the same place at the same time. However, when you run a construction business with field workers, things can get a lot more challenging. Not only are you typically not on the same job site as them, but you might also have workers scattered over a variety of sites and projects. Managing them doesn’t just mean scheduling them and making sure they’re progressing on the project, but also knowing how to shift people and equipment between sites to boost productivity.

    Firm Handshake 1098 18183

    Here are 3 things you can do to effectively manage field workers in your construction business.

    1. Be clear on your expectations

    One of the most challenging parts of having field workers is when people don’t know what’s expected of them. They might understand what their job is—and be perfectly capable of carrying out it—but less clear on their level of autonomy.

    For example, under what circumstances do they need to consult you, versus when can they make executive decisions on their own? Is there someone on each job site who acts as a team lead or are they all given the same level of authority? Who is the superintendent, if there is one? How frequently should they communicate with you about progress and what information do you need? What are the milestones they need to meet and when do they need to meet them? What are your responsibilities to the workers on the job site?

    Giving your field workers a clear idea of your expectations makes it easier for them to react to situations at the moment, rather than wondering if they need to contact you. It also provides them with a framework for carrying out their duties. Finally, it reassures them that there are expectations of you that you’ll meet as well, such as ensuring they have the right tools for their jobs.

    2. Upgrade your tools

    Many construction companies still use manual processes, such as telephone calls, to share information. These manual processes require you to review large volumes of paperwork and take up a lot of your time just to keep up-to-date on what’s going on. With multiple job sites, the task can become unmanageable.

    These days, there are various technologies and platforms that can be used to share information and communicate with field workers. You can send tasks to field workers, ask them to capture data and share virtual paperwork in real-time.

    The information is shared much more easily and efficiently and cuts down on the risk of missing paperwork and other errors. It also provides you with a complete audit trail, so you have proof of your company’s activities, in case there are ever any questions.

    3. Engage workers

    One of the best things you can do to manage field workers is to ensure they all know they are part of the team and feel appreciated by you. This means being clear in your expectations, but also giving them the opportunity to offer feedback. Find out how you can support them. Provide group activities where the different teams are brought together to interact with each other and get to know one another.

    Visit the job sites. You may sometimes have to check in to evaluate how things are going, but drop in periodically to check in with them without being there to review their performance. Ask what’s going well and what could use improvement. Listen to your field workers and if their suggestions are reasonable, consider implementing them. After all, they’re the ones in the field.

    Final thoughts

    Managing field workers can be complicated, especially if you have numerous teams at different locations. Being clear about your expectations, using the right tools, and engaging your workers will help you more effectively manage them.

  • 3 Reasons Why Business Partners Break Up and How to Prevent Them

    3 Reasons Why Business Partners Break Up and How to Prevent Them

    For many business owners, partnerships are an ideal way to run a business. Operating a business with a partner means you don’t have to make all the decisions on your own. It means you have someone there with you, to help you carry the burden and share ideas with. That can be a great thing, when it lasts.

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    Unfortunately, many business partnerships fail. Although they fail for a variety of reasons, there are some main factors that contribute to a business partnership breakup. Here are 3 reasons business partners break up, and steps you can take to prevent it from happening to you.

    1. Unequal contributions

    All partnerships go through periods where one person contributes—their time, money, energy, or other resources—less than the others. That’s normal. When it happens over a prolonged period or becomes a pattern, resentment can set in and the other partners can begin to feel taken for granted.

    In some cases, a disparity in contributions is natural. For example, if one of the partners has a lot more money or time to invest. These situations require a conversation, however, to ensure that the inequality is addressed and made up for in other ways. If one person has more money to contribute, can the other make it up by contributing more time? If one partner is in a stressful period—maybe they need to step back for a few months due to health issues—can they pick up the slack later so the other partner can take some time off?

    Make sure this discussion involves quantifiable amounts. You can’t measure “work extra” but you can measure “work an extra 6 hours a week for three months.”

    Unequal contributions can be addressed and managed but all partners need to talk about the situation and develop a reasonable and realistic plan for ensuring the disparity doesn’t become an insurmountable problem.

    2. Not hiring help

    Partnerships run into trouble when the people involved think they can handle every issue that comes their way, even if it falls outside their area of expertise. It doesn’t matter how many people are involved in the partnership, if none of them are good with numbers none of them should be doing the accounting.

    When people take on too many activities outside their expertise, problems arise. Mistakes get made and people get blamed. Relationships can sour.

    Discuss with your partners your areas of expertise and activities that you aren’t comfortable doing. Any tasks that no one has expertise in should be given to a professional so that each of you can focus on the areas you’re good at and comfortable in.

    3. Differing visions

    Business partners should have a shared vision for the company so they’re all working towards the same goals. It’s okay for partners to have slightly different views on how to achieve those goals, but overall the vision should be aligned.

    Problems can take hold when partners have deeply different visions for the company and how to meet their goals.

    Ensuring a shared vision is an important step. To do so, make sure your company has a formal, written strategic plan. Work with your partners to write and review the plan periodically. Make sure everyone remains committed to the same vision, and address any shifts in perspective that may have occurred.

    If you’re about to start a business partnership, discuss with your partners why they want to run a business, what their vision is for the company and what their long-term goals are. Make sure everyone is at least somewhat aligned.

    Final thoughts

    Business partnerships can be incredibly rewarding, but they also have the potential for issues. Open communication about your ability to contribute, your skill sets and your vision will help your partnership to stay on track and prevent a breakup.

  • 3 Tips to Make the Most of the End of Financial Year

    Preparing your End of Financial Year (EOFY) information often feels stressful—there are receipts to sort out and reports to review, and you need to make sure you have all the necessary information about your income and expenses. It can be overwhelming, and it can make the EOFY feel daunting.

    The end of the financial year isn’t just a time to collect receipts and find invoices, however. It’s also a time to reflect on how your past year went, what went well and what didn’t, and what you can change for next year.

    Here are 3 tips so you can make the most of your end of financial year.

    1. Consider redoing your files

    One of the most overwhelming parts of the end of the financial year is finding all the invoices, receipts and reports you need so you can properly file your taxes. Pay attention to how easy it was—or wasn’t—to find what you needed his past year.

    Did you have to search 15 different places for all your receipts? Did you have a combination of online and physical invoices? Did you have clearly labelled folders for everything? Did you leave everything for the last minute?

    If you found yourself searching high and low for every piece of paper you needed, you might want to consider revising your paperwork so it’s easier and less time consuming to manage.

    Can you keep track of everything through software and apps? Is there technology or equipment that can help you? Is it worth investing in a filing cabinet?

    The effort you put now into sorting your paperwork will pay off hugely every year when you can quickly and easily find all the information you need. Let’s face it, you’ll come up against the end of the financial year every year so you may as well be systematic about it.

    2. Reflect on your year

    The end of the financial year is a perfect time to reflect on how the past year went. Celebrate the big successes, but remember to focus on other victories as well. Even if you didn’t meet your financial targets, did you survive a particularly tough year? Did you manage to pivot your business and try a new model? Did you take some risks and learn from them? Did you grow your business or expand your offerings?

    It’s great to have goals for each year and celebrate when you achieve them, but it’s also important to look at where things didn’t go according to plan and how you grew from those situations. You may need to refine your business plan if you’re not meeting your financial targets, or rethink how you arrive at your goals in the first place.

    Do this before you start planning the year ahead, so you can revise your strategies going forward.

    3. Plan for the future

    Now that you’ve reflected on what went well and what went sideways last year, you can better plan for next year. Research upcoming events and schedule your marketing calendar. Plan ahead to address slow times or busy periods. If you didn’t meet your financial targets last year, either change how you set your goals or your strategies for achieving them.

    Many retailers offer big discounts at the end of the financial year. Does it make sense for you to make a purchase right now? Should you buy new equipment, technology or other goods at this time? It may be worth it, if you have the money to do so and you need those items.

    Final thoughts

    Although the end of the financial year can feel stressful, it’s also a fantastic time to reflect on the past year and celebrate your achievements. You can take the time to plan ahead and incorporate the lessons you learned from the past year to make the upcoming year your most successful. You can contact us on 03 87595532 if you need help.

     

  • 3 Consequences of Avoiding Your Bookkeeping

    3 Consequences of Avoiding Your Bookkeeping

    If you ask 100 business owners what they like least about running a business, chances are good that bookkeeping will rank high on the list. It’s an annoying and frustrating chore that takes up a lot of time and is easy to put off until tomorrow.

    Avoiding your bookkeeping is dangerous, however. Not knowing your company’s financial situation can result in a series of missteps that could ultimately cost you your business.

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    Here are three consequences of not keeping up with your bookkeeping.

    1. You’ll make poor decisions

    You can only make informed decisions about your business when you have a full picture of your current financial situation, including how much money is in your accounts, what your cash flow forecast predicts, and how much money you owe. Without that information, it’s much more difficult to know when you can afford to spend money or when you need to hold back.

    Without proper booking, your decisions will be based on how you think things are going, and that isn’t always accurate. You may have just finished a good month and decide it’s time to hire new employees only to find out you don’t have enough money in the bank to pay them. Waiting three months to hire employees might be more profitable for you in the long run, but you won’t know that because your books aren’t up-to-date.

    Maintaining your books ensures you have your company’s full financial picture available to you so you can make smart decisions.

    2. You’ll make financial mistakes

    Your employees, contractors, and lenders all rely on you to make your payments on time, every time. Payroll itself requires considerable attention to ensure your employees receive their benefits properly.

    Not keeping track of your financial books can result in expensive errors being made, including benefits being missed, bills not being paid on time, or over- or under-payments. This could cost you extra in fees for late payments or rushed payments, which also affects your books.

    On top of all this, financial mistakes can lead to a lack of trust. You need a trusting relationship with your employees, contractors and lenders. Payment errors can erode that relationship quickly.

    3. You’ll lose money

    In addition to losing money in unnecessary late fees and payment charges, not keeping track of your books can result in lost money that your business desperately needs.

    You won’t know which of your clients or customers aren’t paying you on time, which means you can’t follow up with them or add interest charges for their late payments.

    You could be paying too much in expenses and if you don’t reconcile your books you’ll have no idea that money is being wasted. Perhaps you purchased a software program to enhance productivity in the early days of your business. Maybe you stopped using it but forgot to cancel it, so each month for the past few years, you’ve been paying for a service you don’t use.

    Those payments add up and affect your overall financial position.

    Final thoughts

    Bookkeeping might be many entrepreneurs’ least enjoyable task, but it’s an important one. If you find yourself putting off bookkeeping or dreading doing it, it’s a good idea to look into hiring someone to do it for you. Bookkeepers are trained and knowledgeable in the process, and they can save you valuable time and money in the long run.

    Otherwise, be prepared to set aside time regularly to do your books yourself and don’t let yourself put the task off. It’s too important to the future of your business.

    Want to get your books in order without adding more work to your plate? Get in touch with us today.

  • 5 Steps to Early Retirement

    For some people, early retirement is a choice. For others, it’s a necessity. Regardless of which group you fall into, there are some steps you can take to help make early retirement a reality and live the life you dream about.

    1. Know your goals

    Before you know exactly how much money you need to save, you need to know your goals for retirement. Do you want to live in a small home in a small town? A luxury condo in the city? Travel around as much as possible (when it’s possible)? What sort of lifestyle do you see yourself living after you retire? Do you want to retire entirely or are you planning on leaving a corporate job to follow your creative dreams? Will you still earn a bit of an income, but on a very part-time scale?

    The answers to those questions can help you determine how much money you need to save now—and how aggressively you need to save—to set you up for early retirement. Establish what you want your daily retirement life to look like so you can better plan for it.

    2. Have a retirement budget

    The information that you came up with about the type of lifestyle you want to live will help you create a workable retirement budget. How much of your budget do you want to spend on groceries and utilities? How much do you need to save for home repairs or renovations? Will you want to downsize your living space?
    Anticipate any healthcare costs that could come up. You can’t plan for everything, but remember that healthcare costs tend to increase as you age. Be prepared financially for those charges.

    3. Pay off your mortgage

    The fewer expenses you have in retirement, the better for your cash flow. Not having a monthly mortgage drastically reduces your expenses when you’re no longer earning a steady income. As a bonus, when you pay off your mortgage early (without fees for paying it off too quickly) you’ll likely pay less in interest. So you’ll be saving yourself even more money.
    Knowing that your home is paid off entirely gives you a great deal of financial freedom and security in your retirement years.

    4. Have a financial plan

    You need a financial plan that sets out your goals, expenses, income and debts so you know where your finances sit. Any major purchases should be checked against this plan, keeping you on track as you move toward your goals.

    Review and revise your plan as necessary—if you’ve been set back by any major expenses, see if there are ways you can limit your spending in other areas. Or see if there are ways you can earn additional income while you’re still working.

    Remember that if you’re saving for long-term wealth, you’ll need to live below your means. Reduce your expenses where possible and increase your income.

    5. Generate passive income

    Cutting expenses can help you save some money, but diversifying your income streams to include passive income, such as real estate, can be more lucrative. Your passive income can be developed to cover your monthly expenses, which enables you to become financially independent much more quickly.

    Final thoughts

    Regardless of why you’re looking to retire early, having a solid plan in place and following the above steps can help you reach the financial independence you need to feel comfortable leaving your job.

    It’s important to live in the present even while you’re looking to the future. You’ll have to sacrifice some things to stay on track financially, but don’t give up everything. Treat yourself sometimes and celebrate when you reach your goals.

  • 6 Vital Money Management Tips for First-Time Entrepreneurs

    6 Vital Money Management Tips for First-Time Entrepreneurs

    Financial management is a vital part of running a successful business, but often entrepreneurs start their business with little understanding of how to make solid financial decisions. Managing your finances is about more than bookkeeping and paying taxes—although those are also important to a sustainable business. It’s about managing cash flow, preparing for income fluctuations, and having the resources to take advantage of opportunities.

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    Here are 6 money management tips first-time entrepreneurs should follow to increase their chances of success.

    1. Have a budget

    A key step in being on top of your finances is having a budget. Knowing how much money you have, how and where you spend it, your limits on how much you’ll spend, and where the money is coming from gives you crucial information about your profitability. That data can then help you make vital operational decisions about your company—such as where you need to save money and where you can spend more.

    Having a budget and accurate records helps you keep your business—and your finances—on track. In fact, every important financial decision should be weighed against your budget.

    2. Start an emergency fund

    Your emergency fund doesn’t have to hold a large amount of money, but it is there for you in case of sudden emergencies. Even highly successful companies have periods where they struggle financially—often due to circumstances well beyond their control, such as market shifts. An emergency fund can help your business survive during times when income drops. It can also provide you with needed cash to take advantage of an unexpected opportunity.

    3. Don’t spend too much

    New entrepreneurs might feel tempted to grow their business too quickly, make significant but unnecessary purchases, or hire too many people before they have the financial stability to do so.

    Wait until you have a steady, reliable cash flow to make big changes to your company. At least in the beginning, it’s important to take time to focus on the necessities for running your business, and get to know your business cycle. Don’t spend large amounts of money until you know when your busy periods are and when the slower times tend to occur—and how drastically they affect your finances.

    Plan ahead for any massive expenditures and establish guidelines for when you’ll start spending more money, for example after a set period of stable income. Then, stick to the rules you’ve set out for yourself.

    4. Hire an accountant

    An experienced accountant can help you understand tax laws and take advantage of deductions. Without an accountant, you could find yourself facing an unwelcome and unexpected surprise when your taxes are due. You can also make costly mistakes if you do your own taxes.

    Tax regulations can affect everything from your company’s ownership structure, to the best ways for you to spend your money so you can decrease your financial obligations at tax time. Hire an accountant and get to know them well, so they can give you tax advice that meets your specific needs.

    5. Keep your business and personal finances separate

    It can be enticing to mingle your business and personal finances, especially if your business is very small. Doing so, however, means you don’t have accurate financial information either about your business or about yourself.

    It’s also vital to make sure you pay yourself an income from your business. This helps ensure you’re financially stable. Combining your business and personal finances means you aren’t paying yourself. You’re just keeping whatever is left over after everything else is paid for. This leads to situations where your business becomes unsustainable because all your money is going into the company, leaving you with nothing to live off.

    Open a business bank account and draw your salary from that.

    6. Maintain a good credit score

    Good credit is essential for entrepreneurs. It establishes your credit worthiness and enables you to apply for loans, open accounts, and maintain a steady cash flow. It’s crucial you know your credit score and maintain a good rating.

    If your credit score is poor, focus on paying bills on time and double check to ensure that your credit report is accurate and up-to-date.

    Final thoughts

    Mistakes with your finances can be a recipe for disaster. By following the six tips above, you can protect yourself from making devastating financial errors. You’ll also have solid information about the financial health of your business so you can make informed decisions.

  • 3 Ways to Motivate Workers

    3 Ways to Motivate Workers

    The question of motivating employees is often on a business owner’s mind. It can be difficult to find ways to genuinely motivate employees at work, and often the old standards—performance-based bonuses, increased rewards and commissions—only work in the short-term, if they work at all. In fact, some tests have shown that the usual motivational tactics aren’t always effective.

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    So how can you authentically motivate workers?

    1. Share positive feedback

    Too often, rewards and recognition are based on achievements—increasing sales or closing a big account for example. But your employees do a lot of work that doesn’t gain attention on a spreadsheet. Going the extra mile for a client or showing compassion when dealing with a frustrated customer, for example, enhance your company’s reputation even if they don’t immediately have an effect on your profits.

    Create a process through which you gather feedback from your clients. When they share positive comments about your workers, share it with them. Let them know they made someone’s day, even if it wasn’t directly related to their job. Doing so can increase your employees’ satisfaction, which can be a great motivator. It also shows employees that you—and your customers—appreciate them.

    2. Focus on individuals

    Yes, your employees are members of a team. But each team member contributes in a way that is unique, and based on their individual skills, goals, and habits. Remember when you’re motivating your team as a whole that the people on it need to feel aligned with the strategies and goals you implement. You need each person to feel that they contribute to and also benefit from the work the team does.

    Talk to the individuals to find out what they do and don’t like working on, what their goals are and how the team can help them reach their objectives. Do they want to improve their skill set or try a new role? Do they want a mentor on their team who can help them with professional development? Have one-on-one check-ins and ask questions focused on their individual skill set. Listen to their thoughts and ideas. After all, you hired them for a reason.

    3. Ask your employees what they want

    Business owners frequently develop rewards and recognition programs based either on what they want or by following what other companies do. Rewards are often tied to promotions or financial incentives. These are nice to offer, but they may not appeal to all your employees. Not everyone wants increased work responsibility, for example.

    Some employees might prefer additional vacation days, enhanced benefits, free lunches, flex time at work, or other bonuses that aren’t tied to their salary or job title. Talk to your employees. Ask what motivates them and create rewards and bonuses based on what they identify as being most valuable to them.

    Final thoughts

    Entrepreneurs often view financial rewards for achieving goals as the main way to motivate employees. Research shows that these tactics may not be as effective as previously thought. There are other things you can do to show your employees you appreciate and value the work they do.

    It’s also good to remember that even the most motivated employee faces tough days. In those moments, showing your colleague compassion and offering support can help them feel valued.