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4 Tips to Improve Your Business Negotiation Skills
Owning your business requires many skills, and among the most important might be the ability to manage negotiations. As a business owner, you could find yourself negotiating in many circumstances, such as:
- Salary and job expectations with a potential employee
- Financing terms with a lender
- Payment terms with a supplier
- Lease or property agreements
- Equipment agreements.
Your ability to negotiate will have an impact on your financial situation, which is why it’s a good idea to refine your skills. That way, you’ll feel confident when discussion time comes around.

Here are four tips to improve your negotiation skills.

1. Be prepared

One of the best things you can do to improve your skills is to be prepared for any negotiation. By being prepared you’ll be better able to negotiate beneficial agreement terms and you’ll identify when someone is offering you a great deal that you should take advantage of.

This means doing your research to understand the scenario you’re negotiating in. Get to know what terms businesses like yours have agreed to, what other options you have available to you and how they’d stack up against the agreement you’re considering.

Also give thought to what you would consider a good agreement. Ask other people how they have handled similar negotiations. Finally, make sure you know what you’ll do if negotiations fall through. It’s easier to walk away from a negotiation if you know you have a back-up plan in place.

2. Know what you’re willing to give up

Before you go into the negotiations, it’s important to not only know what you want but what you’re willing to give up. Would you lose an investor so you keep more shares in your company? Would you give up partial control of your company for more shares? Would you pay more money for additional storage space?

Understand what you’re willing to give up and what you won’t yield on.

Knowing what you will–and won’t–give up on helps you stay focused and prevents you from making snap decisions that you ultimately wind up regretting. It also helps you evaluate whether the deal is a good one for you, and enables you to push to keep the things that are most important.

3. Practice negotiating

There are plenty of opportunities in your daily life to practice your negotiation skills in a low-stakes environment. You can practice negotiating where you want to eat for dinner, who has to do the chores, and what activities to take part in on the weekend. Use these situations to develop your listening skills and your ability to find a way to mutually beneficial terms.

4. Keep it conversational

Negotiations are about both sides walking away feeling positive about the deal that has been reached. You don’t want a negotiation to become adversarial. Remember that you are having a conversation to reach a point of agreement between all parties involved, and keep in mind that the negotiation isn’t personal. You and the other parties both want to get something out of the agreement, and you likely both want the other side to come away happy as well.

Final Thoughts

Negotiation is an important part of business life. Ideally, you want to feel confident, relaxed and prepared going into any negotiation. The best way to do so is to do your research, know what you want, practice your skills and keep things conversational.
08/03/2022
Differences Between an Accountant and a Financial Planner
When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have a plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two.

For any successful business, it’s advisable to have both an accountant and a financial planner because their skills are so complementary and they can work together to help you better meet your financial goals.

There are areas where they are similar, of course. Both can help determine if your financial plans are feasible and can provide you with important strategies for managing your money. And while they can both advise you, neither can make decisions for you.

Here are the main differences between accountants and financial planners.

Accountants

Your accountant is responsible for keeping accurate financial records, making summaries, and undertaking analyses of your financial transactions. Depending on their role or specialty, they may also undertake auditing, inventory accounting, and financial forecasting.

They’ll also help ensure your business is compliant with tax regulations and may advise you on important financial issues related to your business, such as decreasing costs, setting prices or wages, managing expenses, and budgeting. Additionally, they can help you determine the best way to set up your business, how to increase your returns after-tax, and how to grow your business.

Further areas accountants can help you include
- Payroll
- Lowering your tax burden
- Preparing business plans
- Forensic accounting
- Selling, buying, or merging a business.
Financial planners

Financial planners advise you on your wealth management. Typically, they are specialists in areas such as tax planning, managing your portfolio, or retirement planning. They may also advise you on solving your debt or building your long-term wealth.

People who have specific financial goals in mind can turn to a financial planner to develop the best path forward to achieve those goals and improve their financial wellbeing.

Specifically, financial planners can help you with
- Philanthropic strategies
- Retirement planning
- Investing
- Estate planning
- Budgeting
- Inheritance tax planning
- Cash flow modeling
- Portfolio construction.
Who to hire and when

If you run a business, it’s a good idea to have both an accountant and a financial planner on your team. Both will help set you up for success, lessen your risks and develop strategies to enable you to thrive financially. Often, accountants will know of good financial planners to bring onto your team, and vice versa.

If you feel you can only hire one, that one will be based on your specific needs. If you’re working towards long-term wealth or other financial goals, considering investing, or concerned about setting up your estate, talk to a financial planner. If your needs have more to do with running a business, daily transactional financial activities, or dealing with your taxes, an accountant will help you.

Develop relationships with both

In an ideal situation, you’d have both an accountant and a financial planner on your team. Keep in mind that for them to help you to their best abilities, they need to get to know you, your plans, and your challenges. By developing a solid relationship with both and being open and transparent about your financial situation and any issues you face you can better enable both to help guide you toward success.

Final thoughts

Whether you’re planning for your business or for your personal finances, it’s a good idea to have someone around who can give you expert advice and advise you on the best financial path forward.

Need an Accountant, S & H Accountants are the one for you. We are one of the best accounting firms in Cranbourne. We offer all types of tax services not only for individuals but also for companies, trusts and businesses. Our team consists of well-qualified, vastly experienced as well as extremely professional individuals. We also do offer bookkeeping services, which will manage your transactions for you! S & H Tax Accountants aim to provide the best level of service to our clients. Book an appointment today, call us on 03 8759 5532 or email us on info@sahtax.com.au
08/03/2022
5 Steps to Setting Up Your Business Processes for Success

When a business first starts out, it’s natural for the owner to be a jack-of-all-trades. You may not have the capital to hire specialists or access to the technology that can help you. As your business grows–or as you look to take a smaller role in your company–you may find the business has become over-reliant on you, which makes it difficult for you to take a step back.

Here are some steps you can take to enable your business to thrive, even if you can’t be there all the time.

1. Review workflows

Have someone interview everyone in the company to find out what their job is and how they fulfill their tasks. Look at their processes to see if there are ways to make their tasks more efficient and seamless–you could even look at best practices in other companies to see how they manage their tasks.

The goal here is to make processes as simple and efficient as possible. Take out any unnecessary steps and ensure each process only involves tasks that are vital to successful completion.

2. Automate what you can

Often in business, people continue doing a task inefficiently simply because they got used to doing it that way. That can lead to hours being spent in activities that could be automated. Look at activities that are carried out regularly and investigate whether software exists to make that process easier for you.

For example, if your staff spends hours each day updating your customer database, it’s worth looking into customer relationship management (CRM) software, which automatically takes care of that for you, saving you time and reducing the risk of errors. Likewise, if your team spends time following up on unpaid invoices, consider an online invoicing system that automatically sends out overdue notices.

3. Document the processes

Once you have an idea of how people carry out their responsibilities and have identified ways to improve or automate them, write the processes out. If possible, keep the documents digital, so they can be updated as your business evolves and so everyone can easily find them. If you’ve purchased software to automate processes, make sure everyone who would use the software knows how to access it and can do so easily.

Finally, ensure the documents are stored somewhere safe and accessible for your staff. You could use Google Docs or software designed to help with business process management.

4. Train your staff

Now is the time to train your team in your optimal workflows. Make sure everyone has read and understood the documented processes and knows how to access and use any software or technology you’ve purchased. Ideally, you’ll have a couple of people trained to cover each area of your business, so if one is ill or unable to work for a while, someone else can easily step in to carry out those responsibilities.

5. Make your business self-reliant

You want your business to function without you so it still thrives if you become ill, need a vacation or otherwise can’t work for a while. Examine your processes for areas where the company is still overly reliant on you and look for ways to foster self-reliance. This may mean identifying gaps in your employees’ expertise and hiring people with complementary skills, finding new ways to automate workflows, working with consultants and outside service providers to fill in gaps, or creating an FAQ document where questions you’re commonly asked are answered.

Final Thoughts

As your business grows and you step away, you’ll need to ensure you have staff who can take over various activities. Reviewing and documenting your processes, automating what you can, and identifying areas where your business is overly reliant on you will set you up for success.

08/03/2022
Tips to Navigating the Post-pandemic Business Landscape

Covid has resulted in many business transformations. While some small businesses found themselves shifting their offerings, others moved online or found new niches. If you’re wondering how to continue moving your business forward following Covid, you’re probably not alone.

Here are some important tips for navigating the business landscape following Covid.

1. Explore your remote options

Having a business model that enables you and your staff to work remotely gives you incredible flexibility in how you run your business. That doesn’t mean you have to move to an entirely remote work-force, although you can if you want to, but it does mean that should your staff have to work from home, they can still access the information they need to do their jobs.

Where information may have been stored on your computers’ hard drives, consider moving to cloud-based options, which allow for secure remote access. If you have documents that need signing or require collaboration, look into tools that allow staff to do so from wherever they happen to be.

2. Create an in-person experience for people purchasing from you remotely

Where possible, shift your business so your customers or clients get a remote experience that comes close to matching the experience they have when they visit your store or office.

You can explore offering telemedicine either online or through phone calls. If you have a retail store, consider offering virtual reality changing rooms, so people can see how the clothes they want to buy online look on them. Furniture stores can enable customers to upload pictures of their rooms so they can see how the furniture they’re considering would look in those rooms.

While a remote experience won’t ever be exactly the same as an in-person experience, there are things you can do to give customers and clients similar services that make their purchasing decisions easier.

3. Talk to your customers and clients about their needs

What your customers and clients needed from you before Covid may now have changed, and it’s important for you to identify those changes and shift accordingly. Many households have changed their routines and developed new habits, some of which will persist for years.

Is there a new product or service you can offer to help them? Are they concerned about being in your office in person? Are they more eager than they used to be to get out of their homes? Have they shifted to online shopping enough to justify you having an online store?

Don’t guess at the answers to these questions, reach out to your customers to ask. Ask them how their habits have changed, what they’re looking forward to buying from you and what concerns they have about returning to in-person transactions.

4. Explore your data

While it’s important to talk to your customers and clients about how their lives have changed, take note of how your market has changed. If you run a hospitality business that thrived on tourism, have you made up for it by marketing to locals? Are more of your customers coming from a different market segment than they used to? Did a service you provide suddenly take off during Covid?

Look at what your numbers and data are telling you. Although not all changes will be permanent, how your numbers have shifted can indicate new paths for you to follow and new ways to market your business.

Final Thoughts

The post-Covid business landscape will most likely look different from pre-Covid. By following a few steps, you can make the transition smoother for you, your team and your clients.

08/03/2022
How to Make Work-from-home Work for Your Team
More companies are exploring their options when it comes to employees working remotely. There are numerous reasons for doing so:
- Increased worker morale
- More flexibility in work schedules
- Enhanced cost savings by not paying for office space.
With all the benefits, it makes sense that employers are considering whether or not working from home can work for their team.

Here are 3 steps you can take to make working remotely as successful as possible.

1. Be upfront about your policies

You’ll need policies about what you expect from your team as they work from home. Do you need them working Monday to Friday, or is their schedule somewhat flexible? Are there meetings you’ll require them to be part of? Are there certain procedures or security protocols they still need to follow?

Have a policy book or set of guidelines that specifically lay out your expectations for employees who work remotely. In it, include the expectations you’ll hold yourself to, as well. Will you be available at certain hours if they need you? How much time do you need to respond to emails or phone calls? Will the company check in on employees periodically to see how they’re doing?

Setting your expectations upfront allows your team to work more cohesively because they know what you expect from them. While you probably won’t foresee every issue that could come up, you can address some common areas of uncertainty.

2. Communicate more than you used to

When staff is in the office, they have access to additional information they may not have when working remotely. In the office, they might share information about a project while standing in the breakroom or pop in for a quick chat about a client. When they work remotely, they don’t have those same opportunities.

If there’s a question about whether your team should know something or would want to know it, share it, so you can be certain they know everything they need to. Not everyone will get that information through the grapevine when they work remotely, so you’ll need to be vigilant about sharing it yourself, or delegating someone to keep everyone informed.

These days, there are many possible channels, including phone, email, text, IM, Slack, Zoom, and Skype. Do you have different channels that you use depending on the information being shared? Make sure employees know the best methods of sharing information depending on the purpose.

3. Encourage informal communications

One thing your team might miss is the social aspect of gathering in one space. Previously, they saw each other every day and likely had informal chats at break time or throughout the day. Schedule a group lunch or break time and encourage your team to join. Don’t make it mandatory, as they may have other pressing priorities –such as feeding their own children or walking their dog.

Having the space available gives them the opportunity to catch up with their colleagues and feel part of the team. Make sure the lunch chat is informal–don’t encourage talking about work.

Final thoughts

There may be other things you need to do, such as providing your team with necessary equipment or technology access to enable them to do their job successfully. It’s also always a good idea to ask your colleagues regularly for feedback on what is working well and what is more challenging when working from home, and adjusting as necessary.
08/03/2022
How to Choose the Right Software for Your Business
These days, businesses have plenty of options when it comes to choosing software. There are hundreds of developers creating and perfecting new products designed to help you more effectively and efficiently run your business.

With so many options available, it’s important to focus so you know where to start looking and how to make the best decision.

Here are some factors to keep in mind when you choose software for your business.

Your core needs

Not every business needs every type of software, so you’ll want to sit down and think about what your business actually needs, and what will help you achieve your future goals.

Some types of software include:
- Lead generation and sales to help you identify and track prospects throughout the sales process
- Finance and accounting to help you manage your finances, track accounts, and invoice clients
- Supply chain and logistics to help you manage your supply chain and inventory
- Proposal software to help you create, send and track your business proposals
- Productivity to help you improve productivity and track employee activities.
Each of these has its benefits, but you don’t need all of them. Consider what your most important goals and objectives are. Do you want the software to make your business more efficient? Do you need software to take administrative chores off your hands? Is there an important gap in your business that software can fill?

The answers to those questions should help you decide on which category of software to start with.

Software factors

Next, examine products within your chosen category to find the best product for you. This is based on a number of factors, including your current software, the new product’s functionality, and the developer’s responsiveness.

Key factors to consider:

Functionality: Although it’s tempting to go for a product that has all the bells and whistles, you might be paying extra for features you’ll never use–and which could actually cause problems of their own. Look for software that has the features you need and will use.

Integrations: If you’re already using software, you’ll want new products that integrate with what you’ve got.

Security: If you’re handling confidential or sensitive information, you need software that has ample security.

Customer support: You need to know that issues can be handled and dealt with quickly. Make sure there’s a solid customer support policy backing the product.

Budget: Choose the best product that fits your budget and has what you need.

Making the decision

You don’t have to go it alone when making a software decision. Research to find out what software others in your industry use. Talk to your team to find out what their experience with the software has been and what they recommend. Find out what factors they need taken into account to make their jobs easier.

Read online reviews, particularly from companies similar to yours, to find out what they liked about the software you’re considering. If the developer offers it, read their buyer’s guide, white paper or other documentation to get a feel for the product and their philosophy. It’s even better if you can get a demo of a product to try.

Final Thoughts

Buying new software is an exciting opportunity for your business. You’re purchasing something that can make your business more efficient and profitable, while also making your job easier. Take the time to consider what you really need, what will work for you now and as you grow, and what others say about your options before making a final decision.
08/03/2022
Essential tips to help you sell your house quickly

Once you’ve made the decision to sell your home, chances are you’d like to do it as soon as possible. While some houses sell almost as quickly as they hit the market, others sit for a considerable amount of time without generating any offers from prospective buyers. Fortunately, there are several steps that you can take to increase the odds that your house is in hot demand and sells quickly.

Choose the Right Real Estate Agent

While every area has a handful of real estate agents who make a name for themselves by outselling their competitors, that doesn’t necessarily mean that one of them is the right agent for you.

While a top seller may be just what you need, it’s more important that you choose an agent with whom you can work well and feel comfortable. Whether you choose a realtor who is an outgoing overachiever or a laid-back professional who takes a more relaxed approach is entirely up to you.

Pick the Right Price

There’s nothing that will knock your home out of the running more quickly than a price that’s too high. Before pricing your home, do your research and find out what comparable homes in your area are selling for. While your real estate agent will help you determine where to place your asking price, it is always a good idea to be an informed party in the process. Perform internet searches to locate homes in your neighborhood and the adjoining ones to find homes similar to yours and see how they’re priced and which ones are selling.

Stage Your Home

Although not all sellers invest the effort required to create a warm, welcoming atmosphere in their home so it looks inviting when potential buyers come through, smart sellers do. If you’ve ever watched the real estate shows on the home improvement channels on television, you’ve probably been exposed to the concept of home staging. De-cluttering, improving curb appeal, cleaning, and creating a neutral atmosphere are all key components of staging your home in a way that helps prospective buyers be able to imagine themselves in your home and encourages them to make an offer.

List Your Home on the Internet

Nowadays most home buyers start their search for a new house on the internet. What that means to you is that you should get your home listed on the internet as early in the selling process as you can. Ensure that your realtor gets your house, along with numerous attractive photos of the interior and exterior of the home, onto as many real estate search sites as he can. The more people that view your home, the more likely you’ll attract the buyer that is going to come through with an offer for your asking price.

While selling a house in a hurry can pose challenges, they’re nothing that you can’t overcome with proper planning and action. Before you know it, you’ll have a signed contract in hand and be happily packing boxes for the move to your new place.

08/03/2022
Financial Planning to Ensure Financial Independence for Women
Financial independence is an important goal for many people. It means you have the ability to support yourself financially, without relying on others for assistance. It also means you control your finances because you make your own financial decisions, rather than someone else making them for you.

Regardless of who you are, financial independence makes it easier for you to achieve your dreams. It also gives you the peace of mind of knowing that you have the finances to live the life you want to live.

For women, financial independence can be more elusive, as women typically face financial hurdles such as lower pay, career gaps while they care for their families, and other financial barriers. Additionally, women generally live longer than men, so they must plan financially for longer periods, and they must have enough financial knowledge to make decisions on their own in the event their spouse dies before they do.

Here are ways women can effectively manage their finances and plan for the future.

Find an advisor you trust

Too many well-intentioned advice columns offer advice designed to “fix” women, focusing on what they do wrong with their money. This advice is outdated. You don’t need to be fixed, but you may need some guidance on what the best strategies are for you.

Find an advisor who is willing to guide you by respecting where you are, where you want to go, how you want to spend your money, and what your unique financial needs are. Choose an advisor who works with your personality, your goals, and your concerns, and takes your insights seriously.

Follow age-old advice

Regardless of your gender, there are some important steps that can help you obtain financial independence. These include:
- Deciding what you want
- Creating a budget
- Setting aside a certain amount of savings
- Having an emergency fund
- Paying down debt.
Think of your retirement

Part of taking charge of your financial future is thinking about your retirement. If you work for a company that offers a retirement plan, take advantage of it. If you don’t, consider opening your own retirement savings accounts. The earlier you do it, the longer you have to save for your retirement, which is important because you could live well into your 90s.

Invest your money

You need money in savings but you also need your money working for you. That means investing. You don’t have to invest in risky stocks if that doesn’t suit your personality or meet your needs. But investing can bring you back a higher return than savings accounts will. A diversified portfolio will limit your exposure to losses and give you more potential for growth.

Have a comprehensive financial plan

A budget will help you with your monthly spending, but a comprehensive financial plan takes into account your entire situation, including your income, expenses, assets, investments, retirement needs, estate planning needs, income taxes, and how they work together to help you achieve your goals.

Financial independence involves you having the money you need to live the lifestyle you want, but it also means being confident in making your own financial decisions. It’s about having control over your money and making sure your money is working towards your goals.
08/03/2022
Nine Tips to Reduce Debtor Days for Construction Business Owners

Steady, reliable cash flow is crucial for the survival of your construction business – so taking steps to ensure your customers pay promptly is a key priority.

Debtor days refer to the length of time it takes clients, on average, to pay you for the work you’ve done. A higher number of debtor days means clients are taking longer to pay you. A lower number of debtor days means clients take less time to pay you, which means there’s more cash available for your business to use.

In the construction industry, debtor days can average as long as almost three months. Shortening that length can have a huge impact on your cash flow.

When your clients consistently pay on time, you’ll avoid the dreaded “feast or famine” cycle. You’ll be able to pay your vendors, suppliers, and employees on time, and, not least of all, yourself. Additionally, if clients start taking too long to pay you, you may leave money on the table in exchange for collecting anything at all.

Implement these nine tips to get paid without delay.

1. Provide payment terms upfront

Before you start working with any new client, always provide your terms in writing. Clearly state your rates, payment due dates, and your policies regarding late payments – including any fees you’ll charge on balances owing. Make sure your client signs the agreement indicating that they are aware of your terms and conditions. Don’t work with any client who refuses to sign.

2. Understand your client’s payment process

Large clients may have lengthy payment processes that require invoice verification. They may also receive dozens, or even hundreds, of invoices on a regular basis. As a result, their policy may be to pay invoices only on certain days or only after so many days have passed from receiving the invoice.

If possible, submit your invoices with their payment cycle in mind. If they only pay on the 15 of the month, get your invoice in before that date, so you can get paid this month instead of next. Make sure your invoices have all the information your client needs to quickly and efficiently approve your invoice. Have a checklist of all the information to include so they can approve it without coming back to you with questions.

3. Invoice immediately

Invoice as quickly as you can. If your invoice is on completion of a project, have your invoice ready to go by the final day, so you can send it right away. Every day you wait to send an invoice is another day you’ll wait to be paid.

If you’re currently preparing your invoices manually, switch over to an accounting system with automated billing. You’ll never forget to invoice a client, and you’ll eliminate errors. You’ll also be able to see when the invoice was sent, who it was sent to, and when they viewed the invoice.

4. Follow up on invoices

Send an invoice reminder before payment is due. People forget about their invoices, or invoices get misplaced, and a simple reminder can go a long way to helping clients remember.

Call your customer immediately when a payment is a past due. Ask for the status of the invoice and if there’s anything you can do to speed up payment. Sometimes a simple change, like including a purchase order number on the invoice, can speed up processing times.

5. Reward early payers

Consider offering clients a 2% discount when they pay their invoice within ten days. In this scenario, a $1000 invoice would be reduced to $980 – not a huge loss for you, but an attractive cash-saving incentive for your customers. It can be worth it if it frees up cash for your business.

6. Charge interest

As part of your terms, specify that if a client’s payment is past due, a weekly fee of 2% will be added to the total until funds are received in full. If the client goes past due, charge them interest.

7. Get paid upfront

Collect a partial deposit – or the entire amount in full – before you begin a project.

8. Suspend service

Stop your supply of products or services until you receive payment. With this tactic, you’ll avoid the accumulation of an even greater loss with a consistently late or non-paying client.

9. Stay on top of who owes you

Monitor who owes you money and how much on a weekly basis so you can act fast if a customer hasn’t paid on time.

Final thoughts

Perhaps the most important tip for encouraging prompt payment is excellent communication. Be clear on your terms and ensure you send out your invoices promptly.

When you follow up on a late invoice, ask when you can expect a payment, and agree on a date.

If the money still isn’t forthcoming, consider your legal options. You may not want to resort to legal action, but it’s important to send a message not only to that unpaying client but also to others that you will take the necessary steps to ensure payment.

07/03/2022
4 Tips for Positioning Yourself as a Market Leader
Small business owners often feel that they have to do something to stand out from the crowd and attract an audience. If that’s how you feel, you’re definitely not alone. Many business owners try to stand out by creating fancy websites that grab attention. Those may work in the short term, but it’s worth considering other ways to market yourself as an industry leader and build relationships with your ideal customers.

So how can you position yourself as a leader?

It’s all about establishing trust with your clients by showing them that you’re an expert in what you do and you care about their pain points.

Here are four tactics you can use to build relationships that turn prospects into clients.

1. Reach out on social media

Social media is a great place to raise brand awareness, but you can also use it to highlight your expertise. Show your customers you understand their needs by sharing content relevant to them. If your clients are in a specific industry, share posts about that industry. If they have certain needs in common, write about those needs.

Topics you could write about:
- Changes in legislation that might affect them
- Trends you see in their industry
- Seasonal issues that would affect their business
- Major upcoming issues and how to address them
Ask questions to better understand what they want to read about or to encourage discussion. When they comment on your posts, respond. Answer questions, thank them for commenting, and find ways to take the conversation further.

You can also do searches on social media for groups related to your industry. Look for groups that are asking questions in your area of specialty, then provide answers to their questions.

2. Write articles for contribution sites

There are many “contribution sites” seeking great content. If you have something to say that’s relevant to your clients, write articles and contribute them to those sites. Once the article is posted, share it across your social media platforms and emails, to encourage people to read.

3. Encourage testimonials

Social proof shows prospective clients that there are people who love your company, and your products or services. People want to work with companies they like and trust, and they rely on the word of other people to help them determine whether they can trust your company.

When you have enthusiastic clients or customers, encourage them to share their thoughts through testimonials and reviews on social media. Ask for ratings and reviews on your social media sites, encourage clients to share information about your business to their networks, and ask your really happy clients to write a testimonial or be the subject of a case study for your website.

4. Focus on a niche

It’s a lot more difficult to be a leader in anything if you’re trying to help everyone in any area possible. Helping everyone with everything is also a recipe for burn-out. You become a specialist by knowing one or two areas really well. Focus on one or two industries or niches that you can become known in based on what your ideal customers need from you. When people have an issue related to your specialty they’re likely to come to you, but if they only think of you as a generalist, you might wind up far down their list.

Final thoughts

With a little work and time spent getting to know your ideal clients, you can effectively position yourself as a market leader.
04/03/2022
Business Update – 2 March 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

WA Border Reopening

After 697 days, Western Australia has finally reopened its borders. From 12: 01am Thursday, a long list of new restrictions is expected to stay in place for four weeks.

Strong Economic Growth at the End of 2021

The economy has reported its equal-best quarter of growth in 46 years, according to ABS National Accounts which showed a 3.4% increase in the December 2021 quarter. The National Accounts provide further evidence of rising inflation that may bring forward interest rate hikes.

Business Investment Rebounds in Q4

Australian business investment rebounded modestly last quarter, as demand recovered from lockdowns. The latest data from the Australian Bureau of Statistics showed capital expenditure rose a real 1.1% in the December quarter to $33.3 billion. Spending plans for the year to end-June 2022 were upgraded to $144.8 billion.

Business Assistance Package for WA Businesses

The Level 2 COVID-19 Business Assistance Package is available for businesses in Western Australia most impacted by restrictions. The assistance includes a $66.8 million Small Business Hardship Grants Program, $2.8 million of payroll tax relief for large hospitality businesses, and $2.1 million for a COVID-19 Commercial Sporting Franchises Support Program.

Financial Assistance for Flood Victims in QLD and NSW

Residents in 26 flood-affected local government areas across Queensland and New South Wales can apply for Commonwealth financial support through Services Australia. Australian Government Disaster Recovery Payment (AGDRP) of $1,000 per eligible adult and $400 per eligible child is available.

Safe Transition Industry Support Package

The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
03/03/2022
Pay as you go (PAYG) instalments – What is PAYGI?

Pay as you go (PAYG) instalments applies to small business or investment income of any entity – Sole Trader, Company, SMSF etc. Pay as you go (PAYG) instalments are regular payments made throughout the year to avoid payment of large tax bill when tax return is lodged at the end of the year. The instalments made are based on business and/or investment income. The payments made during the year will be offset against the tax owed, if any, for the year.

ATO estimate the tax payable in a year by taking the business and/or investment income reported in the most recently lodged tax return. Instalments amounts are calculated based on this income, current income tax rates and likely changes in the economy. The instalment amounts can be changed by the taxpayer if they expect a different income than previous years but will be penalized if the payment falls short.

PAYG Instalments are reported and paid through activity statements or Instalment notice. They should be lodged before the tax returns are prepared. Once lodged, it will create a debit entry (debt) in the Activity Statements with the ATO. If the return is not filed on time, ATO might accept the instalment amount on their own in certain situations. Taxpayers must pay attention to the communications received from ATO regarding this.

What happens when PAYG Instalments are paid?

When a payment is made, it shows as a credit entry in the Activity Statement report offsetting the debit entry created while lodging the return. The balance will be zero. When the tax return is prepared, the tax payable on taxable income will be reduced by the amount of PAYG Instalments reported during the financial year. If the tax owed to ATO is less than the Instalment amount, the balance will be refunded.

Example: –

Total PAYG Instalments of John for the year – $10,000

Tax on taxable income – $10,500

Since John has lodged the PAYGI return and paid the same, he will be liable to pay only the balance $500 at the end of the year.

If his tax on taxable income was, say, $9,500, he will receive a refund of $500.

What happens when PAYG Instalments are not paid?

If the PAYG Instalments are not paid, it will continue as a debt in the Activity Statement report of ATO. However, the tax return will still be prefilled with the actual lodged instalment amounts and this amount will be deducted from the tax payable for the year. Taxpayers should be very careful in this situation. The tax payable will be understated or refund receivable will be overstated here. If tax is payable (even after reducing the PAYGI amount, which was not paid), the payable amount will be shown as debt in ‘Income Tax Statement’ of ATO and the PAYGI amount will be shown as debt in ‘Activity Statement’ report of ATO. If the result is a refund (after reducing the PAYGI amount, which was not paid), it will be used by ATO to setoff the PAYGI debt and taxpayer will only receive the rest of the refundable amount, if any. If the refund is not enough to setoff the PAYGI debt completely, the balance will show in the Activity Statement report.

Example: –

Total PAYG Instalments of John for the year – $10,000. He lodged the returns, but never made payments.

Tax on taxable income – $10,500

Since John has lodged the PAYGI return, he will be liable to pay only the balance $500 as income tax at the end of the year. However, he will be liable to pay the PAYGI of $10,000 and will be shown as a debt with ATO in Activity Statement Reports.

If his tax on taxable income was, say, $9,500, his tax return will show a refund of $500. However, he will be liable to pay PAYGI $10,000 and will be shown as a debt with ATO in Activity Statement Reports. ATO will setoff the refundable $500 with this debt and John will be liable to pay the rest $9,500.

The scenario is similar for other entities like Sole trader, Company, SMSF etc. For more information refer ATO website.

Looking for an accountant, S & H Tax Accountants can help. S & H Tax Accountants offer all taxation services whether it be for individuals, companies or even trusts. However we also offer business services, such as registrations or Business Activity Statement (BAS) and even PAYG Installments. We understand that for businesses, these can tasks can be very daunting, that is why we offer the best level of services possible to all of our clients. Our team consists of well-qualified, vastly experienced and extremely professional individuals. Book an appointment today, call us on 03 8759 5532 or you can email us on info@sahtax.com.au.

01/03/2022
Secrets to Keeping Your Employees Happy

Traditionally, employers have relied on giving employees raises as a way to retain their staff and reward them for being hard-working and loyal. Raises can get expensive, and there is often an upper limit for what you can offer when it comes to increasing salaries and wages.

Keeping your employees happy makes business sense. You want to keep your good employees, and it costs money to find, hire and train new staff. Beyond that, employees that are satisfied and feel valued are more motivated and productive.

Here are some ways to keep your employees happy that don’t rely on higher salaries.

Offer flexible work arrangements

Not everyone wants or is able, to work a regular Monday to Friday from 9 to 5. Some people have family priorities or other commitments that keep them busy during regular business hours. If it makes sense for your business, consider flexible work arrangements, such as compressed workweeks (longer days in exchange for more days off), varied start and end times, or job-sharing arrangements. Remote work is another option that employees may want to take advantage of.

Not only will your employees appreciate flexible work arrangements, your customers and clients may also benefit from your business having increased availability.

Pay for professional development

Good employees want to improve their skills and grow professionally. Often, other priorities get in the way of upgrading skills. Paying for professional development, for example by having a fund people can access or by bringing in experts to run workshops, shows your staff you care enough to invest in them. Meanwhile, your business benefits by having staff trained on the newest procedures and technologies.

Encourage work-life balance

Employees want a life that’s fulfilling, but it’s difficult to find a balance between work life and home life. Having an employer that encourages a work-life balance makes it easier. Avoid messaging (texting, phoning or emailing) employees after work hours and make it clear that people should enjoy their personal time. Encourage employees to take their sick leave and use their vacation days. Be a role model by striving for work-life balance yourself.

Be transparent

Being open and honest with your workers fosters a sense of trust and belonging among your staff. Have regular meetings where you discuss your organization’s goals, strengths, and challenges and receive input and feedback from your team. This encourages engagement and shows your workers their perspective is valuable.

Having a set of values that applies to your staff

Sometimes organizations create noble values that they apply to their customers, but they don’t apply them to their workers. Employees see clients and customers being treated well but then wonder why those same values aren’t applicable to them. Create a set of values that applies to your staff. Set out how you want your staff to feel. Do you want them to feel valued? Supported? What does that look like in your organization?

Ask your staff what they need

It’s difficult to come up with solutions that everyone will find meaningful. Ask your staff what would be valuable to them–and what would make them happy enough to stay. They may be happy with additional vacation days or more banked sick time, for example. Listen to their suggestions and consider whether any of the options they mention could work for your organization.

While increasing salary is one thing you can do to keep your employees happy, there are other things they may value that you can offer.

24/02/2022
How to Win Your Customers Back in 2022
Whether your small business is business-to-business (B2B) or business-to-consumer (B2C), you likely deal with some level of customer churn, especially given the COVID-19 pandemic. Even customers who love your business and your products may have lapsed for a variety of reasons.

Whatever their reasons for leaving, it’s still a great idea to try to win them back. Why? Mainly because winning back a lost customer still has a higher success rate than converting a prospect into a customer. After all, they’ve already bought your product or service once, so you don’t have to convince them of the need. And you don’t need to build brand awareness, they already know you exist.

Even if you can’t win everyone back, those you can bring back to your business will affect your bottom line–and will do so at less expensive overall.

Here are some strategies to win back customers who have left

Ask why they left

You can learn a lot from customers simply by asking the right questions. The information you get may enable you to make some adjustments or start a conversation to win them back. For example, you may learn that your product or service is missing a vital feature that your competitors are offering. Based on that, you may want to adjust your product or service.

Consider sending a survey to your customers to find out not only why they left, but why they chose you in the first place, and what you could do to win them back. These surveys can be sent when someone cancels their membership or goes a long time without ordering from your company.

Ask questions like:
- Why did you decide to become our customer?
- What did you like most about our product/service?
- What circumstances caused you to leave our company?
- If you switched to a competitor, what made you choose them?
- What could we do to earn back your business?
Identify people who are more likely to come back to you

You won’t win over every lapsed customer, but there are some who are more likely to return to you. Those include people who left because of pricing issues rather than service issues, those who left without voicing any complaints, and those who referred you to others. Additionally, the clients who purchased the most from you were also likely highly satisfied with you at some point and probably easier to sell to again.

This step is easier to do if you have customer relationship management (CRM) software and can follow your clients through their lifecycle.

Offer the right solutions

Determine what you’re willing to do to win them back and come up with solutions that could address their reasons for leaving. For example, if you’re willing to lower your price slightly or offer a special discount for returning customers, you can offer that to lapsed clients. If you don’t want to drop the price but can offer a premium service at no additional cost, consider that solution.

If customers said your product didn’t have enough features, let them know you’re upgrading your product and invite their feedback on the changes you make. This lets them know you heard their concerns and gets them invested in the final product.

Know your churn rate

Your churn rate is the percentage of people who stop using your product or service in a time period. You determine the time period (say, a week, a month, a quarter, or a year). Take the number of customers you lost in a time period and divide it by the number of customers you had at the start of that same period. Then, multiply that number by 100 to get the percentage.

If you have 500 customers at the start of the month and lost 10, then you have a churn rate of 2%.

A lower churn rate indicates you have happy customers who love your brand and your product.

Final thoughts

You can learn a lot from the customers who have left your business, both in terms of how you can win them back and how you can win over new customers. Take the time to survey them to find out why they left and what you could have done differently and make adjustments you feel are necessary.
24/02/2022
Business Update – 23 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Australia Welcomes Back International Tourists

After almost two years, vaccinated international tourists and business travelers began arriving in Australia with few restrictions. Prime Minister Scott Morrison said 1.2 million people had visas to enter Australia with 56 international flights due to touch down in the first 24 hours of the border reopening.

$22 Million Health and Medical Research Support

Six Australian health and medical researchers are set to receive a share of $22.9 million through the National Health and Medical Research Council (NHMRC) Partnership Project scheme to further ground-breaking research that will improve health and treatment outcomes for Australians.

Research: Businesses Turn to International Talent

More than 70% of Australian business leaders plan to hire international talent on a permanent basis in 2022 ad 61% plan to hire international talent on a contract basis to sustain their talent pipeline, according to research from Robert Half Australia.

Booster Shots Now Required To Be Fully Vaccinated

Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

Safe Transition Industry Support Package

The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak. The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
24/02/2022
Business Update – 16 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Booster Shots Now Required To Be Fully Vaccinated

Australians will need to receive booster shots to be considered fully vaccinated against COVID-19, although authorities said foreign travellers will continue to need only two shots to enter the country. If you haven’t received a booster within six months of your second dose, your vaccination status will be considered “overdue”.

Borders to Reopen to International Travel

The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.

Safe Transition Industry Support Package

The WA Government has launched a $77 million Safe Transition Industry Support Package to assist eligible businesses and individuals in sectors most affected by the decision to delay the full reopening of WA’s borders. It includes nine support programs for the international education, tourism, aviation and events sectors.

Career Foundation for Young Australians

The Australian Retail Association’s (ARA) Retail Ready Youth PaTH-Way Program offers retail-specific training leading into employment for 200 jobs seekers aged between 15 and 24. The ARA program is an innovative partnership between the retail industry and the Australian government.

Uncertainty Over Jobs Data

Some uncertainty remains around key labour force data for January due to the impact of the Omicron variant. The Reserve Bank of Australia and the federal government are both predicting the jobless rate to fall below 4% this year, a level not seen in about half a century.

Supply Chain Issues Likely to Continue

While COVID-19 cases are dropping, retailers have warned supply chain issues are expected to continue for up to 18 months. This is due to the international shipping crisis sparked by the COVID-19 pandemic and the shortage of freight space on ships, shipping containers, and pallets.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? 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.
17/02/2022
Business Update – 9 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Borders to Reopen to International Travel

The borders will be reopened to vaccinated tourists and other visa holders from 21 February. Unvaccinated travellers who have a medical reason for not getting inoculated will need to apply for a travel exemption and will be required to quarantine at a hotel.

Business Confidence Rebounds in January

Business confidence bounced back in January as the Omicron outbreak quickly peaked, as the National Australia Bank business survey for January showed confidence rebounded 15 points. This pick-up in business confidence may further continue into February due to the reopening of international borders.

Australia-UK Free Trade Deal a Step Closer

Australia and the UK is one step closer to a new free trade agreement that will benefit farmers, business owners, investors, and travellers. The free trade will remove red tape and barriers to exports.

The deal is set to remove taxes on 99% of Australian exports worth $10 billion and UK imports worth $200 million. Trade Minister Dan Tehan hopes that the free trade agreement will be finalised within the next year.

Deloitte: Business Investments Likely to Rise After Omicron

Government and business investment in Australian projects is expected to grow steadily in 2022 before accelerating in 2023 and 2024, according to the latest quarterly Investment Monitor report of Deloitte Access Economics. The report stated that before the Omicron outbreak, business investment had returned to pre-COVID levels and had never dropped more than 5% below where it was before the pandemic hit.

Investment in New South Wales and Victoria is expected to grow the fastest.

Lifeline’s Crisis Text Service Goes 24/7

The government has invested $1.5 million to launch a 24/7 crisis text service to expand its support for Australians struggling with the challenges of the COVID-19 pandemic. Australians are reaching out to Lifeline’s crisis support and suicide prevention services in record numbers, hitting more than 3700 calls in one day last month.

Lifeline’s 13 11 14 crisis support service allows you to speak to a trained crisis supporter any time of day or night.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

$24 Million for Research to Reduce Pressure on Emergency Departments

Through the Medical Research Future Fund, the government will invest up to $24 million in research to improve acute care systems and reduce emergency department waiting times in hospitals. Up to $3 million will be provided for the top research proposal in each state and territory, to ensure the research provides nationwide benefits.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? 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.
09/02/2022
Business Update – 2 February 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

NSW Unveils $1 Billion Support Package for Businesses

The New South Wales government has unveiled a $1 billion support package for small- and medium-sized businesses hit by the Omicron outbreak.

However, the payment will be capped at half of what was offered during the Delta wave in 2021, after the federal government refused to split the cost of the package.

The package will provide a payment of 20% of weekly payroll costs to businesses that can prove at least a 40% decline in turnover across January. Payments would range from a minimum of $500 to a maximum of $5,000 a week.

$800 Bonus to Support Aged Care Workforce

The government will provide $210 million to support the aged care workforce to continue to care for older Australians during the pandemic. The $800 bonus will be paid in two instalments of up to $400 each.

The payments will be for clinical care workers and expanded to those providing direct care, food or cleaning services in government-subsidised residential care.

Australia’s Economic Accelerator Announced

The new $1.6 billion Australia’s Economic Accelerator is part of the $2.2 billion package for the commercialisation of the six national manufacturing priority areas and will turn the country’s leading research into world-beating businesses.

Together with a new $150 million expansion of CSIRO’s Main Sequence Ventures, it will reshape research funding to emphasise projects with high potential for commercialisation that are directed at National Manufacturing Priorities and industry engagement.

Retail Sales Declined in December

Latest figures from the Australian Bureau of Statistics showed retail sales fell 4.4% in December to $31.9 billion after a huge 7.3% surge in November. Sales were still up 4.8% compared to the previous year and sharply higher for the December quarter as a while, suggesting household spending made a major contribution to economic growth.

A further slowdown was likely in January as a surge in COVID-19 cases led to a self-imposed lockdown by many consumers.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

COVID-19 Vaccination Info Kiosks

COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.

Grants for South Australian Businesses

The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.

A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.

Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
03/02/2022
Business Update – 25 January 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

WA Cancels Plan to Reopen Borders on 5 February

All states and territories, except Western Australia, have reopened their internal borders despite a record surge in cases. Last Thursday, WA Premier Mark McGowan made a shock announcement that the reopening of borders, which was originally set on 5 February, would be delayed indefinitely or at least until the percentage of triple dose vaccinations hit 80%.

Currently, triple dose vaccinations are at around 26%.

EU and US Cut Australia from Travel Lists

The US and Europe have downgraded Australia’s travel safety rating due to the surge in Omicron cases. The European Council took Australia off its travel green list, which means restrictions will be imposed for non-essential travel. On the other hand, the US listed Australia at its highest risk rating.

While it have become more difficult for Australians to visit these countries, it is now easier for them to get home. A PCR test is no longer required for international arrivals to the country, and instead, a rapid test within 24 hours of departure will be accepted.

Rapid Antigen Tests Now Free for Some Australians

Individuals who hold any of the following concession cards can access up to 10 free rapid tests from pharmacies over the next three months:
- Pensioner concession card
- Commonwealth seniors health care card
- DVA gold, white or orange card
- Health care card
- Low-income card
If you fit the criteria, you need to visit your local pharmacy in person to get your free tests, or your carer or guardian can do it for you.

Novavax COVID-19 to be Available Soon

Australians 18 years old and above will now have access to a fourth COVID-19 vaccine, Nuvaxovid (Novavax) in the coming weeks. The government has purchased 51 million doses of the Novavax COVID-19 vaccine, with samples set to arrive in early February for the Therapeutic Goods Administration batch testing.

The Novavax vaccine will be available to be administered from the week of 21 February if the testing turns out to be successful.

Business Confidence Hit by COVID-19 Surge

A survey from the National Australia Bank showed its index of business confidence slid 24 points to -12 in December, worse than the decline during the Delta wave last year. This comes as a surge in COVID-19 cases negatively affected consumer spending and staffing.

Business conditions eased a more modest 3 points to +8, as sales held firm at +14 and profitability climbed a point to +10. Meanwhile, its measure of employment showed a decline of 9 points to +2.

Australian Businesses Struggle with “Lockdown-like Conditions”

Australian Chamber of Commerce and Industry chief executive Andrew McKellar said businesses across a wide range of industries in Australia are struggling due to staff shortages, supply chain crunch that lead to higher costs, and weak consumer confidence.

A recent survey by Business NSW also showed 40% of businesses reported they did not have enough cash flow for the next three months.

Are you one of the business owners who are having cash flow troubles? Get in touch with us today!

Eligibility Criteria for Tourism, Hospitality and Gym Grant in SA Extended

The South Australian government has announced the eligibility criteria for its Tourism, Hospitality and Gym Grant will be extended to include newer businesses that began operating after December 2020.

The payment will be:
- $3,000 (for employing businesses) or $1,000 (for non-employing businesses);
- Additional $1,000 for CBD businesses;
- Additional $7,000 for tourism, hospitality and other eligible businesses with turnover above $2 million;
- Additional top-up equivalent to automatic payment for businesses that did not receive the automatic payment.
The grant is automatically paid to businesses that have received a COVID-19 Tourism and Hospitality Support Grant or those that received an additional COVID-19 Business Support Grant. You can check for more available grants here.

Support for Small Businesses

If your business is struggling, the ATO offers a wide range of support for those affected by the pandemic, natural disasters, mental health issues, or financial difficulties.

Learn more about the available support, and the small business debt helpline for free, independent advice.

Webinars to Help You Become More Efficient with Tax and Super

The ATO will be offering two webinars this January and February to help you streamline processes and manage your tax and super online.
- Connecting online with the ATO: sole traders. You can register here.
- Connecting online with the ATO: businesses. You can register here.
These sessions will teach you the ins and outs of GST, pay as you go withholding, pay as you go instalments, how to lodge your tax returns, and more. Need expert help with your tax and super? Get in touch with us today!

Pandemic Leave Disaster Payment

People who are forced out of work to isolate due to being infected or being a close contact are eligible for the Pandemic Leave Disaster Payment.

You are also eligible if you are caring for a child under 16 years old who is a close contact or infected, or someone with a disability or a severe medical condition who is a close contact of someone with COVID-19.

The payment was initially given in the form of a $750 lump sum payment for seven days. However, this changed slightly from 18 January into a tiered system. While it remains a lump sum payment, those who lose over 20 hours of work will receive the full $750, but if you lose between 8 and 20 hours, you will only receive $450.

A financial hardship test has also been introduced, which means anyone with $10,000 available and accessible to them will not get the payment.

You can find more information about Pandemic Leave Disaster Payment conditions specific to your state or territory here.

COVID-19 Vaccination Info Kiosks

COVID-19 vaccination information kiosks are now open in shopping centres and at events in New South Wales, Queensland, South Australia and Western Australia to help you book a vaccination appointment.

Grants for South Australian Businesses

The South Australian government has announced a $40 million support package for businesses affected by COVID-19 restrictions. Initial automatic cash grants of up to $11,000 will be paid to eligible tourism and hospitality businesses, as well as gyms.

A second cash grant will be available on application for businesses who suffered a 30% reduction in turnover in the two weeks starting from 27 December. Other businesses who have had a 50% reduction in turnover during the same period will be eligible for grants of up to $8,000.

Meanwhile, a grant of up to $100,000 will be available for major events that had to be cancelled or delayed between 27 December and 27 January.

Get in touch

Contact us if you have any questions or want to discuss the next steps for your business.
26/01/2022
FAQ related to Karbon

We are using Karbon to collaborate and deliver the work within the time frame. You will receive an email from us with client task. Here are some Frequently asked questions…

Why have I got a link to these tasks?

You have received a link to these tasks because the person who sent them to you uses Karbon to manage jobs in their company and they have some tasks they would like you complete.

What is Karbon?

Karbon is used by organizations and teams to manage their jobs, email, and collaborate with their clients. You can learn more here.

Why do I have to create a PIN?

You’re asked to create a PIN to ensure no one else can access your client tasks. Creating this PIN will ensure only yourself and the person who sent these to you will have access to these tasks and related information.

Do I have to enter my PIN each time?

If you choose to remember your PIN on this device, then you won’t be required to enter it each time. However, you will need to enter it the first time you access any of your tasks on a second device.

For example, if you first open the link on your mobile phone and create a PIN, and then later click on the link from your desktop, you would be asked for the PIN again.

What if I forget my PIN?

If you forget your PIN, simply click on the “Forgot PIN” link at the bottom of the page. This will send you an email where you can reset your PIN.

Do I need a separate PIN each time my accountant sends me new tasks?

No, you can use the same PIN for each new piece of work.

How do I complete these tasks?

When you have completed the tasks simply tick the box and it will be marked as completed. Before doing this, you can attach any files you’d like to send through this task.

21/01/2022