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The value of hiring older workers

Posted on July 9, 2020 by admin

Increasing life expectancy and late retirements mean that businesses need to be ready to welcome more mature-aged workers into their organisation. Workers aged 50 and over are often overlooked by hiring managers, but diversifying your workforce to include this age group could be greatly beneficial to your business. Saving costs Businesses are likely to see lower rates of sick leaves and higher loyalty rates amongst mature-aged workers. These low turnover rates can save your business costs relating to recruitment and training, and increase productivity within your workforce. Customer representation If your target audience includes an older age demographic, it may be more beneficial to have older employees working for you. By including mature-aged employees, you gain their perspectives of your product, and key insights into how to make your business more attractive to an older customer base. Upskilling the team Teams with diverse age groups perform better in the workplace. Older workers are equipped with a wealth of knowledge and skills that younger workers may not have. Less experienced members on your team are likely to learn new skills faster with older mentors on board. This can also help prevent the loss of key skills when older employees transition out […]

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Debt financing vs equity financing

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Gathering funding is a challenge that almost all business owners face at some point. Financing can come in two forms – debt financing and equity financing. Debt financing is money that you borrow and plan to pay back within an agreed time frame and interest rate. Common forms of debt financing include bank loans, mortgages and credit cards. This may appeal to business owners that wish to maintain complete control and ownership over their business, without having to manage the expectations of investors. Debt financing also means that business owners do not have to share any profits made by the business, as their only obligation to their lender is making payments on time. As well as this, debt financing methods are usually tax-deductible, unlike private loans. However, debt financing also has its downsides as the cost of capital is higher. Loans from official lenders such as banks typically come with interest rates that also need to be paid in addition to regular repayments. This means that your business must generate enough income to meet the requirements of the debt, which can affect cash flow and could even result in bankruptcy if the business fails and is not able to repay […]

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Tax on super death benefits for dependants vs non-dependants

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A super death benefit is the super paid after a person’s death, usually to a nominated beneficiary. These benefits are subject to different tax treatments, depending on whether the beneficiaries are dependant or non-dependant. Superannuation death benefits will generally be received tax-free by tax dependants, who are considered to be: A child of the deceased who is under 18 years of age, A spouse or former spouse of the deceased, A person who has an interdependency relationship with the deceased (e.g. if they live together or have a close personal relationship), A financial dependant of the deceased. Dependants will not have to pay tax on the tax-free component of their super in the event that they: Withdraw it as a lump sum, or Receive an account based income stream. However, they will be taxed at their marginal rate if they receive a capped benefit income stream and: The deceased was at least 60 years of age at the time of death The dependent is over 60 years of age and the total of their tax-free component and taxed element exceeds their defined benefit income cap. Not all super death benefits are subject to tax; for non-dependants, there is a taxable […]

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Are you eligible for the small business income tax offset?

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The small business income tax offset can be used to reduce the tax you pay by up to $1,000 a year. Also known as the unincorporated small business tax discount, the offset is worked out on the proportion of tax payable on your business income. The rate of offset is 13% for the 2020-21 financial year and 16% for the 2021-22 financial year and onwards. The offset is only available to entities with an aggregated turnover of less than $5 million (from 2016-17 financial year onwards) and is capped at $1,000. The ATO will work out your offset based on your income tax return and uses your: Net small business income you earned as a sole trader, or Share of net small business income from a partnership or trust. Conditions for sole traders The offset is calculated based on net small business income for sole traders (which is the sum of your assessable income from carrying on your business, minus any deductions). Sole traders are not entitled to the offset in the event that their net small business income is a loss. Income and deductions that you need to include in your net small business income include: farm management deposits […]

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How to make your marketing emails stand out

Posted on July 2, 2020 by admin

Email marketing is becoming an increasingly popular way for businesses to reach their customers. However, this means it’s likely that customers are also getting marketing emails from a range of other companies – it’s therefore crucial that your emails are designed to stand out. Promise value in the subject line The subject line of your email is often what determines whether a customer will click on the email or ignore it. Don’t just summarise the content of the email, but focus on an aspect that will be valuable or attention-grabbing for the customer. This could mean that the subject line offers a benefit to the reader, offers to solve a problem, or provides relevant information. Promising the reader that the email content contains something of value will increase the chances of them opening it, and delivering the promise of value in the email contents will motivate them to also open your next emails. Focus on design Aside from looking pretty, having a well-designed email can also make your content easier to read, get your message across, and encourage actionability. Modern email designs are generally simple with easy to read fonts. Having a consistent colour scheme that reflects the branding of […]

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What are the different types of cashless payment methods?

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In an effort to minimise physical contact during the global pandemic, most businesses are making the switch to cashless payments. While contactless credit cards and mobile wallet applications remain the most common type of cashless payments, many other methods have emerged in recent times. In the event that your business is also looking to make the switch, here are a few cashless payment types to be aware of. Radio-frequency identification (RFID): RFID uses radio technology to track tags containing electronic payment and banking information. RFID tags are most commonly attached to wristbands, watches or badges and can be scanned using mobile phones and RFID system technologies. RFID tags can also be used at business events or service-providing organisations to keep track of clients while also acting as their digital wallet. Unstructured Supplementary Service Data (USSD): USSD services are another real-time cashless payment method which require a mobile network. With the USSD method, clients must dial a USSD code on an interactive menu provided by the business (could be a mobile phone), which will then allow clients to make payments to chosen recipients. The USSD code is dependent on a client’s mobile network and in order to make successful payments, clients […]

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How to keep employees safe as they return to the workplace

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Enforcing health precautions is an essential step to creating a safe workplace and giving your employees peace of mind, especially during the current pandemic. Businesses looking to invite their employees back into the office after the easing of lockdown restrictions should implement safeguards to ensure their workplace is a safe one. Conduct a COVID-19 risk assessment Before opening your office to employees, conduct a COVID-19 risk assessment with Safe Work Australia. A risk assessment will include an evaluation from Safe Work Australia regarding your business’: responsibilities and leadership, worker engagement, alternative means of communication and participation levels, COVID-19 hygiene principles (such as the 4 metre square requirement), hierarchy of controls, and employee health and safety plan. The progression of additional business activities will also be assessed. For example, the safety of business trips when travel restrictions are lifted. Implement cleaning processes Invest in frequent cleaning services and processes to lower transmission risk and give your employees peace of mind. In addition to hiring a cleaning service, you can also keep your workplace safe by providing employees with disinfectant solutions for door handles, light switches and keyboards. Other cleaning and hygiene processes to implement include: Distributing hand-sanitizer Reminding employees to wash […]

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Do you need to lodge a transfer balance account report?

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Self-managed super funds (SMSF) may be required to lodge a transfer balance account (TBA) report by 28 July 2020 in the case of a TBA event. A TBA report will need to be lodged with the ATO in the event that both of the following apply: A TBA event occurred in a member’s SMSF between 1 April and 30 June 2020, Any member of the SMSF has a total super balance greater than $1 million. SMSFs will also need to complete this report when a member needs to correct information about a TBA event that they have previously reported to the ATO or are responding to a commutation authority. According to the ATO, an event is classified as a TBA event if they result in credit or debit in a member’s transfer balance account. Such events include: Super income streams in existence just before 1 July 2017 that both continue to be paid on or after 1 July 2017, or were in retirement phase on or after 1 July 2017, Super income streams that stop being in retirement phase, Limited recourse borrowing arrangements (LRBA) payments entered into on or after 1 July 2017, LRBA payments resulting in an increase in […]

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COVID-19 factors to remember when filing your tax return

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The end of the financial year has rolled around again, but this time, COVID-19 may affect the way you fill out your tax return. The ATO has released a range of methods to make tax time easier for businesses and individuals experiencing unprecedented circumstances. How JobKeeper will affect tax returns Sole traders receiving JobKeeper payments on behalf of their business are required to include these payments as assessable income for the business. Employees receiving JobKeeper will see that those payments have been automatically filled out in their tax return. Individuals who have had their wages increase due to JobKeeper should identify whether they have been bumped into a higher tax bracket as a result. If an individual is working multiple jobs and receiving JobKeeper at one of these positions pushes them into a new tax bracket, they may be faced with a higher tax bill on their return if their other employers had continued deducting tax at their original lower rate. How JobSeeker will affect tax returns JobSeeker payments are considered taxable income. The ATO will automatically upload JobSeeker details in the ‘Government Payments and Allowances’ section of recipients’ tax returns. However, recipients are advised that there may be a […]

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How to recruit the right employee for your business

Posted on June 25, 2020 by admin

As unemployment rates rise and more individuals compete for the same job, businesses with open positions may find themselves flooded with job applications and potential candidates. With so many individuals applying for every open position, how can you find the right employee for you? Here are a few tips to help you with your recruitment selection process. Keep your job advertisement detailed and concise With so many job seekers in the market, it is important to filter out who you want to invest time into. To make sure you are only interviewing the best candidates and relevantly skilled individuals are applying for your job, ensure your advertisement lists all the essential requirements for the position. For example, include your preferred education and qualification levels, required experience, knowledge and skills. It is also a good idea to prescreen potential candidates before inviting them for an interview to make sure you don’t waste time (both for you and the candidate) your selection process is uniform. Prioritise compatibility Not only will your new employee have to be compatible (in terms of work ethics and career goals) with you as an employer, they also need to be compatible with other employees in your business. […]

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