News

Fringe Benefit Tax Return Lodgements Now Due

Fringe benefit tax returns for the fringe benefit tax year ended 31st March 2015 are due for lodgement by 25 June 2015. Fringe benefit tax, whilst relating to benefits that have been made available to employees, is a tax payable by the employer. The fringe benefit tax rate for this year is 47%. Items to consider as...
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Superstream for Employers – Are you Ready?

If you have 20 or more employees, you have until 30 June 2015 (less than 100 days) to be using a certified SuperStream compliant service when you pay and report employee super contributions. SuperStream is part of the government’s Super Reform package with the aim of providing a consistent, reliable electronic method of transacting linked...
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You Can Talk To Competitors

In these difficult times, it can be beneficial to have a discussion with your competitors on general economic matters affecting your business. As long as you’re not discussing price or entering into any type of price collision on a tender, you’re able to have a discussion with your competitors, to look at market forecasts, how...
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Shrinkage – Control is Important

Shrinkage occurs primarily in retail businesses, but can also apply to trades and manufacturing businesses. Shrinkage occurs when the business fails to sell an item at its full price. The difference between a potential selling price of a product and the actual selling price is shrinkage. Shrinkage can be caused by: damage; theft by an...
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Reducing Wastage

The “5 S” system (a structured, systematic approach to housekeeping and a cornerstone of any world-class manufacturing) can assist a wide range of businesses, not just in manufacturing. “5 S” involves creating an organised workplace, incorporating the following: SORT – sorting and removing unnecessary items. SET IN ORDER – a place for everything and everything...
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How Well Do You Know Your Business?

It’s a good idea to periodically review key aspects of the individual components of your business. Customers Who are your customers? How well do you know their preferences? Do you know your “A-grade” customers? Are you solving your customers’ problems with your products/services? Marketing Is your website user-friendly? Have you asked your customers whether they...
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Culture Building Is Important For Success

There are many attributes to creating a successful, long-term business. Whilst no one attribute makes a business successful, culture is very important in bringing various components together. The business needs to develop loyalty from team members, suppliers, customers, management, directors and owners. There are marketing tools which can assist in the creation of a caring...
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Developing Succession Planning Strategies

Developing a list of questions to consider, as part of a succession plan review, will assist in the determination of a succession planning strategy for a business. The key questions to be answered could include: What do you want to achieve from the business? Are you building the business for a lifetime of activity for...
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The Economic Picture Is Mixed Across Australia

The low interest rates have caused a “boom” in house construction, particularly in Sydney and Melbourne. Reports have indicated that local councils are approving plans for new houses and apartments at a record rate of more than 220,000 a year. This is great news for a whole range of industries relating to new house and...
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Superstream for Employers

SuperStream aims to improve the efficiency of Australia’s superannuation system and provides a new standard for employers when making super contributions. It requires an employer to send contributions electronically in a standard format with linked data and payments. Below is a video link which provides information about getting ready for Superstream. There are options available...
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Changes to Superannuation Contribution CapsChanges to Concessional (Deductible) and Non-Concessional (Non-Deductible) Contribution Caps from 1 July 2024 From 1 July 2024, changes to concessional and non-concessional contribution caps will take effect, allowing individuals to contribute more to their superannuation....
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