Month: September 2019

Cleaning your business’ online presence

Posted on by Adam_Admin

Spring cleaning your business isn’t limited to its physical space, you should be cleaning your online presence too. Whilst it is best to be constantly monitoring your online activity, a regular assessment and clean up can be beneficial. Here are a few areas of your online presence you can renovate.

Content pruning:
Social media accounts and websites work best when constantly updated, however, this can create a backlog of content that could be hindering your SEO efforts. Content pruning is the process of running an audit of your website or social media account and removing or updating the low-value content. This can help you identify outdated pages, gaps in content and areas you have overworked.

Review security settings:
Online threats not only affect your business but can be passed onto website visitors too. You will need to check both the software you are using and the server operating systems are up-to-date to ensure all areas are covered. Consider also using a commercial service that will scan your website on a regular basis to check for malware and vulnerabilities. Even something simple like changing your password can make a difference. Once you’ve performed a security health check, update employees on any changes that may affect them. Employees need to be alert to the warning signs of an attack and the consequences that can result. Introducing cyber-security policies and procedures assist in educating and better preparing your staff.

Update:
When there is a significant change in a business, the last thing you would think about is updating your social media status. Some contact details or staffing information presented online may have become inaccurate and in need of an update. Remember to check internal links to social media if you change usernames or handles. This can also be a chance to change profile picture or cover photos that have been used for too long.

Search your name:
Searching your business’ name on Google or social media platforms can help reveal results that you weren’t aware of. This is a good way to find out what potential customers see when they search for you. If you find something you don’t like, then you can clean it up through the process the particular site offers.

What you should know about using cryptocurrencies

Posted on by Adam_Admin

In an increasingly technologically dependent age, it can be useful to keep up with new forms of currencies in the digital space. Cryptocurrency is internet-based, digital money that is not controlled by any central authority. Currently, the most prominent cryptocurrency is Bitcoin, which has a market capitalization of over 155 billion U.S. dollars.

How do you buy cryptocurrencies?
There are a number of popular websites and apps that simplify the process of buying cryptocurrencies. In Australia, you can register for accounts to do so on exchange websites such as Swyftx, Coinbase, CoinSpot, or Independent Reserve where you can pick from various cryptocurrencies to purchase.

When choosing a form of cryptocurrency to start with, it is important to do research to ensure the currency is legitimate and trustworthy. Most of the time, it is a good idea to choose a popular one that is already widely used and trusted by other crypto users, such as Bitcoin, Ethereum, Ripple, or Litecoin. Once you have purchased cryptocurrencies, you can store them in a digital crypto wallet for security and easy accessibility.

Benefits:
Some may wonder if cryptocurrencies are just another pointless internet fad, however, there are a number of advantages to using cryptocurrencies.

  • Fast: Transaction speeds are usually fast, making things like paying bills and shopping online easier.
  • Low Fees: There are generally minimal to no transaction fees in crypto exchanges, so using cryptocurrencies can be a good way to avoid online banking fees and charges.
  • Anonymity: Making transactions online with traditional banking methods generally requires information such as your name, credit card number, phone number and address. However, cryptocurrencies allow you to be anonymous in these transactions by only showing your crypto ID or a nickname of your choosing.

Drawbacks:
Despite the benefits of using cryptocurrencies, it is also important to be aware of their disadvantages before diving too deep into crypto investments and purchases.

  • Security risks: While it is harder and more technical to steal digital money as opposed to physical cash, cryptocurrencies are still susceptible to skilled hackers and scams. Because cryptocurrencies are decentralised with no authoritative control, any loss of cryptocurrency due to theft or scams cannot be recovered.
  • Value instability: Cryptocurrencies tend to fluctuate in price and value, which can reduce their reliability as you can never be certain how much they will be worth the next day.
  • Lack of merchants: Many companies have not taken the step to adopt cryptocurrencies as a form of payment, so it can lack usefulness in everyday transactions.

Budget-friendly ways to promote your small business 

Posted on by Adam_Admin

Promoting your business can seem tricky to navigate and expensive, especially when there are budget and staff restrictions to think about. However, there are a number of ways to promote your business easily and cost-effectively.

Blog content:
Posting well-written and relevant blog content on your website can help boost website traffic while capturing the trust and engagement of potential customers. Regular content that aligns with the interests and needs of your audience will generally work best in gaining profile views.

Social Media:
While social media may seem like an obvious channel to keep running on as a background form of promotion, it can be worthwhile to invest more time and resources to get the most out of your business’s social media presence. Keeping the aesthetics and content of your social media pages regularly updated and relevant can be a great way to establish a brand image and gain attention from your target audience.

Facebook ads:
Facebook ads allow for targeted advertising through audience segmentation where businesses are able to customise their audience based on characteristics such as age, location, gender, and interests. Facebook ads are also inexpensive to run compared to other advertising options and can be helpful to target a particular audience.

Email Marketing:
Growing your mailing list can be a great way to establish customer loyalty and to encourage customers to remember your business and revisit your website. Websites like Mailchimp and Benchmark are free email marketing services that are easy to use with predesigned templates.

Radio advertising:
While radio advertising may seem outdated, it can be a good way to gain exposure for your business. Running an ad on a local radio station is usually inexpensive and can target proximate customers.

Consequences of late SMSF annual returns

Posted on by Adam_Admin

From 1 October 2019, if an SMSF is more than two weeks overdue on any annual return lodgment due date and hasn’t requested a lodgment deferral, the ATO will change their status on Super Fund Lookup (SFLU) to ‘Regulation details removed’.

The ATO is taking this approach as non-lodgment combined with disengagement indicates that the fund’s retirement savings could be at risk. This status will remain until any overdue lodgments have been brought up to date.

On the first business day of each month, the new process will update SFLU depending on the situation:

  • SMSF trustees who haven’t lodged their SMSF annual return on time and are more than two weeks overdue, the ATO will change their SMSF regulation status to ‘Regulation details removed’ on SFLU.
  • All overdue lodgments were received for an SMSF during the previous month, the ATO will update SFLU to reinstate the SMSF’s ‘complying’ status.

By having a status of ‘Regulation details removed’, APRA funds won’t roll over any member benefits to the SMSF and employers won’t make any super guarantee (SG) contribution payments for members of the SMSF. While the fund’s status is ‘Regulation details removed’, members should alert their employer to make any SG payments into the employer’s default super fund or a fund of the member’s choice.

SMSF trustees who don’t think they can meet lodgment requirements should call, before the due date, to seek a deferral to lodge.

Claiming travel expenses relating to rental properties

Posted on by Adam_Admin

When making a claim in relation to your residential rental property, there are specific circumstances for when you can and cannot claim travel expenses. The law about claiming travel expenses for rental properties changed in July 2017. In the last year alone, the ATO received more than 70,000 incorrect claims for travel to and from residential rental properties.

A residential property is defined as land or a building that is either occupied as a residence or intended for and capable of being occupied as a residence.

Owning one or several rental properties is not usually considered to be in the business of letting rental properties, with receiving income from letting property to a tenant being considered a form of investment rather than a business. Unless you have an ownership interest in the rental property, you cannot claim travel expenses, even when travelling for the purposes of maintenance or inspections. You can only claim travel expenses if you are in the business of letting rental properties or are an excluded entity.

Entities that can claim travel expenses are:

  • Corporate tax entity.
  • Superannuation plan that is not a self-managed superannuation fund.
  • Public unit trust.
  • Managed investment trust.
  • Unit trust or a partnership.

For those who are eligible to claim travel expenses, claims can be made on the following:

  • Preparing the property for new tenants (except the first tenants).
  • Inspecting the property during or at the end of the tenancy.
  • Undertaking repairs, where those repairs are because of damage or wear and tear incurred while renting out the property.
  • Maintaining the property, such as cleaning and gardening, while it is rented or available for rent.
  • Collecting the rent.
  • Visiting an agent to discuss the rental property.

Attracting return customers

Posted on by Adam_Admin

Pouring money into advertising to attract new customers only works up until a point, what you really need to think about is retaining a customer once you have them. Treating all customers in a way that makes them want to return is more likely to generate success in the long-term.

Be a business they can’t refuse:
Giving customers more than they expect and aiming to exceed their expectations is a great start for attracting return customers. Building up a portfolio of unbeatable products and services, displaying exemplary customer service and providing guarantees for loyalty can help you attract and impress prospective clients.

Customer incentives can also be a great way to keep people coming back. This may be as straightforward as implementing a loyalty program, offering discounts, running special events and promotions, early access to sales or even freebies. Customers appreciate a business that acknowledges their loyalty, it shows that a business is paying attention and makes them feel valued and included.

Knowing your product or services better than anyone in your marketplace can also put you in a position of expertise in your field. By establishing your brand or business as a leader in product knowledge, customers return on the basis of stronger support, trusted expertise and valued insight.

Show your appreciation:
Clients notice even the smallest of thoughtful gestures. Some companies make follow up calls or emails following the conclusion of a transaction. Thanking customers for buying or using a service goes a long way in cementing in the customer’s mind that they are not just another faceless number. By delivering an experience that makes your customers feel valued and appreciated is a great way to gain repeat, loyal customers.

Communicate effectively:
With the prevalence of social media, small businesses are able to reply directly to customer complaints or issues. Rather than ignoring these or responding with PR spin, it is best, both from a customer service and internal viewpoint, to acknowledge the complaints and see what can be done to remedy the issue. Client complaints can be the first sign that things need to be fixed, and constructive criticism should be encouraged.

Dealing with a bad day at work

Posted on by Adam_Admin

Bad days can happen to the best of us, but that doesn’t stop work from needing to get done. Whilst working when you’re feeling down is the last thing you want to do, here are a few ways to pick yourself up and carry on with tasks you need to do.

Take a break:
Stepping away from the office to think can drastically improve your mood and help you look at the day more clearly. Going for a walk or sitting in the park on your lunch break can help you feel relaxed and better energised to go back to work. Even stepping out of the office for a moment to the bathroom can help remove yourself from a stressful situation. Don’t let yourself think about what has gotten you into a slump, think instead of what you can proactively do once you return to the office.

Express emotions appropriately:
Expressing your emotions is ok and necessary to feel better. It can be very easy to rant to colleagues or friends when you are feeling rough but there is a line between venting and gossip. Strong emotions such as anger can see you act out instead of thinking a problem through. Try to observe the problem through an objective lens before discussing it with colleagues or management and keep it strictly professional. This can help you to communicate better and avoid getting caught up in office politics. If you feel the need to express what you are feeling, write down how you are feeling just for yourself and throw it away when you are done.

Practise gratitude:
Regardless of the reason behind your bad workday, there is always something you can be grateful for. Switching to a gratitude mindset helps you to focus less on the bad things that occurred and accept the situation for what is, one bad day at work. Try to leave your negative feelings at work, and spend your evening doing something you enjoy.

Learn from the day:
Problems or unforeseen circumstances are opportunities to learn and grow. After a particularly trying day, take a moment to reflect on what didn’t go so great and possible reasons why. Evaluating what went wrong can help you to better understand how to avoid doing the same thing in the future, teaching you to be proactive, rather than reactive.

Defamation law in Australia

Posted on by Adam_Admin

Defamation is a statement published or spoken that negatively impacts the reputation of a person. Individuals or corporations that employ less than 10 people, not related to another corporation, can sue another person in court for defamation.

As there is no constitutional right to free speech, defamation in Australia is harsher and more difficult to avoid than in other countries. Each state and territory has slightly different rules regarding defamation, with Tasmania being the only state in which the estate of a deceased person can sue for defamation. Usually handled as a civil case solved financially, defamation is rarely treated as a criminal issue with jail time. The cap on general damages allowed to be received is currently $389,000, although aggravated damages and costs can be awarded on top of the cap amount.

There are three areas of defamation that can be used in a case:

  • Imputation
    The act of accusing, defamation through an imputation can be a statement or a visual. Imputation has to injure the defamed’s ability to make money or induce a loss of work as well as affect other people’s opinions of them.
  • Identification
    Identification is specific to a person or group of people, usually by adding personal details such as their place of work or physical description. There is no need for the defamed to outrightly be named if there are enough details to reasonably identify them.
  • Publication
    Defamatory material is made known to a third party other than the person being defamed. The publication can be oral, written or in picture form, where every time the material is viewed or heard, a separate publication occurs.

Whilst defamation in Australia is easier to come across, there are means of defence, the most common being truth. Truth as a defence is the justification, with evidence, that the defamatory material doesn’t lower a reputation but rather, corrects it. There is a standard of proof upheld in regards to this defence.

Returning to work after accessing your super

Posted on by Adam_Admin

Retirement isn’t necessarily a permanent thing as even the best-laid plans can collapse when circumstances change. The Australian Bureau of Statistics (ABS) has found the most common reasons retirees return to employment are financial necessity and boredom. But what does this mean when you have already dipped into your superannuation funds?

Individuals are able to access their super once they have reached their preservation age and retired, ceased an employment arrangement after age 60, or turned 65. Depending on your circumstances, there are rules regarding how you can return to work after retirement.

For those who genuinely retired with no intention of ever returning to work but found that circumstances required them to, you can return provided that you work on a casual basis up to 10 hours per week. By meeting this requirement, you can still access your super whilst working, however, additional contributions made to your account after you met the definition of retirement will be preserved until you meet another condition of release.

In the event you access your super after an employment arrangement comes to an end once reaching age 60, you are able to work in a new position as soon as you like, provided the first arrangement ended. Subsequent contributions made after your employment arrangement came to an end will be inaccessible, however, you will have access to the benefits that became available as a result of your first employment arrangement coming to an end.

When you turn 65, you don’t have to be retired or satisfy any special conditions to get full access to your super savings. This means you can continue working or return to work if you have previously retired, provided you complete the work test requirements before going back. If you return to work and earn more than $450 a month, your employer will be required to make superannuation contributions at the current rate of 9.5% until you reach age 75 where you can still work but receive no further super contributions, either voluntary or from your employer.

As returning to work and continuing to receive super is circumstantial, individuals considering their options should consult their accountant or financial advisor for information specific to their situation.

Are you meeting the Active Asset Test?

Posted on by Adam_Admin

To qualify for small business CGT concessions, an asset must meet the conditions of the Active Asset Test to apply. An asset is considered active when you own it and it is used or held ready for use in relation to a business. You can also have an intangible active asset if it is inherently connected with a business you carry on.

An active asset of yours has been held for a certain amount of time, based on how long you have owned the asset and the test period to meet the requirements of the Active Asset Test. The test period begins when you acquired the asset, and ends at the earlier of

  • the CGT event, or;
  • when the business ceased, if the business in question ceased in the 12 months before the CGT event.

Assets owned for over 15 years need to have been held for at least 7.5 years within the test period and assets owned for 15 years or less need to have been held for at least half of the test period to satisfy requirements.

When the assets are shares or trusts, passing this basic active asset test is not enough to qualify for CGT concessions. In addition, the asset will need to pass a further test, called the 90% test, to determine whether it is to be counted as an active asset or not. The test is satisfied if CGT concession stakeholders in the company or trust in which the shares or interest are held have a total small business percentage in the entity claiming the concession of at least 90%.

The periods in which the asset is active does not have to be continuous, however, they must total the minimum periods specified. An asset does not need to be active just before the CGT event.