Author: Adam_Admin

Marketing For Your Business In 10 Points To Achieve 4 Steps

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Simply put, marketing your services should consist primarily of four steps:

  • Informing as many people as possible of your existence
  • Leading them to develop an interest in your services
  • Persuading them to meet with you
  • Move from client enquiry to client engagement

Here is a simple ten-point strategy for achieving these objectives:

Emphasise Persuasion

Making people aware of your existence is fairly straightforward. It is largely a matter of advertising revenue. What takes skill is implementing the last three steps. Most businesses ignore these and concentrate on the first.

Establish A Niche

By establishing a unique marketing sector for your business, you are making your solution to the client’s problem or needs unique. If you are the only firm providing that solution, you will never need to discuss fees. Without a niche, your only option is to compete on price.

Develop Market Credibility

To convince prospective clients to sign with your services, you need credibility in their area. You need to be able to demonstrate familiarity with their sector by showing you have a good track record in it. Inform prospects of other businesses in similar positions for which you already act and convince them that you have the necessary expertise.

Don’t Bore The Prospect With Detail

Businesses often try to convince prospects by talking in detail about the services they can provide. This is of little interest to the prospect. What they want to hear about are the benefits you will bring to them. This is what a good salesperson will emphasise. For your business to excel in sales, staff sales training is essential.

Develop Your Prospecting Skills

To build up a database of genuine prospects, you must establish a coherent system for identifying them. You should identify target areas, begin a series of selected mailings to them, carefully monitor the results, and record these results on your database. Your long-term prospecting activity should focus on those who respond positively. As you gradually build up a prospect profile, you can target him or her with a precisely focused sales strategy.

Research Prospects Before Making Specific Proposals

Making a specific proposal is a critical stage in the sales process. It is essential that the solution you propose be tailored to the prospect’s specific needs. Get to know what the prospect has in mind, who is the real decision maker, what are the company goals, what are the individual’s goals, and who the competition is.

Present A Flexible, But Focused Proposal

Once you are sure what the prospect is looking for, present your proposal by beginning with an analysis of the problems and outlining the possible solutions you can offer. Be clear about your fees for each option and discuss the various pros and cons with the prospect.

However, from the beginning, you should know which options you would like to see implemented and gradually steer the prospect in that direction during your presentation.

Be Sure To Close The Sale

After the presentation, ask the prospect directly if they agree that this proposal covers the points they want to be addressed. Obtain explicit agreement that he or she will run with your business, and will engage you to implement a specific solution.

Be Prepared To Handle Objections

Often the prospect will raise objections to your proposal, and you should be prepared with considered responses. For crucial meetings, it is a good idea to rehearse the encounter with a colleague beforehand. Have your colleague play devil’s advocate and throw objections at you. If you cannot give an immediate and convincing response, prepare one before you go to the meeting.

Maintain A Positive Attitude

A positive attitude is not shallow optimism but a constructive outlook that enables you spontaneously to transform setbacks into opportunities. To win at sales, you have to be doggedly positive in both your thoughts and actions.

Self-Employed Individuals & Super Aren’t Mutually Exclusive

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Superannuation may not be the first thing that springs to mind as a self-employed individual, but just like how looking after your tax and business expenses benefits you, superannuation is an important subject to consider.

While you don’t need to pay super to yourself, it might help you feel more secure about your finances during retirement. You can make regular or lump sum payments, can usually claim a tax deduction on contributions, and may be able to save tax.

Contributions you make to your super will only be taxed at 15%. Depending on which tax bracket you fit into, this might be a concession compared to your usual tax rates. Additionally, investing in your super will most likely yield a higher return than if you put your money into a bank savings account.

You may be able to contribute to your pre-existing super fund after becoming self-employed. All you need to do is provide the fund with your tax file number (TFN) so that your contributions can be added to the fund. Alternatively, you can choose a new fund.

There are two ways you can contribute to the fund which are dependent on how you receive income:

  • Wage: Make regular transfers to the super fund from your pre-tax income (such as by salary-sacrificing).
  • Income from business revenue: Transfer lump sum amounts when there is sufficient cash flow from your business.

If you make contributions to the super fund from your pre-tax income, then you can claim tax deductions for them. Your overall taxable income is reduced as well. Ensure you complete a ‘Notice of intent to claim’ to receive this deduction.

There are limits to the amount of money you can contribute to your super every financial year:

  • Up to $27,500 in concessional contributions (from pre-tax income, so you can claim a deduction)
  • Up to $110,000 in non-concessional contributions (from after-tax income)

As an example, employers contribute a minimum of 10.5% of an employee’s earnings to their super (since July 2022) – if you are not sure how much to contribute, this could be a starting point.

For Example – How Your Concessional Contribution Can Work

You claim a tax deduction for your superannuation contribution above what your employer paid, up to the limit (currently $27,500), and will receive a refund of your marginal tax rate. In this example, we’ll say that it’s 34%.

But, your fund pays 15% tax. So if you put in $10,000 into your fund, you should receive a tax refund of $3,400 (34%) cash into your pocket. However, the fund pays $1,500 (15%) in tax, which comes from your contribution.

This 15% will go up to 30% when your adjusted income is above $250,000, but your savings will be 47% instead of 34%.

If you are a low to middle-income earner, then you may meet the eligibility criteria to receive government super contributions. The government will determine how much you are entitled to when you lodge your tax return. If you’re eligible, the government will pay the co-contribution directly to your fund.

Although it may be challenging to make super contributions when self-employed, consider starting off the process so that when you are in your retirement period, you have some financial security.

3 Things To Know Tax-Wise Before Buying A Car For Your Business

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Regardless of whether or not the owner is a company or an employee, a car purchased for business use can provide tax benefits to the owner.

However, there are also tax implications that can impact these supposed benefits. Certain advantages and disadvantages to purchasing a car for a business may not necessarily apply to your business or impact your decision, but they can assist in informing it.

The key question is: should I buy my car under the name of my business?

When you buy a car under a business name, you can deduct depreciation, minimising your earnings tax liability. Furthermore, the purchase will be a fixed asset for the company that was made with earnings.

According to the ATO, as a business owner, you can claim a tax deduction for expenses related to motor vehicles — cars and certain other vehicles – used in the operation of your business.

Depending on your business structure, the way you can claim your deductions and entitlements may change. This may include:

  • How you can claim the business-use percentage of each car expense (for some structures, this may be through a logbook or the cents per kilometre method, or by actual receipts).
  • How you can claim a deduction on the depreciation of a motor vehicle

Car Expenses

If you drive a car for both business and personal purposes, you must be able to appropriately identify and justify the percentage you claim as business use. The percentage for personal usage is not claimable. This is an area where mistakes are frequently made.

Common types of motor vehicle expenses that can be claimed include:

  • Fuel and oil
  • Repairs & servicing
  • Interest on a motor vehicle loan
  • Lease payment
  • Insurance
  • Registrations

Depreciation Of A Motor Vehicle

Suppose you work out your deduction for expenses using the logbook method or actual costs. In that case, you can generally claim a deduction for capital costs, such as the purchase price of a motor vehicle, over a period of time. This is known as depreciation.

If you have an aggregated turnover of less than $10 million, you can use simplified depreciation rules (such as temporary full expensing).

If you are a sole trader or a partnership, there are specific rules about how you can claim depreciation. If you use:

  • the cents per kilometre method, you cannot make a separate claim for depreciation of the vehicle as this is already taken into account
  • the logbook method, you can only claim depreciation on the business portion of the motor vehicle’s cost.

Record-Keeping

Regardless of the method you use, you will need to keep:

  • loan or lease documents
  • details on how you calculated your claim
  • tax invoices
  • registration papers

If purchasing a car for your business is still on the cards, consult with a professional tax adviser as they can model different tax positions and work out what’s best for you.

Insurance & Your Business – Are You Covered?

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Providing your business with insurance is like providing a safety net to a trapeze artist. You hope that you won’t need it, but having it in place adds security and protection if the worst-case scenario should occur.

Your business may require certain types of insurance, depending on the circumstances. These may be because it is required by law (such as workers’ compensation insurance) or because people you deal with may require it to provide something to you.

Other types of insurance are your choice but can be an important way to reduce business risk and protect things like your:

  • business assets (such as equipment, premises and stock)
  • customers
  • employees
  • business owners
  • earnings

Some forms of insurance are required by law.

  • Workers’ compensation insurance is compulsory if you have employees.
    • If you are an independent contractor, you may require your own insurance.
    • If you are a sole trader, you cannot cover yourself as an ‘employee’ with workers’ compensation insurance. So you’ll need to consider your own personal death, illness and disability insurance. You can cover yourself for accident and sickness insurance through a private insurer. This policy will compensate you for the loss of revenue while you recover.
  • Third-party personal injury insurance is compulsory if you own a motor vehicle. This is often part of your vehicle registration fee.
  • Public liability insurance covers you for third-party death or injury and is compulsory for certain types of companies.

Other forms of insurance may be necessary for your business’s needs to provide you with security in the event of incidents (and keep you from having it taken out of your pocket). Keep in mind the following for your business’s purposes.

Personal Or Loss Of Income Insurance

These are personal insurances that cover things that could happen to you. These may include income protection or disability insurance, life insurance, business interruption or loss of profits insurance, or even employee dishonesty.

Stock Products & Asset Insurance

If you have important business assets, property, stock or products you can’t afford to lose, these types of insurance provides cover. This may include building and contents, tax audit, transit goods, farm insurance, etc.

Accident & Liability Insurance

Liability insurance protects you if you are liable for the damage or injuries sustained to another person or property. This is mostly optional, but it’s highly recommended for your business if the possibility of legal action is high. For some industries, liability or professional indemnity insurance is mandatory.

Technology & Cybercrime Insurance

Insurance cover is required to protect against emerging technology risks within businesses. This may include:

  • Electronic equipment insurance will cover your electronic items from theft, destruction or damage.
  • Cyber liability insurance protects your business against cybercrime. This insurance covers the cost of keeping your data secure and the expenses from disrupting your business

Examine each type of insurance and consider if it’s something your business needs. Talk to a licenced insurance broker, business advisor or insurer for advice.

SG Payments & Your Employees – What You Need To Know

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Superannuation payments need to be made to your employees, otherwise, stringent penalties can be implemented that could be financially more devastating to your business than simply paying their super.

Eligible employees must be paid their minimum superannuation of 10.5% of their ordinary time earnings (OTE). By 2025, this is predicted to increase to 12%.

This compulsory payment is called the super guarantee (SG) and is paid at least quarterly.

The current super guarantee percentage is the minimum required by law. You may pay super at a higher rate under an award or agreement.

You must pay the super guarantee charge if you don’t pay the required SG amount by the quarterly due date. This amount will be more than the super you would otherwise have had to pay to your employee and is non-tax-deductible.

To manually work out how much super to pay for a quarter, multiply your employee’s OTE, based on salary and wages paid in the quarter (before tax), by the SG rate. If you’re paying super at a higher rate, use that rate.

Employees who started during the quarter need to have their super worked out based on any salary and wages paid in the quarter.

What Are Ordinary Time Earnings (OTE)? 

Ordinary time earnings (OTE) is the gross amount your employees earn for their ordinary hours of work (before tax). It includes

  • over-award payments
  • commissions
  • shift loading
  • annual leave loading
  • allowances
  • Bonuses

Ordinary hours are the normal hours an employee works unless their hours are specified in an award or agreement.

In the case of casual employees, where determining the normal hours of work changes per week, the actual hours worked by the employee are their ordinary hours of work.

For contractors paid mainly for their labour, the SG is calculated based on the labour component of the contract.

You must pay super on back pay of OTE amounts, even if the employee no longer works for you. If you don’t, you’ll be liable for the super guarantee charge.

Is There A Cap To SG Payments? 

You don’t have to pay SG for your employee’s earnings above a certain limit, which is known as the maximum contribution base. This amount is indexed annually. For the 2022-23 income year, this is currently capped at $60,220 per quarter.

When Do I Not Have To Pay Employees The SG? 

High-Income Earners Who Opt Out Of Super

You do not have to pay super for high-income earners working for multiple employers who ask you not to pay the super guarantee to them. If this is requested, you must have an SG employer shortfall exemption certificate for the employee (sent by the ATO after the employee has applied to opt-out).

International Workers

You do not have to pay super for:

  • non-resident employees who work outside Australia
  • some foreign executives who hold certain visas or entry permits
  • employees temporarily working in Australia who are covered by a bilateral super agreement – you must keep a copy of the employee’s certificate of coverage to prove the exemption.

If you’re a non-resident employer, you do not have to pay super for resident employees for work they do outside Australia.

Self-Employed

If you’re self-employed as a sole trader or in a partnership, you do not have to pay super guarantee to yourself.

The Proposed Electric Vehicle FBT Exemption On Everyone’s Minds

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You may have heard a lot of buzz in the news regarding electric cars. What was once a car for the elite is now a far more common sight on the streets. Electric cars are becoming hot commodities, with one-third of electric vehicle sales in Australia occurring within New South Wales alone.

There have been numerous tax questions regarding the purchase of electric vehicles, which the government has discussed since their election in May.

Draft legislation (Treasury Laws Amendment (Electric Car Discount) Bill 2022) was released last month by the Federal Government to follow through with their election commitment to allow certain electric cars to be Fringe Benefits Tax (FBT) exempt.

In very broad terms, a business that acquires an electric car (with the car being used for private purposes/parked at private residences) will subject the employer to FBT. This can be a significant tax cost on top of already large expenditures.

If your business has been considering an electric vehicle as the new company car, this may have caused you to balk. But, an electric car is an attractive perk to offer employees as a fringe benefit.

The new draft release presents a new key tax planning consideration for employers (and employees) to save tax.

The exemption outlined in the draft release will be available for eligible electric cars with a retail price below the luxury car tax threshold for fuel-efficient cars ($84,916 for 2022 23) first made available for use on or after 1 July 2022. If you provide a car to your employees, it would be highly irregular for you to be worse off (even if you bought a car last year) to purchase/trade-in for a new car to take advantage of this proposed FBT exemption.

It also states that:

  • If an employer provides a model valued at about $50,000 through this arrangement, the estimated FBT exemption should save the employer up to $9,000 a year per car.
  • Individuals/employees using a salary sacrifice arrangement to pay for the same model would save up to $4,700 a year. A salary sacrifice arrangement involves the individual employee reducing their gross income to pay for the car, which effectively can reduce their personal tax bill.
  • If eligible, businesses may claim a full tax deduction for the electric cars up to $64,741 for the 2022-23 year under the “temporary full expensing provisions.” At this stage, the temporary full-expensing provisions end on 30 June 2023.

Whilst the legislation is not yet passed as law, this is an opportune time for employers to consider whether they will update their internal policies and processes to allow salary sacrificing for electric cars to be a more attractive employer and/or change the priority to acquire electric cars for their business to save on FBT.

If you are looking for tax planning assistance to minimise your business’s FBT liability or for how an electric vehicle could benefit your business (and maximise its tax effectiveness), you should consult with a professional tax adviser (such as us).

Successfully Starting A Business Requires 3 Things (Plus A Great Strategy)

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Starting a successful business requires three things:

  • A good idea,
  • The right amount of capital you’ll need, and
  • Creativity.

However, with the challenges many businesses faced over the last few years (particularly those who were finding their feet and starting up, having just those three things to face the pressures of the business environment might be a little daunting. That’s why having a strategy in place for your business and a plan for its path in the future is of paramount importance.

Think Through Every Element Of Your Startup (From Top To Bottom)

Having the idea for your business is a great starting point, but articulating that idea to your investors with a solid foundation behind it is even more important. Think about the questions that your investors might ask you about critical elements of your business, including your target audience, the competition in the field, your company’s goals and your potential marketing strategies, as well as potential questions investors might ask you about each of those aspects of your business. Having solid answers in place will give your investors (and you) a better picture of the idea and your potential as a business innovator.

Draft A Business Plan

Having a physical business plan that includes all of the elements you brought forward to your investors or partners will help you move forward on your business trajectory and also gives a map of your business goals.

Creating a business plan should be easy as it simply puts in writing what you have already discussed ahead of time with your investors. You may also be able to speak with us about creating business plans at the beginning of your business and throughout your business’s lifetime.

Put Your Money Into The Resources You Need (Not The Ones You Want)

It might be tempting to shell out for the best and the flashiest equipment that your business could have a use for all at once, but it’s best to plan out your expenses. Determine your needs upfront and invest in them. Are you planning a physical space for your business, or can operations be conducted remotely? Putting the extra money into the critical resources and equipment your business needs initially may help you produce a quality product and earmark your business.

Don’t Skimp On The Marketing

Marketing is one of the most important business growth strategies but is often neglected or overlooked by new businesses. Use social media, create a website, set up a blog or create email campaigns to bring awareness to your business.

Hire An Accountant

An accountant is specially trained to manage your finances and keep them in good order. While you might be able to keep track of your finances in the early stages of the business’s growth, we’re equipped to help when things start to pick up speed. Start a conversation to find out how we can help your business today.

New Kids On The SMSF Block: Millennials & Gen Y Shaping Their Futures

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Individuals may be looking to opt for an SMSF because these provide entire control over where the money is invested. While this may have traditionally been the domain of middle-aged, experienced investors with higher fund balances, a new breed of investors is arising.

Millennials and Gen Y represent the fastest-growing segment of newly created SMSF account holders, with this group accounting for 10 per cent of all those opened in the past two years – double the rates seen in 2016-2019.

Thanks to technology and a wealth of complex financial information available online, this new breed of investors is making decisions about sharemarkets traditionally reserved for institutional investors.

While this sounds enticing, the downside is that an SMSF involves a lot more time and effort as all investment is managed by the members/trustees.

Firstly, SMSFs require a lot of ongoing investment of time:

  • Aside from the initial setup, members need to continually research potential investments.
  • It is important to create and follow an investment strategy that will help manage the SMSF – but this will need to be updated regularly depending on the performance of the SMSF.
  • The accounting, record keeping and arranging of audits throughout the year and every year also need to be conducted up to par.

Data shows that SMSF trustees spend an average of 8 hours per month managing their SMSFs. This adds up to more than 100 hours per year and demonstrates that running an SMSF is a lot more time-occupying compared to other superannuation methods.

Secondly, there are set-up and maintenance costs of SMSFs such as tax advice, financial advice, legal advice and hiring an accredited auditor. These costs are difficult to avoid if you want the best out of your SMSF. A statistical review has shown that, on average, the operating cost of an SMSF is $6,152. This data is inclusive of deductible and non-deductible expenses such as auditor fees, management and administration expenses etc., but not inclusive of costs such as investment and insurance expenses.

Thirdly, investing in an SMSF requires financial and legal knowledge and skill. Trustees should understand the investment market to build and manage a diversified portfolio. Further, when creating an investment strategy, it is important to assess the risk and plan ahead for retirement, which can be difficult if one is not equipped with the necessary knowledge. In terms of legal knowledge, complying with tax, super, and other relevant regulations requires a basic level of understanding at the very least. Finally, insurance for fund members also needs to be organised, which can be difficult without additional knowledge.

Although SMSFs have the advantage of autonomy when investing, this comes at a price. Members/trustees need to invest time and money into managing the fund and, on top of this, have some financial and legal knowledge to successfully manage the fund.

Before investing your time and money into establishing an SMSF, consider your long-term financial goals and determine if an SMSF is right for you. Consult with a professional regarding your options for further information.

Trust Tax Returns – How To Make Sure You Get Them Right

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Just like how individuals and businesses have to complete tax returns when it’s tax season, so too do trusts.

Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts can also apply for an Australian business number (ABN) on the condition that the trust carries on an enterprise. If a trustee applies for a TFN or ABN, this is in the capacity of a trustee and is separate from any other registration that the trustee may require for other capacities.

Trustees

The trustee is responsible for managing the tax affairs associated with the trust. This includes registration of the trust in the tax system, lodgement of trust tax returns, and paying certain tax liabilities

Beneficiaries

For beneficiaries, their share of the trust’s net income is included in their tax returns. Further, payments on the expected tax liability may need to be made, for which the pay as you go (PAYG) instalment system can be used.

Looking at trusts from a tax perspective, one of the primary advantages of using them is that any income generated from business activities and investments (including capital gains) can be distributed to the beneficiaries in lower tax brackets. These may often be the spouses or children of the holder of the trust.

This means that, as the trustees of the trust have the discretion to distribute income and capital as they see fit and no beneficiary has a fixed entitlement to receive anything, the trustees can stream income in a tax-effective way on a year-to-year basis. However, as they don’t distribute the trust’s income, the trustees themselves may be liable to tax on the undistributed income (and at a rate of tax that is usually higher than what the beneficiaries would then have to pay).

Tax Consequences

When it comes to trusts though, you need to be aware of the potential tax consequences that can arise if they are misused. Family trusts generally don’t have to pay tax in their own right – instead, tax is paid by whoever receives money from the trust at the normal rate of tax for their income.

This makes it possible to use “income streaming” to minimise the total amount of tax paid by paying more in distributions to members of the family who have lower tax rates because they have lower incomes.

Trusts are perceived as a means of hiding income, concealing ownership of assets and facilitating the transfer of funds (tax-free) between family and business groups.

In one example given by the ATO, a family trust gives a university student with no other sources of income the entitlement to $180,000 – a figure that takes them to the brink of the top tax rate of 45%.

The student then agrees to pay the $180,000, less tax, to their parents to reimburse them for the cost of bringing them up while a minor. This is a red flag for the ATO!

Another practice falling into the ATO’s red zone is a more complex arrangement where money is distributed to a company that the trust owns. The next year, the company pays the same money back to the trust as a dividend. By repeating this cycle, paying any tax can be put off for many years.

You will want to ensure that your trust deeds (or other constitutional documents) achieve a tax planning benefit and that any changes to them reflect this credibly (and are not credibly explainable for any other reason).

You will also need to ensure that the trusts and the beneficiaries are filling out their returns and lodging all income (including the distributions of the income from the trust).

The ATO keeps a close eye on non-compliance when it comes to trusts. If you want to be certain that you are doing the right thing as a holder of a trust, a trustee or a beneficiary when it comes to tax, it’s important to speak with a professional tax expert, like us.

Looking To Upscale Your Business? Here’s What You Need To Know…

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It’s a wonderful feeling when you have reached a point where your business is so successful that you need to upscale. Whether hiring more people or moving location, upscaling has its unique challenges. What can you do to ensure that you are hitting the ground running while upscaling?

Set Realistic And Actionable Goals

Businesses should set realistic and actionable small goals which they can work towards, rather than broad goals which provide no direction. Setting broad and unrealistic goals is demotivating and makes any progress made seem insignificant. Every person in the business should be given a target to meet over a reasonable timeline, contributing to achieving a larger goal.

Establish Standardised And Automated Processes

Small businesses can make the mistake of ‘doing things as they come’, but this means that as the business grows, adjusting to high-scale tasks is difficult. To avoid this, businesses should standardise all processes of work. Any individual placed into a role should be able to follow standardised procedures and yield a product that is of similar quality to the previous one. Investing money into automation tools is worthwhile for this procedure. This can include automating social media management, email, and customer relationships. Both of these will contribute to creating structures that support growth.

Identify Competitive Strengths And Weaknesses

Recognising the strengths and weaknesses of one’s business is essential. Strengths will allow businesses to hone in on their unique qualities, giving them a competitive advantage. Weaknesses will reveal which areas require growth so that changes can be made before upscaling takes place.

Network

Businesses should continue to develop relationships with service providers, sales channel partners, suppliers and customers. Keeping an open mind about partnerships or potential collaborations could open up different avenues of business growth.

Anticipate The Adjustment Pace.

No matter how prepared you feel, any change in an organisation will require a period of adjustment for the rest of your team. Give them time to recognise the need for change and accept this opportunity’s challenges. More importantly, they need time to understand their roles in the bigger picture of your organisation’s plans to scale and determine how they can make the most of their skill sets and add value to the company. Make sure to consider adjustment protocols and allocate a reasonable period for such adjustments in your scaling plans and process.

Outsourcing The Non-Essentials

As the business increases in stature, there will be a lot more little and frustrating tasks, meaning that you can’t focus on what’s important. Outsourcing components like payroll or marketing to companies with the professionals to do it effectively means that you can focus on upscaling the business.

Upscaling can be very stressful, but whether it’s making changes to your business’s technology or outsourcing things in the short term, to upscale a business means focusing on what is best for your business.

To get to this point, you’ve made a success of it, so it’s important not to lose your identity in the process. Upscaling your business is taking what’s great about your current operation and building it outwards.

If you are looking towards how your business can take itself to the next level, business planning for any eventualities can be of benefit. Consulting with a trusted adviser can be of great help when moving forward in your business’s upscaling endeavour.