Holiday Hustle: Crafting Engaging Content for April’s Festive Occasions

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As April rolls around, businesses have a perfect opportunity to refresh their content marketing strategies and engage with their audience in new and exciting ways.

With the changing season and various events occurring throughout the upcoming month, there are plenty of opportunities to connect with customers and drive brand awareness.

Here are some creative content marketing ideas tailored for Australian businesses to consider this April:

Easter-Themed Content

Tap into the festive spirit of Easter by creating themed content that resonates with your audience. This could include:

  • Easter-themed social media posts featuring your products or services.
  • Creating an Easter egg hunt contest on social media with prizes for winners.
  • Sharing Easter recipes or DIY craft ideas related to your niche.
  • Partnering with local businesses for Easter-themed collaborations or promotions.

Autumn Vibes

As autumn settles in, create content that celebrates the changing season and highlights how your products or services fit into this time of year. This could involve:

  • Sharing tips for transitioning your wardrobe or home decor for autumn.
  • Showcasing seasonal products or services that are particularly relevant during this time.
  • Creating autumn-inspired visuals or videos to capture the mood of the season.
  • Hosting a photo contest encouraging customers to share their favourite autumn moments.

Anzac Day Commemoration

April 25th marks Anzac Day, a significant day of remembrance in Australia and New Zealand. Consider creating content that honours this occasion while also tying it back to your brand:

  • Sharing stories or historical facts related to Anzac Day and its significance.
  • Creating content highlighting your company’s loyalty, courage, and remembrance values.
  • Partnering with a charity or organisation that supports veterans or their families and promoting their cause.
  • Offering a special discount or promotion for veterans or active service members as a gesture of appreciation.

Outdoor Activities and Adventures

With the weather cooling down, many Australians want to spend time outdoors and explore nature. Tailor your content to appeal to this audience by:

  • Sharing guides or tips for outdoor activities such as hiking, camping, or beach outings.
  • Featuring local destinations or hidden gems that are perfect for day trips or weekend getaways.
  • Collaborating with influencers or outdoor enthusiasts to showcase your products in action.
  • Hosting a social media photo challenge encouraging customers to share their outdoor adventures using a branded hashtag.

Earth Day Initiatives

April 22nd is Earth Day, making it an excellent opportunity to demonstrate your company’s commitment to sustainability and environmental responsibility:

  • Share content highlighting your eco-friendly practices, products, or initiatives.
  • Organise a community clean-up or volunteer event and document the experience through photos or videos.
  • Offer special discounts or promotions for eco-friendly products or services to encourage sustainable consumer choices.
  • Collaborate with environmental organisations or influencers to raise awareness about important issues and promote positive change.

By embracing these content marketing ideas and building upon them to suit their style, businesses can effectively connect with their audience, drive engagement, and build brand loyalty throughout the following monthl.

Remember to stay authentic to your brand values and audience preferences while leveraging this season’s unique opportunities.

Hiring working holiday makers

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In Australia, there are approximately 100,000 working holiday makers employed each year. Any employer can hire working holiday makers provided they meet the requirements to do so. Employers must confirm the working holiday maker has a valid visa subclass, either 417 (Working Holiday) or 462 (Work and Holiday).

Register:
Employers will need to register to apply the 15% working holiday maker tax rate and declare they are aware of the obligations associated, including complying with the Fair Work Act 2009. Working holiday makers can’t claim the tax-free threshold and must provide their tax file number (TFN). Employers who do not register must withhold tax at 32.5% from every dollar earned up to $87,000 and foreign resident withholding rates apply to income over $87,000. Those who do not register may be subject to penalties.

Working holiday maker tax rate:
Once registered, employers can withhold 15% from every dollar that a working holiday maker earns up to $37,000. Tax rates change for amounts above this. The tax rate applies to all payments made to working holiday makers, including:

  • Salary and wages.
  • Termination payments.
  • Unused leave.
  • Back payments, commissions, bonuses and similar payments.

Super payments:
Eligible workers are entitled to receive super payments from their employers. When leaving Australia, working holiday makers can apply to have their super paid to them as a Departing Australia Superannuation Payment (DASP). The tax on any DASP made to working holiday makers on or after 1 July 2017 is 65%.

Payment summary:
Unless reporting through Single Touch Payroll, employers are required to provide a payment summary to every working holiday maker they employ. All payments to a working holiday maker must be shown in the gross income section of the payment summary and identified using H in the gross payment type box. This is to help your worker to prepare their income tax return. Employees who previously held a working holiday visa but do not anymore will need two payment summaries for the financial year, one for the period they held a 417 or 462 visa and the period when they did not.

Hiring the ‘overqualified’

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Motivating employees is a large part of keeping quality standards in the workplace. When you have someone who is ‘overqualified’ for a job, some start to question if they will be pushed to work hard. Managers may be missing out on the ideal hire by eliminating those who are overqualified from consideration. When potentially hiring someone who is overqualified, it pays to look at every aspect of what they could bring to the business.

What makes a candidate overqualified?
People with a higher education level that is required for the job they are applying for are generally what would be considered overqualified. There are also those individuals who have had a number of years experience in the industry that would make a starting position seem like a step down the career ladder.

The Pros:
The overqualified candidate will require less training than those who are inexperienced, saving you time and money not having to train new staff. They could be left unsupervised for longer periods as they will have more industry knowledge to get them through a task and can provide assistance and guidance to other new members of the team. Overqualified candidates are also a good source of new ideas and expertise, demonstrating creating problem-solving in ways that you may not have considered.

The Cons:
While overqualified candidates may save you money in regards to training, they may request a higher salary overall. If you advertise a job with a certain pay rate then it is assumed applicants are willing to comply with this, but those who have more experience may want a bit more for their work. There is also the risk that overqualified workers will be dissatisfied with a lower level role as they are more than capable to handle the workload and are not challenged. This could lead to boredom and low morale, potentially affecting others in the workplace.

Whichever way you decide to go, it is important not to rule out a candidate simply because they have more knowledge or experience required for the position. Getting to know an individual’s motivation and personality during the interview process will give you a look at what kind of worker they will be, which will be different from the side that shows on paper.

High School Students, It’s Time To Get Creative About Tax & Super

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The ATO’s Tax, Super + You competition is a fun and engaging way for Australian high school students to learn about tax and super, unleash their creativity and potentially win some great prizes.

Working as a part of a team or individually, students are invited to write, make or film an entry for their topic:

* Junior (Year 7–9) are asked to highlight the value of tax or super (or both) in the community

* Senior (Year 10–12) must discuss your first job and what you need to know about tax and super.

Shortlisted entries in 2019 included raps, songs, animations, video skits and even a board game. If you’re a high school student interested in competing this year or are the parent of one, this resource is a great way to see how people have gotten involved previously (and that you can draw inspiration from as well).

The competition opened on 24 May, but entries will be accepted until 13 August. The winners will be decided by a judging panel, including guest judge Effie Zahos who is one of Australia’s leading personal finance commentators. The public can also vote for their favourite entry in the People’s Choice Awards.

Tax Office Assistant Commissioner Sally Bektas said she was thrilled to be back on the judging panel.

“Our Tax, Super + You competition has really shown that building financial literacy can be fun and bring out the best in students. I’m so excited to see the entries for 2021,” Sally said.

You can watch Sally explain how to get involved on ATOtv.

Winners of the 2021 Tax, Super + You competition will be announced in September.

Looking for more information about the 2021 Tax, Super + You competition? Visit www.taxsuperandyou.gov.au/competition to find out more details.

Have You Taken The Time To Tax Plan This EOFY?

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As the financial year comes to a close, now is the time to visit your accountant or tax advisor to discuss tax planning for your business in 2023.

At the end of every financial year, business owners should be reviewing and measuring their performance in comparison to the previous year.

By regularly reviewing this information, a greater understanding of the basis for tax planning and budgeting can be determined more accurately. While tax planning is a process that should be continuously managed over the year for better and more adaptive results, it’s never too late to start.

This is especially relevant now as business owners need to understand the business’s current ability to move forward in the current economic circumstances and plan for the future. Otherwise, past mistakes could be repeated in the future.

Here are some general tax tips that business owners can take with them into the 2023-2024 financial year.

Timing Of Expenses

An expense is an allowable deduction that is necessarily incurred in carrying on a business or for the purpose of gaining or producing assessable income. Expenses should be recognised in the same period as the revenues to which they relate when it comes to lodging your tax.

Most prepayments that are made now are not deductible until the period to which they relate (though some exceptions may apply). Small businesses and individuals may be able to deduct 12 months of prepayments in the year paid, as an expense.

Payments to Workers

Deductions on payments to workers (whether they are employees, contractors, directors, etc.) can only be claimed when the business has complied with its PAYG withholding and reporting obligations.

Family businesses or businesses that employ family members should be especially concerned with preparing for this, as they have additional obligations to ensure that they are correctly paying the right amount of tax. If they have received wages or been given allowances below the tax-free threshold, they will need to be registered as a withholder and a PAYG summary provided.

Your business should already be in the position to process payments through Single Touch Payroll, as it was made mandatory for all businesses to use from 1 July 2021.

Bad Debts

Conduct a review of the debts that may be affecting your business. If any of these are unlikely to be recovered, the best course may be to write them off as ‘bad’ prior to the end of the financial year. You can speak with us about this process to ensure that it is performed correctly (and that you are able to do so). Writing off bad debts can reduce your income tax and generate a GST refund.

Bonuses

Businesses may have provided their staff with bonuses at the end of the calendar year for performance expectations being met or as a retention bonus. It is important to remember that bonuses are only deductible when they are actually incurred.

If you have concerns regarding your tax planning this year, why not speak with one of our trusted advisers? We have the knowledge and experience to assist you with your tax planning needs.

Have You Made Your Business’s New Year Resolution?

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Coming out of the holiday period is usually a slow time for businesses but there’s never been a better time to get on top of things.

A new year brings business owners great motivation and opportunities to bring their businesses to greater heights. Whether you want to get on top of your business’ finances, relationships, and policies or to finalise your business plan for the year, setting your 2023 business resolutions allows for greater organisation, clarity, and a sense of direction. Many studies show that identifying goals increases the likelihood of achieving them.

Why not consider adopting the following business resolutions?

Review Your Supplier Relationships

While you review your budget for the year, consider if your suppliers are the most competitively priced for their quality of service. Take the time to research alternatives against your performance indicators. If you don’t have any already, establish a system to track and evaluate the performance of your supplier as it is crucial to the efficiency and profitability of your business.

While it is important to cut underperforming suppliers, it is just as essential to maintain good relationships with your suppliers. This includes actively involving your supplier in strategic meetings which involve them in helping with any negotiations further down the track.

Improve Your Branding

Developing and protecting your brand is essential to differentiate yourself in a competitive market. Start by reviewing your marketing strategy and get to know your market by gathering consumer data and conducting customer surveys. Make an effort to consistently improve and update your website regularly and strategically utilise social media channels for a strong digital presence. Consider hiring a marketing consultant that can help guide your brand.

Take A Look At The Books

No matter how well your business has performed in the past year, there is always room for growth and improvement. Alternatively, if your business didn’t perform as expected, look at where things might be stagnating. Revisit where the business spends money and create strategies to lower these costs. For example, if the internet bill for the business is X amount, consider shopping around and looking for a cheaper deal. Small changes in multiple areas could see you make an extra 10 per cent annually without feeling like you are making large sacrifices.

Revamp Social Media Marketing Strategies

Technology is ever-evolving, meaning the way it can be used as a business and marketing tool is too. The start of the year is the ideal time to do your research; investigate emerging trends for social media marketing and try to analyse the direction in which these trends are travelling. Research may tell you, hypothetically, that successful businesses in your industry are steering away from Facebook and are predominantly using Instagram and Tiktok. In this instance, you should be analysing how you can adapt and transform your current marketing strategy to stay current.

Professional and Personal Development

There is always something new to learn; whether that be related directly to your business and the industry it is in or whether it relates to personal skills that will make you a better business person and a better leader. Take some time to look at the courses available to you that will fit into your schedule or that you can adjust your schedule to fit them in.

There are many organisations online that provide courses in a large array of areas, such as developing your technology-based skills, learning how to use specific software and programs, business refresher courses, etc. You may have wanted to learn a new personal skill, such as yoga, rock climbing or a new language; make that a priority in 2022.

Developing your personal skills will help you to become a better leader and all-around entrepreneur. Some businesses may implement personal/professional development days for their employees to boost the business as a whole.

Update Your Business Goals Regularly

Setting your goals is one matter, but following them through requires commitment. For example, make your goals and plans by the quarter instead of the year. By reviewing your business plan, budget, and goals regularly with your team, your goals will be more specific and relevant to the business and will give you greater motivation to achieve them. Another tip for staying motivated with your goals is to build an emotional attachment with them. Motivation to ‘make more money’ could be increased when you consider how that will affect your family and loved ones.

GST margin scheme

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The margin scheme is a way of working out the GST you must pay when you sell property as part of your business. The amount of GST normally paid on a property sale is equal to one-eleventh of the total sale price. If the margin scheme is used, the GST is calculated on the difference between the sale price and your purchase price of the property or the property’s value. You can only apply the margin scheme if the sale of the property is taxable.

The margin scheme has been designed by the ATO to help reduce the amount of GST that would normally be payable on sales of new property. It is not an automatic concession and the sale must be eligible for it to be applied.

The margin scheme can be applied to subsequent property sales depending on the original date of purchase and how GST was applied at that time. Property purchases prior to 1 July 2000 are eligible, as the property had not been subject to GST previously. For property purchases after 1 July 2000, the margin scheme may only apply to a subsequent sale when:

  • The original seller of the property wasn’t registered for GST.
  • The property was purchased as an existing residential premises.
  • The original seller sold the property as a GST-free supply and was eligible to use the margin scheme, or;
  • The seller sold the property and applied the margin scheme at that time.

There are limitations to the margin scheme in some situations such as; inheritances, the supplier being a member of a GST group or the property is GST-free (going concern or farmland). In these situations, if the supplier wasn’t eligible to use the margin scheme, the scheme cannot be used when selling the property.

When purchasing a new residential property with the margin scheme being apart of the property transaction, withhold 7% of the contract price, including GST and the market value of non-monetary consideration. This amount will then be paid to the ATO at settlement.

Growing your business with referrals

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‘Word-of-mouth’ referrals may seem like an outdated concept in today’s digital age of online reviews, but a few credible and positive opinions can still go a long way when it comes to attracting new clients. Customer referrals are never guaranteed, but here are a few methods you can use to increase the number of people who will remember and improve the chances of a client recommending your business to another.

Remind customers you exist

Maintain high levels of brand awareness and make sure your customers can easily remember your business and products. Use a mailing list database and keep in touch with your clients regularly through email or social media. Make sure to update your clients (personally whenever possible) when you have special offers and new products to keep them engaged with your business.

Join communities

From professional organisations to online community groups, getting involved in different activities will give you new contacts, boost your business profile and increase your brand awareness. For example, using community hashtags on your social media posts when promoting a product will direct interested audiences to your business. Simply remaining active in such community spaces can go a long way in indirectly advertising your products and services.

Exhibit at industry events

Industry-relevant exhibits and events are a good way to increase your business’ brand awareness and meet a lot of new potential customers at once. Being active at these kinds of events (through sponsorships or networking) will keep your name in front of your current customers as well.

Use testimonials

Similar to reviews, testimonials from your existing customers can help improve your brand’s reliability and encourage loyalty and trust with your new customers. The fact that a client allows you to use their name adds credibility and serves as another kind of referral.

Ask customers for feedback regularly

Constant improvement and clear communication is key to impressing clients and increasing the chances of referrals. By soliciting suggestions from your existing clients, responding to them personally, and providing high-quality service, you can let customers know that you care about them and want to meet their needs. Establishing such a caring relationship with your customers will improve your business’ reputation as well.

Good record keeping practices

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Starting your business with a good record keeping system can help you track your business performance, meet reporting responsibilities and access financial history with ease. Since different rules apply to different types of documents, the length of time that a business needs to retain documents depends on what the documents are. Some businesses may need to keep documents indefinitely.

The seven year principle is recommended as a base due to the fact that seven years is sufficient time for defending tax audits, lawsuits and potential claims. Government departments and organisations, such as the Australian Securities and Investment Commission (ASIC) and The Fair Work Ombudsman (FWO), require company and employee records to be kept for seven years.

Owners should note that there are some circumstances where it may be required to keep documents for more than seven years. For example, documents relating to intellectual property rights, such as trademarks and copyright, can be needed indefinitely by a business. These documents should be retained for as long as the rights in the intellectual property exist.

Financial, legal, employee, policy and procedural records are the main categories of documents that a business will need to retain. Keeping good records can save you a lot of time and money when a situation arises as you may need to rely on these files if disputes or other issues appear in your business.

The general standards for record keeping in Australia are as follows, documents need to;

  • Be in writing, either on paper or electronically.
  • Be written in English.
  • Explain all transactions.

There are benefits and risks to storing files both on paper and electronically. The most important thing to remember, regardless of storage method, is to back up your records. A combination of both methods can ensure you have documents available when needed.

Gig Economy Workers Are Warned That The ATO Is Watching

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The inexpensive and profitable side hustle is under the ATO’s watchful eye when it comes to declaring income this tax season. With many gig economy workers often earning their income as independent contractors, the ATO warns that a failure to report all income from all of the work that they carry out could land them with severe penalties. 

 

The ATO is expected to employ advanced data-matching from platforms that play host to large proportions of Australia’s gig economy to ensure that tax is declared and paid on the income from workers of the gig economy. Those workers may include Uber workers, Doordash, Lyft, Airbnb and many more similar side hustle income earners.

 

There is a silver lining for gig workers this tax time. Many gig economy workers may find themselves more eligible for tax deductions – but are warned against claiming more than they are allowed to.

 

Gig workers are eligible to claim deductions for most costs incurred while earning their income (such as travel or vehicle expenses, financing and marketing). These deductions, however, can only be claimed for the work-related proportion of the claim. You won’t be able to claim the whole amount for the deduction if the claim is made because you picked up an Uber fare on the way back from your Grandma’s for example, it will only be deductible from when you picked up your passenger. 

 

Those who prepare their deductions based on a representative period are also warned to prepare an additional record for this period, as the pandemic has induced numerous tax challenges for many gig economy workers involved in declining and rising fields of the economy. 

 

Workers who fail to declare cash income from the gig economy may incur penalties in the form of interest on their tax bills or potential criminal charges. It is vital that you ensure your tax return is correctly lodged and all income is declared if you are a gig economy worker of any kind. If you need assistance regarding your tax return lodgment process, you can always contact us for advice.