Month: September 2020

Check if you’re eligible for any of these concessions in your tax return: Small business income tax offset. If you run a business with a turnover less than $5 million as a sole trader, partnership or trust, you can reduce your tax bill by up to $1,000. This is different from the low and middle income tax offset, which you may also be eligible for. Simply report your net small business income in your individual tax return. We’ll then work out the offset amount you’re eligible for and include it in your assessment. Lower company tax rate. If you operate …

If your business is eligible to claim the instant asset write-off, you need to consider the car limit. The car limit is the maximum depreciation expense you can claim for a car. The car limit applies to the cost of some passenger vehicles. It applies to passenger vehicles designed to carry a load less than one tonne and fewer than nine passengers. It does not apply to motorcycles or similar vehicles, or to vehicles fitted out for use by people living with a disability. The car limit is: $57,581 for the 2019–20 income tax year $59,136 for the 2020–21 income tax …

Businesses have focused on urgent issues during COVID-19, such as the safety of their employees and customers, and changes in technology for their business to continue to operate productively. The critical next step is to maintain cash flow by managing revenue and expenses. History teaches us valuable lessons regarding the importance of managing cash during a downturn. Companies that successfully navigated prior crises pursued cash-flow strategies radically generous with customers and partners — and aggressive with revenue and expenses management. We’ve compiled a list of eight strategies for businesses to focus their efforts over the next few months – including …

A crisis tests the decision-making skills of an organisation’s management and employees. If decisions, are made too swiftly, it may be based on incorrect or inadequate information; by the same token, waiting for the perfect set of data may slow decision-making or lead to no decisions being made. During a crisis senior executives can find themselves overwhelmed by the vast amount of information amongst the evolving communications environment. We’ve compiled a list of seven strategies for business owners to be effective leaders in 2020 – including health and wellbeing, empathy and compassion, clarifying the company’s purpose, leading by example, creating …

Did you know Australia is one of the world’s most hacked countries? Some of the exposures and cyber threats that have occurred in 2020 include: • Staff working from home Working remotely can create exposure to cyber crime and it’s important to ensure that your team’s home networks are as secure as possible. • Lion Nathan (XXXX Brewery) In this case hackers were able to obtain confidential files and held the company to ransom. • COVID-19 malicious activity Including phone and email scams. • myGov-related SMS and email scams These ask you to login to verify your account and often …

Cyber criminals typically follow the money. Australia’s relative wealth, high levels of internet access, and growing online channel distribution make it very attractive and lucrative for cyber-crime adversaries. Transnational cybercrime syndicates and their affiliates, which produce, distribute, sell, and use sophisticated tools and techniques, are a growing concern. Cybercrime is one of Australia’s most common threats and the most significant threat in terms of overall scale and effect on individuals and businesses. The Australian Cyber Security Centre (ACSC) responded to 2,266 cyber security incidents between July 2019 and 2020 amounting to a loss of more than $630 million to Australian …

Research Study identifies key culture risks and impacts. Many businesses have invested years cultivating an effective culture – one that is both strategically relevant and that employees trust and value. Company culture facilities companies to attract and retain the right people to contribute to a strong and sustainable bottom-line. We’ve had a disruptive and challenging year that has changed many aspects of business operations particularly the way we interact and communicate impacting your company’s culture. Henry Reed, culture change strategists has recently released a Culture Research Study that identifies key cultural risks highlighting the correlation between who is responsible for …

The JobKeeper Payment extension has now been registered for eligible businesses and not-for-profits until 28 March 2021. The changes take effect from 28 September 2020 and will see the introduction of tier 1 and tier 2 JobKeeper Payment rates for the periods: • 28 September 2020 to 3 January 2021 • 4 January 2021 to 28 March 2021. JobKeeper Payment rates for employees will change based on the total hours worked during their reference period. Tier 1 rate: eligible employees who worked for 80 hours or more in the four weeks of pay periods before either 1 March 2020 or …