Essential qualities of successful business owners

Owning a business is not going to guarantee you success or wealth.  There are specific qualities required in order to be valued and respected as an employer, qualities that will allow your business to flourish. Consider the following qualities as essential for successful business owners. Passionate To be successful, you need to be

Secrets to hiring the right team

All too often, employers hire new staff that turn out not to be a great fit for the business. You need to consider your interview process when hiring. Adopt the following strategies to ensure you hire the right person. Attitude trumps skillset Employers will see two names and preference the one with more

Changes to workplace laws

The start of the new financial year has seen some important changes to Australia's employment laws. Not only do employers need to remain up to date and aware of amendments but they must also ensure they continue to meet their obligations to remain compliant.  Employers must check their payroll systems and

ATO targeting fringe benefits tax

The ATO has fringe benefits tax (FBT) in its sights this tax time, with a crackdown on employers that are deliberately avoiding or minimizing their tax payable. The specific areas of focus include: Motor vehicles Situations where an employer-provided motor vehicle is used, or available for private travel or employees.  This constitutes a

Checklist for new workers

Employers need to be aware of their responsibilities when hiring new staff to ensure they are complying with workplace laws and for their business to continue to succeed. Three main things to consider before hiring new workers include: Understanding your legal obligations Pay slip and record keeping Offer of employment Understanding your

Improving internal communication

Internal communication can mean the difference between having a team that thrives or plummets. Businesses with effective internal communication experience higher levels of productivity have stronger working relationships and a positive workplace culture. Here are a few ways to ensure effective internal communication in your workplace: Regular check-ins Regular communication processes, such as a

Simpler BAS from 1 July

  As of 1 July 2017, the ATO has reduced the amount of information needed for the business activity statement (BAS). Small businesses with a GST turnover of less than $10 million will use Simpler BAS as the default reporting method.  These businesses will only need to report total sales, GST on

Passing on the family business

Transitioning a family business to the next generation can be an incredibly confronting process. Stepping back from your business is a big move and can be quite difficult if there isn't a solid plan in place.  Succession planning helps to ease the process.  A strong succession plan reduces the risk of

Staying on top of your records

Staying on top of your records  A good record keeping system is essential for small business owners. Staying on top of your records helps to manage cash flow and prepare your business activity statements (BAS) and tax returns more easily. In addition to keeping basic legal records, such as banking, expense and sales

ATO targeting online selling

ATO targeting online selling The Australian Taxation Office is collecting data from financial institutions and online selling sites as part of their data matching programs for credit and debit cards and online selling. The data will include:the total amount of credit and debit card payments businesses received the total amount of credit