Robert Goodman Accountants Blog

Travel expenditure incurred on or after 1 July 2017 in connection with residential premises from which you earn rent or other assessable income will not be deductible (subject to certain exceptions – see below). This includes expenses for travel undertaken to, for example, collect rent, inspect, or maintain the premises. 

The measure was originally announced in May as part of the 2017–2018 Federal Budget. We now have legislation that will implement this.


Travel expenditure includes motor vehicle expenses, taxi or hire car costs, airfares, public transport costs, and any meals or accommodation related to the travel.


It does not matter where the residential premises are located. For example, if you travel by car to mow the lawn of a house you rent out, you will not be able to deduct those car expenses. Similarly, if you fly interstate for a couple of days to inspect an apartment you rent out and you stay in a hotel, you will not be able to claim a deduction for your flights, hotel, meals and taxis (eg, to and from the airport or from the hotel to the apartment).

There are a number of exceptions to this, which are as follows:

  • if the expenditure is incurred in carrying on a business (eg, if you own many residential rental premises and you are treated as carrying on a business);
  • if the expenditure is incurred by a company;
  • if the expenditure is incurred by a managed investment trust or a public unit trust;
  • if the expenditure is incurred by a superannuation fund – but this exception does not apply if the fund is a self-managed fund (SMSF), so travel expenditure incurred by an SMSF will not be deductible.

If the residential rental premises are owned by a partnership, the travel expenditure will not be deductible unless all members of the partnership are one of the excluded entities listed above – ie, a company, managed investment trust, public unit trust or superannuation fund that is not an SMSF.

You should also be aware that any travel expenditure that is not deductible will be ignored in working out your capital gain (or loss) should you sell the premises – in other words, the expenditure cannot reduce the capital gain (or increase the loss).

The changes will not prevent you from engaging third parties such as real estate agents to provide property management services for an investment property. These expenses will remain deductible.

Other restrictions

There are two other related measures that were announced in the Federal Budget:

  • limiting depreciation deductions for second-hand depreciating assets used or installed in residential rental premises; and
  • imposing an annual vacancy fee on foreign owners of residential property that is not occupied or genuinely available for rent for at least six months in a 12-month period.

Do you rent out residential premises?

If you rent out residential property that you own, please contact our office for further information on what is deductible from the tax you may owe.

Need to know more?

If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700 or email reception@rgoodman.com.au.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants

Measures commonly referred to as the "Netflix Tax" came into effect on 1 July 2017. These bring supplies of intangibles made by non-resident suppliers to Australian consumers within the net of Australia's goods and services tax (GST) system. While the measures originally focused on taxing the supply of digital download products to Australian consumers, they also capture the supply of anything (other than goods or real property) that is made by offshore businesses to Australian consumers, unless the supply is otherwise GST-free or input taxed.

 

The new rules require suppliers to take reasonable steps to ascertain whether the recipient is an Australian consumer. Such steps include making a decision based on the recipient's Australian Business Number (ABN), other identifying information or a declaration from the recipient that indicates the recipient is registered for Australian GST.

An "Australian consumer" is defined as an Australian tax resident who is not registered for GST purposes or, if registered, who does not acquire the intangible item for the purpose carrying on their enterprise.


Supplies that offshore businesses make to Australian businesses (business-to-business or "B2B" transactions) fall outside the scope of the new measures.


While the changes will apply to a wide range of services and other intangibles, it is expected that digital downloads will comprise the majority of transactions affected.

Digital downloads and electronic distribution platforms

The GST changes include provisions that will apply where digital products are supplied via an electronic distribution platform (EDP). In such cases, the EDP operator will be deemed to be the supplier and will be liable for the GST, rather than the actual supplier of the digital product. This means, taking the "Netflix tax" name as an example, that the Netflix business entity, as the operator of the Netflix EDP, will be considered the supplier of streamed content and be liable for the associated Australian GST – not the creators and entities who license their content for streaming on Netflix. There are special provisions for determining who the supplier is where a supply is made through multiple EDPs without an agreement between the parties.

GST registration threshold

The existing GST registration threshold of AUD$75,000 per annum will also apply to non-resident suppliers of intangibles. Therefore, non-resident suppliers will need to assess whether the annualised value of their supplies to Australian consumers is likely to exceed AUD$75,000. If a supplier's turnover for supplies to Australian consumers is below the GST registration threshold, they will not be required to register. If their turnover is above the threshold, they will be required to register for GST purposes and remit GST to the ATO on their sales to Australian consumers.

Limited GST registration rules

Non-resident suppliers who are caught by these new provisions may elect to be treated as "limited registration entities". Limited registration entities will be required to lodge their GST returns on a quarterly basis and will not be entitled to claim input tax credits in respect of any GST included in the costs they may incur in Australia.

In practice, on the basis that an overseas supplier will not have a presence in Australia, we expect minimal costs will be incurred that would otherwise give rise to an input tax credit entitlement.

The ATO has recently activated its online limited GST registration process. As the returns are to be lodged quarterly and the first return will not be due until October 2017, the ATO expects that non-residents will be able to backdate their registrations to 1 July 2017 and report their sales by the due date for the first return.

Some practical considerations for consumers and affected businesses

As noted, the changes have now commenced and non-resident businesses that make supplies to Australian consumers will need to take into account these changes to the GST law.

Australian consumers

Australian consumers are likely to see some increases in the amounts these suppliers charge; for example, Adobe's digital software subscription prices for individuals rose to include GST late in 2016, and Netflix announced plan pricing increases at the end of June 2017.

Australian businesses

If you purchase intangibles from offshore suppliers that are for the purposes of carrying on your business – that is, the transaction is a B2B supply – it will be important to make it easy for the supplier to see this. Use your business name and address, ABN and other clear business identifiers so that GST is not mistakenly added to the price.

Non-resident suppliers

Supplier businesses affected by the changes will need to consider the following:

  • the ability of their systems to implement changes to cater for the new GST rules – including sales systems' ability to obtain information to confirm whether each customer is an Australian consumer, the ability to identify the amount of GST payable on a supply and to make sure the amount is reported on the periodic GST return lodged with the ATO;
  • reviewing their existing terms and conditions of sale to ensure they can recover GST from their customers if needed;
  • reviewing websites through which their sales are made, to determine compliance with Australian consumer laws – these generally require that GST-inclusive prices are advertised to consumers; and
  • currency conversion issues, if their sales are made in a currency other than Australian dollars.

EDP operators will need to understand their role in the supply chain, assess whether they will have a liability to register for remit GST and agree with relevant parties where the GST will be imposed.

Need to know more?

Confused about how these GST changes may affect your personal or business purchases? Wondering how to make sure offshore suppliers will know you're buying something for your business rather than for yourself? Talk to us about your circumstances to find out how we can help. If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants

 

Don't Dodge When you Lodge

The Australian Taxation Office (ATO) is reminding taxpayers there are serious consequences if they choose not to meet their tax obligations this tax time.

Assistant Commissioner Kath Anderson said most Australians want to do the right thing, but some refuse to pay their share, or pay at all.

"In the first instance we always try to help and educate taxpayers about how to get their tax right. Unfortunately in some cases people don't respond or deliberately make false statements to avoid paying the right amount of tax – and we have to pursue this," she said.

Ms Anderson said the ATO has sophisticated systems and analytics that ensure wrongdoing can't fly under the radar. If a claim raises a red flag in the system, auditors will investigate further.

"In 2015–16 for individual taxpayers we conducted around 450,000 reviews and audits, resulting in adjustments of nearly $1 billion in income tax, and prosecuted over 1,300 taxpayers," Ms Anderson said.

"Criminal investigations and prosecution are a last resort and not something we take lightly. However, Australians expect us to make sure nobody gets a free ride and we are prepared to use all the avenues available to us to protect the integrity of the tax system.

"Our message to all taxpayers is that the ATO takes firm action against those who actively choose to ignore their obligations or try to game the system."

Ms Anderson said the ATO uses a range of strategies to manage taxpayer transgressions, ranging from help and education, to audits and even prosecution through the court system for more serious cases.

"When choosing a course of action, we consider a number of factors including a taxpayer's history of compliance, and the number of chances we've already given them to get back on track with their obligations," Ms Anderson said.

"The decision to prosecute is only made if we have exhausted other options to get the taxpayer to change their behaviour and correct their affairs."

The ATO is aware some people are willing to take risks and falsely claim work-related expenses. Ms Anderson said taxpayers considering risky claims should be on notice that the ATO is serious about dealing with non-compliance, and the consequences can be costly for those found to be doing the wrong thing.

"In the worst cases a penalty can be up to 95% of the tax shortfall amount. For example, we took a taxpayer to court over his false car work-related expense claims in two consecutive years, and he was ordered to pay more than $4,000 in fines and court costs," Ms Anderson said.

"In another instance, a taxpayer had neglected to lodge his tax returns over a 12-year period despite being given a number of opportunities to comply. After being fined more than $100,000 and still failing to get his tax affairs in order, he was handed down an eight month suspended sentence.

"The vast majority of Australians do the right thing, which is why we will pursue those who try to dodge their obligations. Our message to anyone thinking about making a false deduction, omitting income or not lodging at all is that it just isn't worth running the risk of audits, fines or prosecutions."

To find out more about what deductions you can legitimately claim this tax time, visit ato.gov.au/deductions

To find out more about the penalties for making false or misleading statements, visit ato.gov.au/penalty

Case studies

Case study one

A labourer falsely claimed a number of deductions, including car, self-education and clothing and laundry work-related expenses of over $10,000 over two years. He was charged with three counts of recklessly making false or misleading statements.

The labourer had previously been audited and warned about claiming clothing and laundry expenses he wasn't entitled to. Despite this, he claimed deductions for expenses he did not incur and was not entitled to in his next tax return.

He was unable to provide any receipts or records, and when we spoke with his employer they confirmed he was not required to use his own car at work, and did not have any work-related study. They also confirmed they supplied and paid for the required work-related clothing and paid for the laundry costs.

The labourer said he took the advice of a trusted friend who said he would secure a good refund by claiming deductions.

The Magistrate considered the behaviour in repeatedly claiming clothing and laundry expenses grossly reckless, and the labourer was convicted of all offences and had to pay penalties and fines.

Case study two

A meat worker falsely claimed deductions for work-related expenses relating to car, travel and clothing, totalling several thousand dollars, and was charged with recklessly making false or misleading statements.

The meat worker had been audited the previous year and was educated about claiming deductions he was not entitled to and could not substantiate. Despite this, the taxpayer again claimed deductions he was not entitled to and which he had no records for.

The meat worker admitted he signed a blank tax return and had a friend complete it for him. He was reminded of his responsibility to take reasonable care with the information provided in his tax return and of penalty implications for providing false or misleading information.

A referral for prosecution was made because of the behaviours demonstrated by the meat worker in preparing his income tax returns in multiple years. The meat worker pleaded guilty, and the Magistrate noted the seriousness of the offence. The meat worker was convicted, fined and ordered to pay costs.

Case study three

A landscaper neglected to submit tax returns over a 12-year period, despite being given adequate opportunity to comply with lodgement obligations. He had two previous convictions for failing to lodge (income and GST returns) and failing to comply with a court order in relation to the same income tax returns. On those occasions, he was fined $50,000 and $63,600 respectively in March 2015 and October 2015.

The landscaper was found guilty and convicted to 8 months imprisonment

The Magistrate stated the sentencing was the only appropriate option, and commented that the previous fines imposed had not been an adequate deterrent and the community needed to know that there were serious consequences for repeatedly not lodging tax returns. This term of imprisonment was suspended subject to a 12 month good behaviour bond with an order to lodge the required returns within 6 months or the landscaper would be sent to jail.

Case study four

A bookkeeper failed to submit income tax returns for 2011 to 2015 financial years, a total of 5 returns, and 20 quarterly GST returns for the period January 2007 to December 2016, a period of over 9 years as part of a partnership.

The bookkeeper was convicted under Section 8C of the Taxation Administration Act, with the Magistrate imposing a fine of $25,000. Significantly the Magistrate made a further order that the bookkeeper pay the sum of $25,000 as he believed part of the reason for the late lodgement was to avoid a tax liability. The total tax liability that arose from lodging these returns was over $360,000 which is still owing to the ATO.

Source: ATO 28 September 2017 

If you have any questions about what you can claim, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700

 

False billings continue to be a common scam targeting Australian small businesses. There are a number of strategies that small businesses can consider to avoid being the victim of false billings.

Small business owners should constantly be alert for scams involving false billings. Small businesses are a particular soft target as scammers recognise they are busy and have fewer resources than larger businesses.

False billing scams include attempting to trick busy businesses into paying for unwanted or unauthorised listings or advertisements in magazines, journals or business directories. Common scam tactics are to send a business a subscription form disguised as an outstanding invoice to get the business to sign up for unwanted ongoing advertising services. Scammers also falsely claim that the directory or publication is well known or has a high readership. 

Another common scam approach is sending invoices for the renewal of a business's current domain name registration – however the domain name will be slightly different, for example ".com" instead of ".com.au". Scammers will also do anything to get businesses to sign up to a scheme, including claiming a charitable connection. Scammers can also easily copy or modify letterheads, making them look real to create phoney websites.

Businesses should always be aware of such schemes. However, businesses should be more vigilant during the end of financial year. This being a prime time to settle accounts, businesses should to take a moment and check if the invoices are legitimate.

The Australian Competition and Consumer Commission (ACCC) is aware of the rise in billing scams. To help businesses avoid being a victim of scammers, the ACCC has provided the following tips for small businesses:

Make sure the business you are dealing with is the real deal – if you receive a form or tax invoice out of the blue, verify the source by contacting the company directly using contact details you sourced independently through a phone book or online search.

  • Make your business "fraud-free" – effective management procedures can go a long way towards preventing scams. Have a clearly defined process for verifying and paying accounts and invoices. Try to avoid giving too many staff members the authorisation to make orders or pay invoices.
  • Don't be intimidated – do not let anyone pressure you into making decisions involving payments or contracts. If you are unsure, always seek independent financial or legal advice.
  • Update your IT security software regularly, and make sure you use and offer secure online payment methods.

While scammers are professionals at evading the law, the ACCC said it does take enforcement action where appropriate to deter and discourage scammers targeting Australians. 

The ACCC has prepared an information sheet that sets out details of the most common scams targeting small businesses. The publication, What you need to know about: Small business scams, is available on the ACCC website at: http://www.accc.gov.au/publications/small-business-scams.

Need to know more?

If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants

 

The Government released exposure draft legislation Monday 18.9.2017 proposing to exclude corporate tax entities from qualifying for the lower small business company tax rate if 80% or more of the entity's assessable income is passive income . The Minister for Revenue said the Government's decision to cut the tax rate to 27.5% for small companies was not meant to apply to passive investment companies. The Draft Bill seeks to clarify that corporate tax entities with predominantly passive income (such as rent, dividends, interest and capital gains) cannot access the lower corporate tax rate, before 2023-24 when the 27.5% tax rate is proposed to apply all companies.

The Draft Bill proposes to ensure that a corporate tax entity (a base rate entity) will only qualify for the lower corporate tax rate of 27.5% if:

  • the corporate tax entity carries on a business in the income year;
  • the aggregated turnover of the corporate tax entity for the income year is less than the aggregated turnover threshold for that income year; and
  • the corporate tax entity does not have "base rate passive income" for that income year of 80% or more of its assessable income for that income year.

DATE OF EFFECT: The amendments will broadly commence on 1 July 2016 and apply to the 2016-17 income year and later years of income.

SUBMISSIONS are due by 29 September 2017.

If you have any questions about how the proposed changes apply to you, please don't hesitate to contact Liz Gibbs at Robert Goodman Accountants on 07 3289 1700.

As a director of a small business, you need to ensure you are aware of what is expected of you – your duties and obligations – in your role as a director. The Australian Securities and Investments Commission (ASIC) has issued a guide that provides an overview of the responsibilities involved in being a director of a small business, and sets out the regulator's expectations of people who take on this role.

Small business owners need to understand what being a director of a small business company entails. To help small businesses, the Australian Securities and Investments Commission (ASIC) has developed a guide setting out the role and responsibilities of company directors. The guide is particularly useful for small businesses seeking to change from a sole trader to a company business structure.http://www.checkpointmarketing.net/img/Australia/HR%20and%20Management/LORES__HR_SmallBusinessDirectorsGuide__CS.jpg

The guide, entitled ASIC's guide for small business directors, provides an overview of directors' duties under the Corporations Act 2001 and covers the following topics:

  • what it means to be a company director;
  • how to become a company director;
  • directors' key responsibilities;
  • directors' liabilities when things go wrong; and
  • how to resign as a director.

Key points from the guide

  • A director of a company is a person who is responsible for managing the company's business activities. Even small companies must have at least one director. Larger companies may have many directors who collectively manage the business of the company. They are often referred to as a "board of directors".
  • Shadow directors can still be liable for breaches of the laws relating to directors' duties, even though they were never formally appointed as a director of the companyUnder some circumstances even if you are not formally appointed as a director, you may still be subject to the same duties and liabilities as a director. If you act as a director or give instructions to the appointed directors on how they should act, you may be considered a "shadow director".
  • As a director, you are responsible for the management of the affairs of the company. You must comply with your legal obligations as a director under the Corporations Act 2001. This is the case even if you appoint an agent to look after your company's affairs.
  • Under some circumstances, directors who breach the law can become personally liable for the company's debts and/or be the subject of other regulatory action taken against them. Once a company is registered, its separate legal status, property, rights and liabilities continue until ASIC deregisters the company. Your obligations as a director may continue even after the company has ceased trading and has been deregistered. Under certain circumstances, as a director you may be personally liable for the company's debts and other losses.
  • Before becoming a director, you should fully understand your role and legal obligations regarding the management of the company.If you are already a director, or are about to become a director, of a company that has employees, you should immediately find out if the company has any pay as you go (PAYG) withholding or superannuation guarantee charge (SGC) amounts owing to the ATO. If the company fails to meet a PAYG withholding requirement or an SGC liability by the due date, under the ATO's director penalty regime you may become personally liable for a penalty equal to the unpaid amount.

ASIC's guide for small business directors is available online at  ASIC's Guide for Small Business 

Need to know more?

If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants

Watch Out for Fake Online Reviews: ACCC

Consumers are increasingly turning to online reviews to help them make purchasing decisions. Due to this growing trend, the Australian Competition & Consumer Commission (ACCC) has produced an online review best practice guide for businesses and review platforms. The ACCC's key concern is that businesses and review platforms manage online reviews to prevent consumers from being misled, in particular by fake online reviews. 

Positive online reviews can help promote a business and potentially help that business reach new clients. For businesses in need of a low-cost marketing strategy, encouraging clients to write genuine online reviews – their customers' "word of mouth" – may be the only means to promote their services or goods.

Consumers are also increasingly relying on online reviews for information before making a decision to purchase. Because of this trend, the Australian Competition & Consumer Commission (ACCC) has released a guide for businesses and review platforms on online reviews.

http://www.checkpointmarketing.net/img/Australia/salesmarketing/LORES_ACCC_ONLINE_REVIEWS_CP.jpgThe best practice guide aims to address a key concern of the ACCC: misleading conduct relating to fake online reviews. Some unscrupulous businesses are taking advantage of customer trust in online reviews, the ACCC said. As more consumers are relying on these reviews, it is important that there is accurate and reliable information for consumers.

The publication, Online reviews: a guide for business and review platforms is the result of extensive consultation with a wide range of consumer and industry representatives. In particular, the guide provides practical suggestions to platforms and businesses to help them reduce the risk of misleading consumers.

The guidelines set out three core principles of conduct for businesses:

  • be transparent about commercial relationships;
  • don't post or publish misleading reviews; and
  • omitting negative reviews can be as misleading as posting fake reviews.

"Fake online reviews are in breach of the Australian Consumer Law and businesses are advised not to write or commission reviews about their own business or a competitor's business which are misleading," said ACCC Deputy Chair Dr Michael Schaper.

Penalties of up to $1.1 million are available to the Courts for misleading or deceptive conduct which breaches the Competition and Consumer Act 2010 (the Act). The ACCC said it has previously taken enforcement action against businesses in relation to misleading reviews and testimonials and will continue to monitor the online reviews sector for contraventions of the Act.

In addition to fake online reviews, the ACCC said it was also concerned about:

  • the manipulation of review results by review platforms as part of a commercial relationship between the platform and the reviewed business; and
  • businesses artificially inflating their review results by offering consumers generous incentives in exchange for reviews of their products or services.

The guide (published on 3 December 2013) is available on the ACCC website

Tips for businesses

The ACCC considers conduct such as the following to be misleading.

  • Don't encourage family and friends to write reviews about your business without disclosing their personal connection with your business in that review;
  • Don't write reviews when you have not experienced the goods or services reviewed or which do not reflect a genuinely held opinion;
  • Don't solicit others to write reviews about your business or a competitor's business if they have not experienced the goods or services.

Need to know more?

If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants

 

  Over the past year we've seen a number of tax incentives on offer for small business, including a reduction in the company tax rate, an increase in the instant asset write-off threshold and, in the digital arena, the tax deductibility of expenditure on intangible assets, such as commercial websites. 

We've have also seen a number of tax reforms and changes in the labour and consumer markets that have affected impacting many small to medium businesses: the ATO is cracking down on the cash economy and the gig economy has brought an increase in flexible and diverse work habits, including the trend to run a "side hustle", where formerly hobby activities become the basis for viable businesses. Never has there been a better time to get social! And by that we mean it's time to consider using social media marketing for your business.

Why socialise?

With only a third of Australian businesses currently adopting a social media presence, many are missing out on business opportunities – including unparalleled market reach – and financial incentives. We may not be marketing specialists, but when it comes to the advantages of social media for business, the numbers speak for themselves – and we do know numbers!

Let's take a look at how you can make the most of social media marketing tools to engage with your customers, increase your profit margins and reap tax benefits.

Online market potential

Everyday Australians' use of the internet and mobile devices is still on the increase. There were approximately 13.5 million internet subscribers and approximately 25.4 million mobile handset subscribers in Australia at the end of December 2016.

Social media audience

Sensis recently reported that 79% of Australians now use social media, a figure 10 percentage points higher than last year. Almost all Australians aged 18–29 years are on social media (99%) and usage in the 30 to 50 age bracket is around 90%. Almost half the population of people aged 65 and over use social media too. Most consumers (81%) access social media on their smartphones.


More than a third of people (35%) now access social media more than five times per day, and a quarter (24%) use social media to follow brands or businesses.


Which platform?

Ninety-five per cent of social media users prefer Facebook, 24% use LinkedIn and 19% are on Twitter according to Sensis. But in such a dynamic digital environment, popularity and preferences quickly change and new platforms regularly emerge. It's best to engage the services of a marketing professional to advise which platforms are best suited for your business.

Customer demand and online shopping

Considering expanding your business to include the digital market? The retail space has been radically transformed by the digital revolution. According to the Australian Bureau of Statistics (ABS), online retail continues to grow in Australia, with a total worth of $983.7 billion in May 2017 – a figure that's almost doubled since 2013. Having an active, engaging social media presence will nurture your relationships with customers and provide an effective way of driving traffic to your business website.

Tax incentives

In addition to increasing the potential size of your market, using social media offers other benefits for your business, including the tax deductibility of marketing expenses.

While setting up an account on a social media platform like Facebook, Instagram or Twitter comes at negligible capital expense in comparison with setting up a business website or creating an app, the marketing expenses associated with updating and maintaining business social media content can be tax deductible as incurred under revenue.

Search or social marketing campaign costs, such as the following, may be tax deductible: 

  • Google AdWords or search pay-per-click (PPC) campaigns;
  • Facebook ad campaigns;
  • Instagram campaigns;
  • display banner ad campaigns; and
  • hiring an agency or contractor to conduct these types of campaigns.

Remember, as with all deductible expenses, the costs incurred must be directly related to your business activities, and keeping detailed records and receipts is essential.

If you're thinking of taking your business online, including by using social media for marketing, we're here to help you leverage the best tax results. What's not to Like about that?

Need to know more?

If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants

 

 

The Treasury Laws Amendment (Improving Accountability and Member Outcomes in Superannuation Measures No 2) Bill 2017 , introduced in the House of Reps Thur 14.9.2017, proposes the following amendments to the Superannuation Guarantee (Administration) Act 1992:

  • SALARY SACRIFICE INTEGRITY: employers will be prevented from using an employee's salary sacrifice contributions to reduce their own minimum 9.5% super guarantee (SG) contributions. Salary or wages sacrificed to superannuation will be specifically included the earnings base for calculating an employer's SG contributions on the pre-salary sacrifice base.
  • CHOICE OF FUND: to be extended to employees covered by workplace determinations and enterprise agreements made on or after 1 July 2018.

The Bill has been referred to the Senate Economics Legislation Committee for report by 23 October 2017.

DATE OF EFFECT: 1 July 2018.

If you have any questions about how the proposed changes apply to you, please don't hesitate to contact Liz Gibbs at Robert Goodman Accountants on 07 3289 1700.

Stretch your marketing budget and stash the savings in the bank. It's possible to find alternative ways to get your brand in the public eye without spending thousands of dollars. Here are a few tips on getting free or low-cost publicity for your business.

Conventional media advertising – in newspapers and magazines and on the radio – can be beneficial, but it's often expensive. And you're never sure if you're hitting your target market.

Instead, get creative and give some thought to lower-priced or free alternatives to your traditional media spending. Here are ten quick ideas:

  1. List your business on Google. Get your business details, such as website, street address, opening hours and ways to contact you on Google Search and Maps. Make it media-rich by adding photos.
  2. Use social media. Consider using social media to engage with your customers – for example, Facebook, Twitter, Instagram and LinkedIn. You may consider launching a newsletter for subscribers.
  3. Create a blog or website. People are now used to researching online before engaging with businesses. You may want to start an interactive blog or informative website. Be sure to maintain the currency of your content.
  4. Support local teams. Become a sponsor of local amateur or children's sports teams. Players may wear T-shirts with your business name and logo, or advertising space may be offered where local teams play.
  5. Sponsor a community radio station. Contact your local community radio station to ask how you can become a sponsor. Check the station's sponsorship pack for ad time and how else the station can promote your business.
  6. Buy discount ad space. Small suburban newspapers often need extra display ads to fund large editions or special sections. Negotiate a long-term contract at a discount, or track the revenue your ad generates and pledge some of it to buy more ads in the future.
  7. Get involved in relevant industry groups and forums. List your services on a searchable database for your business type. Get involved in discussions with fellow businesspeople.
  8. Launch a loyalty scheme. Give customers more reason to return and to refer their friends and family to your business.
  9. Take a festive approach. Offer to run a concession booth at a community festival or event. Your business name and logo could be displayed on the booth while you and your staff serve snacks and work the crowd.
  10. Become a subject matter guru. Consider speaking at workshops or seminars or writing original articles.

These are just a few ideas to show that you don't have to spend a bundle to keep your business name in public view. With a little creativity, you can become a marketing master on a shoestring budget.

Need to know more?

If you would like to know more, please don't hesitate to contact Robert Goodman Accountants on 07 3289 1700.

 © Copyright 2017. All rights reserved.

Brought to you by: Robert Goodman Accountants