Succession planning is rarely high on the priority list for a family business; however a successful succession plan can ensure that the business will continue to grow and develop when the current owner leaves. There are four vital factors to consider when passing a family business onto the next generation. 1. Starting early Businesses should […]
The aged care system has changed significantly with the introduction of new rules for residents entering into the system on or after 1 July 2014. Australia’s aged care system touches the lives of millions of Australians with more than one million people receiving aged care services. Decisions regarding aged care can be emotionally draining, even […]
The work-test provisions stipulate an individual’s eligibility to make personal contributions if they are aged between 65 and 75, and working. At the time an individual is contributing, they must have been gainfully employed during the financial year for at least 40 hours, over a period of no more than 30 consecutive days. The 30 […]
In the 2014 Federal Budget, the Government proposed some relatively conservative changes to Australia’s superannuation and retirement system. Excess non-concessional contributions The government has announced that any super contributions made by an individual that breached the non concessional (after-tax) contributions cap could be withdrawn without penalty. The refunded earnings will be taxed at the individual’s […]
From 1 July 2014 a number of Australian businesses will have their PAYG withholding cycles changed, based on the amount of PAYG withheld by the ABN in the 2012-13 financial year. The ATO awards businesses small, medium or large withholder status according to the amount of PAYG that can be expected to withhold from their […]
The ability to make the right decisions is central to good leadership. What many leaders fail to realise is that decision making is a skill that can be improved and refined just like any other. While some people are more naturally predisposed to make confident decisions in a timely fashion, this does not necessarily signify […]
Customer feedback is a great source of learning for any business looking to improve their competitive edge. Formalising your customer feedback can help you to assess your current products/services, give you valuable insights into the way customers perceive your brand and even guide you in future product development. Unfortunately, the task of gathering customer feedback […]
Learning to delegate tasks and responsibilities can be a challenging adjustment for many leaders and business owners. While it is tempting to try to maintain control over all aspects of your business there comes a time when there are simply not enough hours in the day. Effective and well executed delegation can add considerable value […]
Offering employees competitive salary packages can be key to the success of a business. It will ensure that you have the capacity to attract the right talent, increases employee productivity and may help to minimise your staff turnover. As a small business, it can be harder to gauge what a competitive salary package is, as […]
From 1 August 2014 Australians will no longer be able to use their signature to verify credit card purchases. Chip reading and PIN will become the only ways to use a card at point of sale but there will be no changes to online purchases. This has been undertaken as an initiative to reduce card […]
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