End of the Year Update

The year had been a mix of good and not-so-good. Be that as it may, the year has come to an end and the holidays are just around the corner.  You should see this time, not just as a period for festivals and celebrations, but also as a period of reflection about the previous year, its successes and its pitfalls.
End of the Year Update

The year had been a mix of good and not-so-good. Be that as it may, the year has come to an end and the holidays are just around the corner.  You should see this time, not just as a period for festivals and celebrations, but also as a period of reflection about the previous year, its successes and its pitfalls.  Such reflection should not just be done by the business owner, but by every member of staff.  It equally gives you the opportunity to build company culture and develop interpersonal relationships. The employer and employee should be watchful of how they celebrate this season to keep things legal and financially responsible.

While celebrating, injuries should be avoided as much as possible, as the employer may be held responsible if any of the participants get injured in the course of such events. The issue of emotional or sexual harassment should also be guarded against as this can put the employer in trouble. Every one attending such parties should be sensitized about maintain standard behaviors and being responsible all through such events.  The only responsible quantity of alcohol should be served.

A reasonable organization will avoid getting an FBT hangover and will also not forget to resolve for the coming year.

ATO small business improvement plan

Red tape is to be reduced by the ATO for small businesses, and this was championed by Chris Jordan, the ATO Taxation Commissioner. The plan includes the following:

  • Set up of a newsroom or small business on the ATO website, which will share articles, allow them to add tax dates to their calendars and centralize relevant information.
  • Liaising with small businesses to help them solve their debt problems. Such small businesses are encouraged to get in touch with ATO if they have tax debt.
  • Establish a squad to help small business fix their various problems. The squad works together with government and small business representatives to achieve their aims.
  • Improvement in the channel of communication, which ensures accessible and relevant information, is timely distributed.
  • There is a goal to cut down on the impact ATO activities have on the cash flow and the day to day business operations of the small businesses.
  • Making available reliable, accessible and targeted services to owners of small businesses.

Making the most of the holiday promotions 

The holiday period is not just for celebration; it is equally a time to cash in on opportunities and make some more money.  Make sure you avoid common market mistakes that can prevent you from benefiting from the opportunities that abound in this period. What are these common mistakes? Some of them are highlighted below:

  • Neglecting your customers, while focusing only on products: Make sure your marketers are not to focused on the product while neglecting their customers. Aside from having much information about the product, they should also have adequate information about the customers.
  • Failing to interact with the customers: You should not only be concerned about pushing the product to the customer; rather, you should be more concerned about listening to the customer and hearing his side of the issue. You shod be ready to sit down and spare some time to listen to the customer
  • Thinking only along the sales line: While listening to the customer, make sure you listen properly instead of thinking of the product l the time.
  • Lack of value-proposition: Make sure your value proposition makes sense to the end customer and the customer
  • Poorly written communication: Do not use too many words to explain your points as it may confuse.

Family investment properties

A family holiday is not just for fun; it is also a perfect time to give your family members some help. Many individuals are bothered about the possible challenges that may face their children when such children are old enough to enter the capital market; especially with the rising price of real estate in Australia.

As a result, many parents love to buy investment properties and pass them on to their children in the future.  Do you have such a plan as a parent? Then you should consider the following when investing in such properties:

  • The location of the property
  • Cash flow from the property
  • Tax strategies involved