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Resistance to change & 8 ways to overcome it

Every business has been on a path to success only to find a sudden roadblock or issue that needs to be overcome. Change can be hard for owners and employee, but if the plan is on track the resistance will be overcome when the pain is too much. Research by Kotter International found that more than 70% of change projects within a business fail. Why is this? The research findings show that employee engagement is the biggest …

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How to prepare and lodge BAS online

When you’re in business and you have to do your own BAS, it can be frustrating. Each quarter, GST-registered small businesses submit a business activity statement (BAS) to the Australian Tax Office (ATO). The BAS will show how much GST was collected from customers, and how much GST was paid to suppliers. This lets the business work out their GST bill or refund, what tax needs to be withheld from payroll and submitted to the ATO, and …

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FBT hot spots for employers and employees

The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the key hot spots for employers and employees. Important Issues Crackdown on salary sacrifice calculations Exempt fringe benefits during emergencies Employee contributions by journal entry Motor vehicles – using the company car outside of work Safe harbour for utes and commercial vehicles Car parking – are you really declaring the true cost of parking? The living away from home allowance – the common errors Salary …

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What we are doing to keep your data protected

For us and many of you, the internet is not just an intrinsic part of our lives, it’s integral to how we do business.  We took time out last week to join Harwood Andrews Annual Law Breakfast to ensure we are well informed of how we can stay ahead of technology risks for Business Edge Accountants and we are always looking towards adding value to our clients on sharing what we learn as we all know we …

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Keeping your tax and expenses in check when you are self-employed

Contracting or freelancing requires you to wear a lot of hats. Relationship-building, keeping track of your time, marketing your skills and actually doing the work. But one of your priorities should also be establishing how you handle your money and setting the groundwork for good habits. Understand your deductions Before you start, it’s essential to understand what expenses you can and can’t claim. This means you’ll keep the right receipts and track the right expenses. Figuring out …

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Updates on single touch payroll – extended to all employers

From 1 July 2019, single touch payroll – the direct reporting of salary and wages, PAYG withholding and superannuation contribution information to the ATO – will apply to all employers. What employers need to report will also be extended to include certain salary sacrificed amounts.  Employers with 20 or more employees have been required to use single touch payroll since 1 July 2018. The new rules push all businesses with employees into the single touch payroll system. …

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Keeping on top of small business cash flow

Why are people losing sight of cash flow? Everyone knows a business needs to stay in the black. It’s not a new idea. So it can be hard to imagine why a business would lose sight of cash flow. Until you’re in business yourself and you realise tracking small business cash flow isn’t as easy as it seems. For small businesses, this can involve: Keeping track of all your expense receipts – which gets really tricky if …

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6 ways to measure the health of your business

When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you allow for more effective planning, early warning about any issues, and the chance to better chart a course for success. Attending one of our 7 ways to grow your business seminars is a great start to work out how you can grow the …

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It’s time to Review, NOT Renew!

Overheads, let’s start the beginning, in accounting jargon, to define ‘overhead’ is to refer to ongoing business expenses that aren’t related to labour costs, materials costs, or third-party expenses billed directly to customers like shipping or freight. Overheads can is also sometimes known as ‘operating expenses’, but we’re not here to try an confuse you. Sometimes when you’re running the business you sign up to shiny new objects and so stuck in the busyness of being in …

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Customise your Xero chart to improve your accounting

Your Chart of Accounts sits at the heart of your accounting system, providing a list of codes against which you and your accountant can code your financial transactions. That may sound dull, but in fact, it’s a hugely powerful tool for understanding your finances – and giving you the most detailed view of your income and spending. And in Xero you can customise your Chart of Accounts to add even more value. The power of customising your …

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