Small business is tough – cashflow, sales, marketing, tax, operations, distribution, legal – you have to be an expert in all of them! So it’s our goal to make sure we are truly pro-active in teaching business owners “how to keep getting better in business”.
So what does b-Mail stand for?
b-Mail stands for many things – “business mail”, b-motivated”, “b-proactive”, etc. b-Mail is your premium source of cutting edge business ideas, strategies and tools packed with more “how to’s” and “show me’s” than the “average e-newsletter” can provide.
Why do so many companies make bad decisions, even with access to unprecedented amounts of data? With stories from Nokia to Netflix to the oracles of ancient Greece, Tricia Wang demystifies big data and identifies its pitfalls, suggesting that we focus instead on "thick data" - precious, unquantifiable insights from actual people - to make the right business decisions and thrive in the unknown.
One overarching fundamental that SMSF trustees should ideally keep in mind is the sole purpose test - that is, every decision made and action taken is required to be seen as being undertaken for the sole purpose of providing retirement benefits for the fund's members.
Confused by what all the facts and figures mean on your super or pension statements? Don't despair - here's how to translate them.
The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses, and says that if you use any of these for work purposes you should be able to claim a deduction if there are records to support claims.
The hard choices - what we most fear doing, asking, saying - are very often exactly what we need to do. How can we overcome self-paralysis and take action?
Tim Ferris encourages us to fully envision and write down our fears in detail, in a simple but powerful exercise he calls "fear-setting." Learn more about how this practice can help you thrive in high-stress environments and separate what you can control from what you cannot.
Just when many Australians are considering getting away for a mid-winter break, the ATO is reminding taxpayers that it is paying close attention to rental properties located in popular holiday destinations around Australia.
If you're coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.
Thousands of computers around the world are becoming infected by a fast spreading ransomware. Big businesses are getting hit. An entire hospital is shut out of its system, and suddenly, it's everywhere - the next big ransomware attack.
Robson Partners were proud to sponsor business excellence on the Central Coast at the Annual Gosford/Erina & Coastal Chamber of Commerce awards night on Saturday, 1st July 2017.
Financial literacy isn't a skill - it's a lifestyle. Take it from Curtis "Wall Street" Carroll. As an incarcerated individual, Carroll knows the power of a dollar. While in prison, he taught himself how to read and trade stocks, and now he shares a simple, powerful message: we all need to be more savvy with our money.
You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year.
The general rule is that you can claim deductions for expenses your business incurs in its task of generating assessable income. Many of these deductions are obvious - rent, materials, supplies and so on - but there are also some less obvious options left available just before the end of the income year, should your circumstances suit, to further reduce your enterprise's tax burden for the year.
The ATO has progressed its talks and work with industry to implement events-based reporting in the SMSF sector, and reassured professionals it may not be as regular as some had initially thought.
The 2016 Budget saw some changes announced by the Government which are now in place, with key reforms coming into effect from 1 July 2017.
These are the BIGGEST changes to happen in Superannuation for over a decade, and they will have an impact for decades to come.
Self Managed Superannuation Funds can breathe a sigh of relief after the Government handed down a Budget that largely left superannuation untouched.
Elon Musk discusses his new project digging tunnels under LA, the latest from Tesla and SpaceX and his motivation for building a future on Mars in conversation with TED's Head Curator, Chris Anderson.
The concept of a "going concern" exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.
Phishing emails remain the most popular method to deliver malware.
Given the state of the property market in Australia these days, a not-uncommon situation can arise where a residential property owner seeks to demolish and subdivide the block containing the family home and build residential units.
In every workplace, there are three basic kinds of people: givers, takers and matchers. Organisational psychologist Adam Grant breaks down these personalities and offers simple strategies to promote a culture of generosity and keep self-serving employees from taking more than their share.
Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash - and not personally pay tax on it.
Mum and dad investors in receipt of dividends from their share portfolio often benefit from investing in blue chip shares because they usually have franking credits attached.
Trusts are an important and very useful concept for managing one's financial affairs, as well as estate planning.
From 1 July 2017 the ATO will be allowed to disclose information about any business with an ABN to credit reporting agencies if the business has tax debt over $10,000 and is at least 90 days overdue.
Career analyst Dan Pink examines the puzzle of motivation, starting with a fact that social scientists know but most managers don't: Traditional rewards aren't always as effective as we think. Listen for illuminating stories — and maybe, a way forward.
After a person dies, and the usual arrangements are completed, there will come a time when other matters, such as tax and superannuation issues, must be looked after. The person who takes on the responsibility for administering a deceased estate is commonly referred to as the executor, but could also be known as an administrator or a legal personal representative.
The small business capital gains tax concessions are extremely valuable. For small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero.
Every year, the ATO collects new data from financial institutions and matches this data with its own information, which is sourced from income tax returns, activity statements and other tax records.
As we commence a new year, it may feel like the changes to the Asset Test for the Aged Pension have just been drawn up, however, these were announced in the 2015 Federal Budget.
You may be asking yourself, “what does this really mean for me – and what are my options?”
Are we throwing the baby out with the bath water?
Legislation was recently enacted that will make drastic changes to the way our Superannuation System will operate from 1 July 2017.
Dan Bricklin changed the world forever when he co-developed VisiCalc, the first electronic spreadsheet and grandfather of programs you probably use every day like Microsoft Excel and Google Sheets. Join the software engineer and computing legend as he explores the tangled web of first jobs, daydreams and homework problems that led to his transformational invention.
Soap operas and telenovelas may be (ahem) overdramatic, but as Kate Adams shows us, their exaggerated stories and characters often cast light on the problems of real life.
In this sparkling, funny talk, Adams, a former assistant casting director for "As the World Turns," share four lessons for life and business that we can learn from melodramas.
The Christmas party decision tree - this flowchart will help businesses work out the general tax implications of the year-end Christmas party.
Legislation introducing changes to the superannuation regime were recently passed by Parliament.
The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some limits.
This month's Client in Focus is the well-known Mega Save Chemist, Erina.
We chat with owner, Luca Boffo, about how he got into pharmacy and how he, his business and his team have developed and tackled challenges.
This month's Business in Focus is Intouch Hair Creations.
We speak with owner, Amanda Kassis, on the recent startup of her new hairdressing business and discuss the challenges she and her team have overcome.
Something profound is changing our concept of trust, says Rachel Botsman. While we used to place our trust in institutions like governments and banks, today we increasingly rely on others, often strangers, on platforms like Airbnb and Uber and through technologies like the blockchain. This new era of trust could bring with it a more transparent, inclusive and accountable society - if we get it right. Why do you trust?
It's a question that the ATO has been asked very infrequently, but after the third such request it decided to issue a ruling - which still stands.
When a legal expense is incurred in relation to the operation of a business for the purpose of producing assessable income, it is generally allowable as a deduction. Exceptions are when the legal fee is capital, domestic or private in nature, if it is specifically excluded by another section of income tax legislation, or is incurred in earning exempt and non-assessable non-exempt income.
A dictionary definition of a trust is: “A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the beneficiary).”
Why create a trust?
Economic growth has been slowing for the past 50 years, but relief might come from an unexpected place - a new form of manufacturing that is neither what you thought it was nor where you thought it was.
Industrial systems thinker Olivier Scalabre details how a fourth manufacturing revolution will produce a macroeconomic shift and boost employment, productivity and growth.
There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business.
It is generally less complicated to wind up the business of a sole trader (who has declared "bankruptcy") than to wind up a business run through other structures.
For companies, the terms typically used would be to "go into administration" or "liquidation"
A sole trader is less complicated to wind up because the principal of the business is also personally responsible for all debts and liabilities accrued by that business.
There is an under-used gem hidden within the small business simplified depreciation rules that in some circumstances can widen the opportunity to access this valuable deduction.
New research has revealed that most retirees do not spend as much as has been thought in retirement, and that this does not vary as much as expected regarding income levels - apart from the lowest income households. The study also suggests that policy proposals regarding superannuation tax concessions may miss the mark as far as influencing the ability of retirees to fund their lifestyles.
It happens to all of us - you unsubscribe from an unwanted marketing email, and a few days later another message from the same company pops up in your inbox.
Comedian James Veitch turned this frustration into whimsy when a local supermarket refused to take no for an answer. Hijinks ensued.
Our Olympian contingent arrived back from from Rio with a collective 29 medals, eight of them gold, securing Australia 10th place overall. But our Olympic champions take extra comfort knowing that they are back in a country where self managed superannuation funds are consistently taking 1st place and standing on the highest podium to take the gold medal for best performance.
Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable.
As digital customers, we use the internet everyday to login to personal and banking accounts, check news updates or to log on to social media. We perform so many tasks using the internet, believing that it's safe, that we tend to neglect security and preventative measures to deter cyber-criminals and fraudsters.
This month's Business in Focus is New Zealand resident and property developer Stuart Pinfold who is building an exciting new development on the shores of lake Wanaka, New Zealand, called Stackbrae, Lake Wanaka.
We speak with Director Stuart Pinfold to learn more about this amazing development and the attractiveness to both Australian and New Zealand property buyers.
What do you do when your firmly held benefits turn out not to be true?
When Casey Gerald's religion failed him, he searched for something new to believe in - in business, in government, in philanthropy - but found only false saviors. In this moving talk, Gerald urges us all to question our beliefs and embrace uncertainty.
The 2016-17 Budget, announced by NSW Treasurer Gladys Berejoklian recently, has tweaked the government's Jobs Action Plan, which provides payroll tax rebates for eligible businesses hiring new staff.
Starting from July 31, 2016, businesses will only be eligible for the rebate if they employ 50 or less full-time equivalent (FTE) employees.
From sporting clubs or environmental groups to many charity associations, volunteers are an indispensable workforce and support network for many organisations. For most, if not all, having volunteers ready to lend a hand is pivotal in them being able to function or survive.
For many people, their tax refund is treated like a mini lottery win. This tax time, consider putting your "gift" from the ATO to good use and silencing the part of you that wants to fritter it away on things that expire.
New withholding rules on the sale of property by foreign residents have been introduced. This essentially turns property buyers into potential tax collectors.
Trust: How do you earn it? Banks use credit scores to determine if you're trustworthy, but there are about 2.5 billion people around the world who don't have one to begin with - and who can't get a loan to start a business, buy a home or otherwise improve their lives.
Wrapping a car into a salary package is a popular choice. Doing so by salary sacrifice often raises the topic of novated leases. Is it worth it?
The ATO says that this year it will pay extra attention to people whose deduction claims are higher than expected, in particular those claiming car expenses.
The expenses the ATO says it will be scrutinising can include claims by those transporting bulky tools, and deductions for travel, internet and mobile phone as well as claims for self-education expenses.
We speak with Director, Victoria Karozis, on behalf of owner, Alma Bogie on the success of her seafood restaurant and discuss the mindset shifts within the business.
Is it possible to run a company and reinvent it at the same time? For business strategist Knut Haanaes, the ability to innovate after becoming successful is the mark of a great organisation.
He shares insights on how to strike a balance between perfecting what we already know and exploring totally new ideas - and lays out how to avoid two major strategy traps.
Smart budgeting is a crucial component of long-term financial success for people of all ages, even if you are financially stable and hold healthy reserves of assets and wealth.
Business email scams are an increasingly common fraud and many businesses around the world are losing hundreds of thousands of dollars. The FBI stated that thieves stole US$2 billion from US businesses from October 2013 to February 2016. Many Australian businesses are also being targeted.
Trust structures and their use can often be misunderstood - we demystify some of the jargon.
We are pleased to announce Office Manager, Ros Mitchell, as our Top Gun Award winner for July 2017. Robson Partners would like to thank Ros for being a great asset to the company, bringing with her a "can-do" attitude towards any challenge she approaches, and being a huge support to her peers. Well done, Ros!
Most people choose to see a financial adviser at significant turning points in their life, according to David Evers from Gosford Accounting and Financial Planning firm Robson Partners.
David Evers says “I usually see people set up a meeting for advice when starting work or changing jobs and looking at superannuation options.”
We speak with owner, James Nouri, on the success of his cafes and restaurants on the coast and discuss the challenges he and his team experience in the day-to-day operations of the business.
How do creative people come up with great ideas? Organisational psychologist Adam Grant studies "originals": thinkers who dream up new ideas and take action to put them into the world.
A diversified investment portfolio has the potential to generate an income that you could use now or put away for your future. To achieve this desired income, you need to work with a financial adviser to set realistic goals and a clear plan for how you will achieve them. In this article, we help clarify what expectations you might set in order to achieve this desired investment income.
The thought of retirement planning seems to be looming in the back of many Australian's minds, but is consistently pushed back when life events arise.
Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However, the types of benefits provided can sometimes relieve the compliance headache.
Is there a problem with using your company's assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as "Division 7A".
Avoiding common financial traps by following some very simple steps could provide a healthy boost to your savings and retirement wealth.
Proper forecasting is essential for the long-term success of your business – particularly when it comes to cashflow.
Cashflow is generally cited by the small business owners I work with, as their NUMBER ONE concern. Many are regularly caught unaware by cashflow shortages, a situation which in turn severely restricts their ability to grow their business as they’d like.
We speak with Sally Maxwell, business owner of My Baby Basics on her startup success and discuss the challenges she and her team face.
On the back of our successful acquisition of Broadview Accounting in September last year, we are now are excited to announce our recent acquisition of Erina accounting firm, Hypertax.
This month's Client in Focus is Gourmet Organic Herbs.
We speak with Anibal on the success of his and his wife's business and explore the challenges they currently face.
Can global capital markets become catalysts for social change?
When it comes to superannuation and retirement savings, it seems that size really does matter.
As with most life goals, a financial objective is hard to meet without a plan. On the other hand, discussing the process with a professional, putting pen to paper and envisioning the steps to long-term success brings that goal into focus and makes it a reality.
From February onwards, the registrar of the Australian Business Register will begin cancelling the Australian business numbers (ABNs) of certain trusts.
On Friday, 4 March 2016, Client Service Manager Debbie Bloffwitch and client Sally Hart participated in the Coastrek 55km team trekking challenge which journeyed from Palm Beach to Balmoral in support of The Fred Hollwows Foundation and their work towards ending avoidable blindness here in Indigenous Australia and in developing countries around the world.
Our client in focus for this month is Central Coast Disability Network.
We speak with CEO, Jenny MacKellin, on the establishment of the organisation, discussing its' changes over time and how the team has responded to recent challenges within the industry.
The water hyacinth may look like a harmless, even beautiful flowering plant - but it's actually an invasive aquatic weed that clogs waterways, stopping trade, interrupting schooling and disrupting everyday life.
In this scourge, green entrepreneur Achenyo Idachaba saw opportunity. Follow her journey as she turns weeds into woven wonders.
Estate planning involves much more than having an up to date WIll. It is more important to ensure that your assets are distributed in the most effective manner and without adverse tax consequences for your beneficiaries.
The Tax Office has released an app to help individuals record and manage income tax and work-related expense deductions over an annual period.
From Friday 16 October 2015, the new fitness for work amendments to the Building Code 2013 commenced for all building contractors covered by the Building Code. Fair Work Building & Construction (FWBC) is responsible for monitoring compliance with the Building Code and will have a three stage approach to auditing the drug and alcohol testing requirements.
Our client in focus for this month is Cateraid.
Passionate owner, Greg Stephenson, shares with us the success of his business and discusses the challenges he and his team overcome on a day-to-day basis.
Downloadable, printable clothing may be coming to a closet near you. What started as designer Danit Peleg's fashion school project turned into a collection of 3D-printed designs that have the strength and flexibility for everyday wear.
"Fashion is a very physical thing," Danit says. "I wonder what our world will look like when our clothes will be digital."
There is a concession in the CGT rules that can allow a taxpayer to treat a property as their "main residence" even though it does not yet have a habitable dwelling.
Small business and individual taxpayers hit with hefty tax bills that they want to dispute will continue to be held guilty until proven innocent, and the Australian Taxation Office won't have its appeals and compliance functions split under a separate commissioner, the Federal Government has said.
Making regular deposits into an investment fund can provide you with significant benefits.
By making small regular deposits rather than one large lump sum deposit, you can reduce the vulnerability of your investment to market fluctuations. For example, if you commit to investing $1,000 a month in January. With a unit price of $1.00, your first instalment purchases 1,000 units. The next month, you invest another $1,000 but this time the unit price has risen to $1.10, buying you 909 units. This is illustrated in the table below.
Robson Partners recently raised a significant sum of money and chose to donate this money to Coast Shelter, a local organisation helping those in need here on the Central Coast. We speak with Executive Officer, Laurie Maher, to discuss the support they provide to disadvantaged people and how they have grown to become a well known "safe place" on the Coast.
Given the choice between a job candidate with a perfect resume and one who has fought through difficulty, human resources executive Regina Hartley says to always give the "Scrapper" a chance.
As someone who grew up with adversity, Hartley knows that those who flourish in the darkest of spaces are empowered with the grit to persist in an ever-changing workplace.
"Choose the underestimated contender, whose secret weapons are passion and purpose," she says. "Hire the Scrapper."
Don't let the Christmas holidays undo your great work throughout the year. Be aware of spending patterns to turn silly season into savings season.
The NSW Parliament has passed the Retail Trading Amendment Bill 2015 (NSW) which will allow all shops across NSW to open their doors on Boxing Day. It is important to note that employees must freely elect to work and there are significant penalties for employers who roster workers without their consent.
The Australian Taxation Office expects to contact more than 350,000 taxpayers who have errors in their tax returns and cross-check data from third parties as it moves to clamp down on dodgy claims.
Making toast doesn't sound very complicated - until someone asks you to draw the process, step by step. Tom Wujec loves asking people and teams to draw how they make toast, because the process reveals unexpected truths about how we can solve our biggest, most complicated problems at work.
Learn how to run this exercise yourself, and hear Tom's surprising insights from watching thousands of people draw toast.