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.
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.
We speak with owners, Jason and Melanie Stenning, on the expansion of their business and their success over the last 12 months.
There seems to have been an increase in phishing scams using Xero's branding. A phishing scam is when a malicious email targets people by pretending to be from a legitimate company like Xero or a bank, to gain sensitive information such as login credentials.
The Federal Parliament has finally passed a range of changes that have been 'log jammed' in the Senate for well over a year now.
There may be several positives to come out of the government's push for tax reform, with the various submissions to its Re:think initiative from industry and the wider taxpaying community.
It's something of a little white lie, isn't it - the one told to aspiring small business owners and entrepreneurs is that hard work guarantees success.
Avoiding common financial traps by following some very simple steps could provide a healthy boost for your savings and retirement wealth. Here we outline several everyday errors that could affect anybody - from first-time savers to serious investors.
We speak with owner, Nicole Dimech, on the successful expansion of the family business, and discuss the challenges faced when merging two businesses.
What makes work satisfying? Apart from a paycheck, there are intangible values that, Barry Schwartz suggests, our current way of thinking about work simply ignores. It's time to stop thinking of workers as cogs on a wheel.
A healthy lifestyle is a smart investment in the future, not only for you but also for your family. What does science say an individual can do to improve their chances of longevity?
When email first started infiltrating its way into mainstream business culture, it was very exciting for email novices to receive a notification for their inbox.
Fast forward a couple of decades and most desktops and smartphones are brimming with notifications of bursting inboxes, adding far more stress than excitement to the daily lives of email users. If your inbox is starting to rule your life, we've got a few tips to help you take back control and stop being a slave to your email.
This tax time the Tax Office is specifically targeting excessive or inappropriate deductions made by rental property owners.
The Tax Office has revealed four problem areas where landlords may be incorrectly or inadvertently claiming deductions that don't suit their circumstances. They've also included case studies so that landlords can clearly and easily identify if they're being compliant in these areas.
Robson Partners are excited to announce their recent acquisition of Talos accounting practice, Broadview Accounting via a private sale agreement.
At the online University of the People, anyone with a high school diploma can take classes toward a degree in business administration or computer science - without standard tuition fees (though exams cost money).
Founder Shai Reshef hopes that higher education is changing "from being a privilege for the few to a basic right, affordable and accessible for all."
Many valuable lessons are learned throughout life. One of the most important to pass on to kids is about the value of money. But how do you do it?
Every business needs capital to grow. You have to hire staff, purchase equipment and invest for the future. That need is even more important for small businesses, but for many, capital can be hard to come by.
The Small Business Grant is designed to encourage small businesses that do not pay payroll tax to employ new full-time, part-time and casual workers and expand their enterprises across NSW.
Organisations are often run according to "the superchicken model," where the value is placed on star employees who outperform others. And yet, this isn't what drives the most high-achieving teams.
Business leader Margaret Heffernan observes that it is social cohession - built every coffee break, every time one team member asks another for help - that leads over time to great results.
It's a radical rethink of what drives us to do our best work, and what it means to be a leader. Because as Heffernan points out: "Companies don't have ideas. Only people do."
This month's Client in Focus is Campbell Building Materials.
We chat with business owners, Mark and Cheryl Campbell on their success since taking over ownership of their business, formerly known as Eaton Building Materials.
Success in generating long-term wealth has a lot to do with awareness of the tricks money can play on your mind. How many of these do you recognise?
Dog food, Xboxes and make-up for dead people are just some of the bizzare claims the ATO will allow.
The Tax Office says before taxpayers complete their tax return, there are some changes people need to be reminded of, just in case these changes will have an impact on their tax returns.
We speak with Practice Manager, Donna Makepeace on the operation of the business and the success it has experienced.
Companies could be in line for random audits as soon as next year under advice being considered by the Tax Office.
The government has introduced legislation to make its budget announcement of the small business immediate asset write-off a reality, with the details revealed thankfully not straying from what we suspected.
Bill Gross has founded a lot of startups, and incubated many others - and he got curious about why some succeeded and others failed. So he gathered data from hundreds of companies, his own and other people's, and ranked each company on five key factors. He found one factor that stands out from the others - and surprised even him.
This month's Client in Focus is It Works!
We speak with Jake Marchant on the startup of the new business venture he and his wife embarked on - "It Works".
The Australian Government is promising a package of tax cuts, investment incentives, productivity enhancing measures and less red tape. But will it be enough to kick-start the economy?
For years now, mobile usability has been a factor in Google's search algorithm. Websites that are optimised suitably for use on mobile devices rank higher than their non-optimised counterparts, even on desktop devices. But until now, that ranking factor has been both limited and ambiguous.
A pattern developing in the workplace, and indeed being encouraged by government, is around continuing to work until later in life. What are the benefits of longevity in the workplace?
It sounds counterintuitive, but by 2030, many of the world's largest economies will have more jobs than adult citizens to do those jobs.
In this data-filled talk, human resources expert Rainer Strack suggests that countries ought to look across borders for mobile and willing job seekers. But to do that, they need to start by changing the culture in their businesses.
For the tax and superannuation systems to work, the Australian Tax Office says it needs the community's confidence that they are fair for everyone. So the ATO says it tries to make it easy for the people who do the right thing, and focus its compliance activities on the small minority who do not.
As Benjamin Franklin most famously said, "If you fail to plan, you are planning to fail".
A financial plan is a powerful thing, but it's most potent when supported by a solid insurance strategy. What are the specific purposes of the main types of personal insurance?