More In Your Pocket From 1 April 2018

July 5, 2017
Did we expect an easier ride from an election year budget? Yup. And we got it. The 2017 Budget’s bottom line is to boost spending, ease taxes and give some extra legroom to our growing population and economy. The Budget combines tax breaks for working families with support for innovation and investment in business. Tax brackets There’s a broad recognition that while the average wage has risen, the tax rates haven’t flexed to accommodate it. Moves into a higher tax bracket...

Trading with the US: what might the future hold?

July 5, 2017
A number of international trade agreements with the US are under review. The US has been expanding trade and reducing tariff barriers via a series of bilateral agreements since 1934[1]. Shortly after US President Donald Trump’s administration came into power, it said: “For too long, Americans have been forced to accept trade deals that put interests of insiders and the Washington elite over the hard-working men and women in the US.”[2] Trump intends to pull out of trade agreements that he...

Simple Health Tips

July 5, 2017
It’s true in life that when we feel better, we perform better too. Of course, this extends to our workplace environment. If you want to be able to give the best to your business and reap the best results in return, you need to feel tip top. This isn’t about a complete overhaul, crash diets or boot camp. It’s simply about some minor lifestyle changes both in and out of the office that can have a positive effect on you and...

Business Succession Planning is Vital

July 5, 2017
It is important that every business owner has a succession plan in place to cover what would happen upon their death or another trigger event. Commonly, if you are in business with someone else this will involve entering into a buy/sell agreement supported by life insurance policies on each partner’s life. The proceeds from the life insurance policy provide the funding to enable your partner(s) to buy the business. The buy/sell agreement (which should be drafted with the assistance of a...

Demonetisation in India

March 21, 2017
The Indian Government ramps up its tactics for curbing corruption and black money. As part of his war against corruption, black money, money laundering, terrorism financing and counterfeit banknotes, India’s Prime Minister Narendra Modi announced on 8 November 2016 the demonetisation of INR 500 and INR 1,000 notes (worth approximately USD 7 and USD 14) within the country. These large denomination banknotes comprise 86% of the cash within the economy and led to substantial panic as nearly 90% of the country’s...

The move to online retail

March 21, 2017
The internet is now the number one shopping destination globally, and not surprisingly. For customers, it’s ideal. There’s no need to get in the car and visit ten shops without finding exactly what you want. This way, it’s all in one place and you needn’t battle with other shoppers for the nearest and driest car park. We have all become a bit impatient too. Purchases from your phone, tablet or desktop at any hour of the day or night help satisfy...

Turn Customer Complaints into Opportunities

March 21, 2017
Dealing with customer complaints can be both gruelling and rewarding. But being able to turn the situation around so your customer is happy with the outcome can strengthen their loyalty to your brand and inspire some gold standard word of mouth marketing. Communication and attitude are as vital as expert product knowledge. Listen and empathise Let the customer tell their story. Ask questions to clarify. Let them know you want to understand. Let your customer know you can see it (and...

Scam-Proof your Business

March 21, 2017
Scams and scammers become more sophisticated every day. No surprises there. They rely on keeping a jump ahead of people. As businesses step up their investment in new technology and media platforms, scammers find new ways to worm their way in. FYI… Social engineering Many scams fall under the umbrella term ‘social engineering’. These techniques aim to gain people’s trust and con them into letting their guard down to leave themselves (or potentially your business) open to fraud. You might have...

Rural Employment Myth Busters

March 21, 2017
Rural employment has witnessed a revolution in a single generation. Farming businesses used to be closely held concerns employing mainly family; employees largely shared the same kind of employment status; and there were more relaxed attitudes to documentation. It’s different now. Farm employers draw their teams from all over. The compliance environment is highly regulated. Don’t get caught relying on these employment myths: Myth: If my employees are on salary, I don’t need to keep wage and time records or holiday...

Miles to go - Changes proposed for motor vehicles

March 21, 2017
Currently close companies (such as LTCs and QCs) providing a motor vehicle for the private use of shareholder-employees must pay FBT on the value of the benefit provided. This value is based on the availability of the vehicle rather than its actual private use and this means higher FBT compliance costs for close companies. New option for close companies The recently introduced legislation changes this for the 2018 tax year (i.e. from 1 April 2017 for standard balance date taxpayers). Under...
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