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Every Day Expenses: How Much Are You Really Spending?

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We’ve all been there – it’s the end of the month and you have close to nothing left in your spending account. You don’t live an extravagant lifestyle, neither do you make impulse purchases – yet somehow, you’re left with nothing at the end of every month. So, where exactly does all the money go? 

If this is a concept that seems all too familiar to you, you’ve come to the right place. Today, we look at 5 expert tips to help track your spending, in a bid to give you an accurate picture of exactly where your money is going. Keep on reading to find out more! 

  1. Start With Your Bank Statement 

As scary as this may seem (out of sight, out of mind, right?), the first place you need to take a trip to is your bank statement. Aside from having to come face to face with your dwindling funds, it is important that you take the time to pinpoint your money habits. Start off by taking inventory of all of your accounts, including your checking account and all credit cards you have. Analysing your accounts will help you identify where or what you’re spending on on a monthly basis. Once you have identified unnecessary expenses such as that expensive coffee you purchase every morning, you’ll be much better equipped to make smarter purchasing decisions that leave you in a better financial position at the end of every month. 

Expert tip: If you struggle with budgeting, we highly recommend creating a separate spending account. The main benefit of keeping the two accounts separate is to avoid the temptation of dipping into your savings for non-emergency items. Alternatively, you could consult with a financial advisor in Adelaide who will be able to create strategies for eliminating financial risk and building wealth over the long term.

  1. Review Your Spending

Now that you’ve performed an in-depth analysis of exactly where your money is going, it’s time to review your spending and make amendments where necessary. Here are some questions you need to be asking when reviewing your expenses:

  • What fixed expenses do I have?
  • What fixed expenses do I not use? (streaming services, monthly subscriptions etc) 
  • Are there any expenses I can do without?
  • What categories did I spend the most money on?
  • Am I spending more money than I bring in?

All of these questions are incredibly important when tracking your spending, but the last question is definitely the most important. Spending more money than you make is hole-digging habit that cannot be sustained for long. We encourage you to keep your spending within your monthly income so that you’re living within your means and not creating debt.

  1. Track As You Spend 

If you’re up for it, tracking as you spend can be an incredibly helpful tool when trying to figure out exactly where your hard earned money is going. You could go old school with a pen and notebook, or you could simply utilise the notes application in your phone. Logging your spending in the moment helps you be attentive to how often you spend, and may even encourage you to think carefully about each purchase that you make.

  1. Use An Expense Tracking App

Perhaps writing down each expense isn’t your cup of tea, and that is totally okay! Thanks to the power of technology, we now have a plethora of expense/budget tracking apps available at our disposal. Budgeting apps such as You Need a Budget and Mint are incredibly handy tools that are designed to assist you in allocating spendable income each month depending on what you’re taking in and paying out. Keeping track of your income and expenses can be complicated – this comes as no surprise. As such, a good budgeting app can help you spend and save both safely and wisely. 

  1. Keep Up To Date

Life is never stagnant, and your expenses in January may look completely different from your expenses in February. In order to really track exactly where your money is going, it is important to always keep up to date. Reviewing your spending and your budget periodically can help to reveal trends you may not otherwise notice. Of course, you’ll have one-time expenses in some months that won’t regularly reappear, such as emergency doctor’s bills or repairs. You can use savings to cover these unexpected expenses, or — better yet — set up a special category in your budget for them. At the end of every month, be sure to shift any leftover money to a savings account that offers the potential to earn interest. 

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At the end of the day, tracking your expenses isn’t about not spending any money; it’s about choosing how to spend based on what is most important to you. There really is no right or wrong way to track your spending, so be sure to try different methods until you find one that works best for you. 

What are some of your tried-and-tested ways of figuring out how much you are spending? Be sure to leave a comment and let us know. 

How to buy stocks in the Australian stock market

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stock market crash with covid and stock picks recovery

The current stock market is in turmoil with a lot of volatility in share prices here in Australia, however there is a growing number of people who think getting in now could be profitable for them in the long term. So how do you get into the stock market ? How do you buy shares to take advantage of the current stock market tumble.

There are two different ways that you can get into the stock market  and buy and sell shares

1. Sign up with bank share trading account that allows you to buy and sells shares

2. Sign up with a stock broker that specifically allows you to buy and sell shares.

There are other ways to buy shares like buying a bunch of blue-chip stocks or buying an ETF (which is also buying a bunch of shares) – but we will come to that later.

Banks as a stock trading buy and sell platform

Most big banks allow you to sign up with them for a stock trading account so that you can buy and sell shares. If you are already signed up with one of them, just enquire with them. Here is a list of banks that facilitate stock trading

1. Commonwealth bank ( Comsec – their share trading platform)

comsec trading australia

2. National Australia Bank ( Nabtrade – their share trading platform)

nabtrade

Below we give you further details about brokerage fees these bank charge and also prices for some popular dedicated share trading platforms.

How much money do I need to start trading the stock market?

Technically, there’s no minimum amount of money needed to start investing in stocks. But you probably need at least $500 — $2,000 to really get started right.

How do I make money in the stock market?

There are many ways to make money in the stock market, however the most simple method to understand this is when you buy a share today that cost you $500 , but its worth tomorrow is $600 and so you sold it – then you just made $100

To break that into much more realistic detail and give you an example

Eg. Say you got $500 to invest

Westpac bank shares are $15 each today, so you bought 32 Westpac shares

32 Westpac shares X $15= $480 + (add $10 bank fees for buying)

Total cost is $490 to buy the shares

Three days later (or six months later), there is a bit of recovery and Westpac share price rises and is $20 each share.

You had bought $32 shares earlier; you sell it today for $20 (that’s a $5 increase in the share price)

32 shares x $20 =$640 – $10 bank fees

You have $630 from your sell

Sell price $630 – Bought price $490 = Your profit $140

The bank does not charge you anything for holding the shares, but charge you for each buy and sell, which bring us to our next point -broker fees.

Now say if that investment was $5000 instead of $500 your profit could be $740 in one trade

How much does it cost me to buy and sell shares?

stocks to check

Every broker and every bank have different set of prices for buying and selling shares. It really comes down to ease of use, broker fees and availability of stocks to trade on each platform. Here is short comparison of some top bank and broker fees

Share trading fees – Banks

Commonwealth Bank – Comsec Fees:

For shares under $1000 in value – $10 each transaction

For trades between $1,000 and $10,000 – $19.95 each transaction

This is called the brokerage fee

Website https://www.commsec.com.au/support/rates-and-fees.html

National Australia Bank – Nabtrade Fees:

Up to and including $5,000 – $14.95 each transaction

From trades between $5,000.01 – $20,000 – $19.95 each transaction

Website https://www.nabtrade.com.au/investor/pricing

Share trading fees – Brokers

Two popular brokers apart from Banks are Self wealth and Ig markets. They both allow trading in Australian stocks as well as international stocks and CFD.

Self-wealth trading fees:

Brokerage fee for every trade, regardless of size – flat $9.50 (Only Australian Shares)

self wealth trading

Website https://www.selfwealth.com.au/online-trading/

 

IG markets Trading fees:

Trading Australian shares – $8 per trade or 0.1% whichever is higher

For US markets – US$10, or 2 cents per share

ig markets australia

Website:https://www.ig.com/au/charges

With IG markets you can do Australian and US stock market trading and also trade in CFD’s for which you have to sign up separately with them.

Other share trading platforms worth mentioning are ANZ share trading, Bell Direct and CMC markets.

Other new low brokerage share trading platforms introduced lately   is superhero, Raiz & Comsec pocket.

Most banks and stock trading brokers provide additional data and tools for company and stock analysis, creating watchlists, setting price alerts, creating specific set price buys and more. Features offered can differ from platform to platform.

With Comsec and Self wealth – All trades are CHESS sponsored

There are two ways for shares to be held:

CHESS Sponsored Shares – Shares that are registered with a stock broker (CommSec or another broker). CHESS Sponsored Shares are allocated a Holder Identification Number (HIN) by the broker.

Issuer Sponsored Shares – Shares that are managed by the issuer of those shares via the issuer’s Share Registry. Issuer Sponsored Shares can be traded through any broker, providing conditions set out by that broker are met. Issuer Sponsored Shares are allocated a Security Reference Number (SRN).

In reality it does not make much difference to your trading profit, if it is chess sponsored or issuer sponsored.

Risky Stock Trading with penny stocks

There is a difference between big companies and small companies (smallcaps) and with small companies come more risk in comparison with blue chip stocks like BHP, Westpac.

Some traders can get lucky and pick a small company stock that can become a winner.

Take for example FMG – Fortescue Metals Group (iron ore miner)

This stock was once trading for between $2 and $3 – Today the price is $10

Say you dropped $5000 when it was $2, so you got 2500 shares of FMG

You sold it when it reached $10 today x 2500 shares=$25,000

You just made $25,000 from $5,000, however this is very rare- though people have gotten lucky with their stock picks and made money.

FMG was once a small cap with lot of debt and considered risky, but now they have paid up their debts and are considered much safer than they were before.

ETF’s

Another popular method of buying into shares right now is called ETF’s . With buying an ETF you have options like buying into a group of shares  where you can also invest by putting money in a regular basis  as low as $50 a month/week. Some providers/brokers also allow you to invest  in ASX 50 or a lumpsum into a group of blue chip stocks.

ETF’s are available through bank trading platforms

Learning how to trade the stock markets is essential, before you decide to have a punt on your hard-earned money.

The stock market can make you money, but it can also take your money and put you at a loss. Doing dummy trading, joining stock trading groups and researching companies for three to six months is a good idea before jumping right in. Good luck!

Article written by Jeff – I blog about stock trading – Check my stock market blog over here

How to Control Emotion While Trading

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stock market crash with covid and stock picks recovery

Most people consider trading as an easy job where you just need to buy and sell and you will get tons of money by which traders buy expensive stuff. Even in Hollywood movies, they show traders like this and people often do not get to know how trading is. Trading ads what you are going to find but when you are surfing the internet is like you just need to click and you will be in profit. But if you also consider trading like this then you are still in a dream. There are lots of variables goes through in traders mind and this profession is not as easy as it looks in ads and movies. Controlling your emotion is the hardest task when you are a trader. In this article, we are going to talk about the ways how you may able to control your emotions.

The ups and down

Think out the first day when you ride on a rollercoaster and how was the feeling that time. We know it was scary so you can consider the trading market like riding a rollercoaster because you do not know when and where the next turn can take. So when you are in the trading industry you must have to be able to deal with losing as well as winning and sometime it may occur within few seconds and this is the hardest part to keep your mind focused no matter how well or worst the situation is. To become a winning trader in Australia, you must need to take this type of pressure very easily and without this, you cannot go far just with the best trading strategy in the world. So your first step of becoming a winning trader has to be mastering your own emotions so that it can’t control your decisions.

Research the market

You are going to invest your money with Saxo markets, so at first, you just need to know the market well enough so that you can make buy and sell decisions very confidently. This will also help you to control your rollercoaster trading life. For example, you may be thinking about investing in a certain company and if you have a clear view about that market then you may buy or sell that companies share confidently as you know everything about that company. So knowing about the market make you more sensible and you can make a more effective trading plan and can act accordingly. People who trade bonds online knows exactly how they should research the market data. So, develop your researching ability.

Follow some successful traders

Here following does not mean coping a successful trader rather than we are trying you to research a few successful traders. How they make their trading decisions, which indicators they prefer, how they manage their risk, and from where they collect financial news. So once you get to know these things it will help you to find your own lacking and you may work on them and which will help you to boost your trading career.

Losing money is natural

You will not find any trader in the world who has a 100% winning rate in trading and so you have to understand that losing money is ok here and it is not a bad thing. You cannot avoid it no matter how good you do your analysis and how good is your knowledge you will lose now and then in this market. But the key thing that you have to do when you are losing is that you need to find out the reason you lose and work on them so that it will not repeat. Keep in mind that even if you are winning 55% of your trades then you are doing just fine and you don’t need to be tensed.

People often get emotional no matter he is earning money or losing money and earning money can make you overconfident and losing money can make your confidence level very low. So you need to control your emotion and don’t let emotion control you.

Isolation Innovation – 5 Tips for Small Business Owners Working from Home

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Across the world, business owners and employees are being urged to work from home. For some, it’s an effortless process, and one they may have already been doing to some degree. For others, it’s foreign territory that can take a while to navigate and explore. Here are a few different things that can help make that adjustment period a bit more comfortable:

Keep Your Professional Support Contacts

Working from home may mean you’re working in a different setting, but it doesn’t mean you aren’t going to face the same challenges as you would in your office. Don’t cut contact with those other businesses that keep yours going. Stay in touch with your small business IT support guru and remember to keep your accountant informed with business operations.

Everyone you needed to run your business at the office will still be required while you work from home.

Don’t Change Your Routine

Working from an office has always promoted a sense of routine. You rise at the same time every day, get in the car or jump on public transport, then spend the working week doing the same things. While your morning commute is now from the bedroom to the dining room, that doesn’t mean your work routine must change.

Wake up at the same time, have a shower, get dressed in tidy attire, and start the working day at the same time. The sameness of your routine can ensure you achieve the same level of work as you would if you were in your office.

Educate Your Family

Your spouses and kids know that when you’re at the office, you’re not available to make them lunch, help with chores, and answer the door when there’s a knock. After all, how can you do those things when you’re not home?

Once you’re working from home, though, it can be easy to forget that you’re in work mode. When the working week kicks off, offer a gentle reminder that interruptions can be disruptive to how much work you achieve. Of course, spend time with your family, but set aside a few hours of your day just for you and your regular work routine.

Be Comfortable

Most people have their work station set up ergonomically at their place of business. Once you get home, though, you’re more likely to learn over a laptop in bed or stare down your phone with your neck at a crooked angle. Working at home should mean the same ergonomic principles apply.

Use a comfortable chair and desk, keep your monitor an arm’s length away, and adjust your chair height, so your hips and knees are level with each other. The more comfortable you are, the more you can achieve.

Use Apps

Working from home can mean you go without some of the creature comforts of the office. You may not have the same conferencing software, dedicated room for meetings, or microphones and camera equipment. Things are different, but there are some apps online that can make your working-from-home experience better.

Try apps like Skype, Slack, Trello, and Calmly. Whether you need fewer distractions or a working platform for you and your team, you’ll find plenty of options online.

Working from home may not be something you are familiar with, but that doesn’t mean it has to impact how much work you get done. Stick with your routine, talk to your family, and keep your same professional contacts so that your business operates like a well-oiled machine. You’d be surprised at how convenient and effortless working from home can be.

Small Loans – Getting Financial Help When You Need it Most

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Staying safe and helping each other through COVID has become a focus for us all right now, and safety means our well being – physically, mentally, and financially.

small loans

We all need to focus on what matters in our lives and keep things as simple as possible – as there has been a lot of change for us all to get used to.

One of the most important things for us to do though is keep those necessities going – the little things in our lives that we see as essential to our well being.

That’s where a small loan can help, and with social distancing, and the temporary closure of many face-to-face businesses, it’s helpful to know that the application can be completed 100% online.

Unlike large loans say for houses or cars, a small loan is designed to help with life’s necessities. For some of us, those necessities are yoga classes which we can do online, and for others of us, it might mean purchasing a breadmaker so we can make gluten-free baked goods and be self-sufficient at home.

Whatever your situation, we are all in this together, and we all need to focus on what matters most to us and the people we care about.

Whether it’s realising that you now need to purchase a laptop or a tablet so the kids can keep learning from home, or being able to pay a higher than usual utility bill because you are housebound, a small loan may help relieve the pressures we are experiencing right now.

Rates have been officially frozen in Australia by the RBA, so there are no more increases to come while we take measures to look after our health, and plan for life during and after COVID.

If you are looking for a small loan to help, here are a few tips on what to look for online:

1. Is the process simple?

When situations are stressful, and we are all experiencing a lot of change both socially and financially with COVID, you want to keep any processes simple. Look for a small loan online that is straightforward, and that is easy for you to complete. Expect to answer a few simple questions, so look for online applications that can be completed in a relatively short time frame (less than an hour).

2. Are the repayment terms clear?

You want to make sure that you can manage your repayment cycle, and that there are no hidden fees with any small loan. Look for how you access the money, what the interest rate is, and whether you have a short repayment term like three months, or a long repayment term. It can be easy to understand repayment amounts if the loan company has an online tool.

3. Does it fit with your pay cycle?

Be sure that you can fit the repayment with your pay cycle. This can make it easier for you to manage, as you will know when the money will come out of your account.

4. Can you speak to a customer service team easily?

You want to be able to contact a customer service representative of the company when you need them. Check for their operating hours, and whether you will be able to speak with them, email them or phone them.

5. What are other customers saying about the small loans?

Look at what other customers are saying. This will help verify that the online application is as easy as the loan company says it is.

If you are looking for a small loans, remember that simplicity is key.

Look for a small loan that can help you cover the essentials for your family when finances are a little stretched in the short term. It might just be the positive difference you all need in your life to keep you focused on what matters most – the health and safety of your family.

Taste in Tech: How Modern Technology Has Changed the Hospitality Industry

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In the last decade or so, technology has truly changed how we live. From our daily lives to our jobs, technology plays a huge role in how our society functions. One of the industries that has benefited the most from technology is hospitality. The hospitality industry is a dynamic environment that evolves and changes at a rapid pace. With the aid of new technologies, the last decade has witnessed the industry advancing at a remarkable pace. In today’s article, we have a look at how modern technology has changed the hospitality industry, so read on to find out more.

  1. Contactless Payments

The truth is, as a society, we are rapidly shifting towards a cash-free lifestyle. Thanks to advances in technology, the hospitality industry has been able to greatly reduce cash transactions. Gone are the days where time had to be wasted calculating change or handling stacks of cash. Almost every restaurant, hotel or bar now offers various payment methods through their POS systems in Sydney. This allows customers to pay in a variety of ways, ranging from debit or credit cards to digital wallets that pay the bill in an instant with a simple tap of one’s smartphone.

  1. Online Bookings and Reservations

Did you know that based on surveys that have been conducted, most people would rather not have to call a restaurant or hotel up if there was an option for them to book a table or room online? Thanks to advances in technology, almost every single restaurant, bar or hotel now allows for customers to make a booking or reservation online. Not only does this save your customers time and hassle, it also reduces the workload on your service staff as it won’t be necessary for them to tend to bookings on the phone all day long.

  1. Social Media Presence

Social media rules the world and has completely changed the way hospitality businesses interact with their customers. Businesses are now able to advertise their services on their social media platforms without having to spend a single dollar. For businesses looking to go the extra mile, there are various sponsored ads and promotions that many platforms such as Facebook and Instagram offer. These sponsored ads allow you to reach thousands of people online that may have otherwise never heard of your business. Social media is also a fantastic tool to engage with your customers and ensure that they are happy with your services. Showing that you care on a personal level is what differentiates a good business from a great one.

  1. Remote Check-In & Check Out

Think about how much time is wasted when guests at a hotel queue at the front desk to check in and out of their hotel rooms. Thanks to good ol’ technology, most hotels allow for guests to virtually check in and out of their hotel rooms via a mobile application. By enabling guests to handle the check-in and check-out process on their own, hotel managers are effectively freeing up staff hours that could otherwise be spent on more pressing tasks. This could even reduce the need for a large number of staff members, thus eliminating unnecessary costs for the business. Mobile apps can also help hotels and businesses further understand their customers needs and provide them with a more personalised experience.

  1. Online Reputation Management

Before the days of Yelp! And Facebook, people had to rely on word of mouth. Thanks to so many online platforms that have popped in up the last few years, hospitality businesses are able to keep track of their online reputation with ease. Online reviews and comments offer businesses direct insight into what customers think of their services, ways they can improve and things that may need to change. By using this feedback, businesses are able to improve their standards and offer a better guest experience for all. The fact that this information is public also serves as a motivation for staff members to ensure that they provide the best possible customer service experience.

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With the help of technology, the hospitality industry has seen unprecedented growth in the last decade that is only predicted to continue for years to come. We hope that this article has given you some valuable insight into how modern technology has changed the hospitality industry for the better.

Financial Framework – Four Tips That Can Help You Get Out Of Debt On Any Income

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If creditors have been hounding you for payment, you may be wondering how in the world you’ll ever get out of debt. Many people fear they will never get out of their financial strife because what they owe is more than what they can afford to pay back in the foreseeable future.

The good news is that even if you’re living paycheck to paycheck, there’s light at the end of that stifling tunnel. You can get out of debt sooner rather than later by following the tips listed below.

1. Create a Budget that Works for You

Every person’s debt profile is different. This means you may have to explore multiple solutions to get out of debt before you find one that works for you.

Before you panic or throw your hands up in despair at the mountains of debt you owe, take a minute to look closely at how much you have coming in and going out. Evaluate the things that are necessary and not and find ways to cut expenses where you can. When you create a budget like this and stick with it, your eyes are opened to how much you really spend (get ready for a shock), and you often find funds you didn’t even know you had.

2. Make a Plan for Repayment

Most creditors are willing to work with you as long as you let them know about your situation. It’s when you ignore their repeated attempts to contact you that they begin to get nasty. If you’re experiencing financial hardship or can’t afford to pay as much as they’re asking each month, just contact the creditor and work out a payment plan. Keeping them in the loop makes them much more understanding and willing to work with you.

3. Get a Lower Interest Rate

There are a few different options for obtaining a lower interest rate on your lines of credit. First, you can simply call the creditor and ask for a lower interest rate. If you have a history of on-time payments, the creditor may be more inclined to grant you the more reasonable rate you seek.

Second, you could transfer high-interest balances to a lower-interest bearing credit card. Some of these cards have introductory periods with no interest for a specified amount of time. If you plan to pay the balance off during that time, you could save a ton in interest.

Having said that, if you don’t pay off the balance during that introductory period, you could end up owing more than you originally started with once the interest rate kicks in.

The last of these options to consider is a debt consolidation loan that allows you to combine all your high-interest loans into one lower-rate loan. Alternatively, you could also work with a debt management service who will advocate on your behalf to your creditors for lower monthly payments.

4. Stop Using Credit Cards

Credit card use seems to be what drives the economy these days, but if you’ve over-extended yourself (it’s easy to do), credit cards can be a nightmare to pay off. The easiest way to pay off debt is to stop adding to it with more credit card spending. Cut your cards up, put them in the freezer – whatever you have to do to keep yourself from using them.

Facing excess debt is never fun, but regardless of your income level, you can pay it down and achieve financial freedom. If you find yourself feeling hopeless about the financial hole you’ve gotten into, use the tips above to pull yourself out.

Building A Successful Business By Boosting Employee Satisfaction

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It’s been said by experts that employee satisfaction is key to a business’ success. An organisation will fall behind if it isn’t able to retain its employees. Even when the job market is weak, top talent will be able to find plenty of job opportunities. How can a business attract excellent employees and retain them?

When it comes to employee management, there aren’t any strict guidelines that you need to comply by. With that said, you’ll want to make sure you have a clear picture of how your employees are motivated.

Finding Intangible Sources Of Motivation

Naturally, a company will need to offer competitive wages and strong benefits if they want to get the attention of top talent. Unfortunately, paying well may not be enough to retain workers that have a lot of opportunities. Wages and benefits aren’t the only things that employees consider when they’re trying to decide whether or not they should leave a job. Some of the best ways to improve the satisfaction of your workers won’t cost you anything at all.

Some of the intangible things workers look for include:

● Workers want company leaders to communicate with them. They don’t want to find major developments via gossip or press releases. They want to hear about new strategies and plans for the future.

● Workers want to feel appreciated. They want to hear from leaders about the impact their activities are having on the company.

● Employees want to work with leaders who are willing to listen to them.

This is why it’s so important for managers to have regular meetings with the members of their team. During these meetings, leaders should pass along essential information, invite workers to ask questions and encourage them to give feedback. Companies should have an open communication policy that begins with senior management. From there, these policies will spread throughout the business. These values are something that should be expressed in employee handbooks and in any job descriptions that are posted.

Realising the Important Roles of Management

No matter what an employee’s title is, it’s likely that they’ll want to contribute to the organisation they’re working for through their leadership skills. Workers want to be involved in the decision-making process, especially when it comes to decisions relevant to their role at the company. They also want to be recognised for the contributions that they make.

Small business advisors at Lend say “employees quit bosses rather than jobs.In fact, a research proves that 57 percent of employees have left a job because of their manager. Moreover, 14 percent have left multiple jobs because of their managers. An additional 32 percent have seriously considered leaving because of their manager. ” They suggest, “employers need to evaluate the process they are using to select, develop, and train people in management or supervisory positions.

Helping in Career Development

The majority of employees want to develop and advance in their career. This is especially likely to be true when it comes to top talent. If people aren’t able to do their job properly, they won’t stay in that position for long. Training and developing an employee shows workers that their employer is willing to invest in them. Costly training isn’t always necessary. In many cases, companies already have experts on their staff that can train employees. This does two things: it provides the trainer with recognition and a development opportunity, and it gives trainees a chance to learn new skills and information.

Having a Flexible Work Environment

In 2013, The Australian Bureau of Statistics pushed through the Flexible Working Environment (FWE). That same year, a change in the office environment and supporting policies and guidelines were first trialled.

Over the past years, a focus on -People, Place and Technology which are the three key contributing factors needed to build a flexible workforce, has seen a positive cultural shift in flexible working attitudes.

Nowadays,workers are looking for employers that acknowledge that they have responsibilities and interests beyond their job. Employees appreciate benefits like flextime, job sharing, telecommuting, and modified schedules. When used appropriately, these benefits can do a lot to boost employee retention. FindLaw has an article on this subject that goes over some of the benefits and drawbacks of telecommuting.

It’s also crucial that workers have choices and flexible options. It’s important to remember that not all workers are going to be motivated by the same thing. Parents may be interested in on-site child care. Single adults might be drawn to fitness centres or gym discounts. Other workers might want a company phone or car. It’s becoming increasingly common for companies to do away with rigidly defined categories when it comes to time off work. Instead, businesses are offering flexible policies that allow workers to take a day off when it makes sense for them.

Being a Good Listener

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If you listen to your workers, you won’t need to wonder what they want. They’ll tell you. Surveys, suggestion boxes, and exit interviews are all excellent ways to get more information about what employees are looking for. Any company that does conduct exit interviews will want to take the time to analyse these interviews. This can help a business to determine where changes need to be made.

Seeking Legal Assistance

When it comes to job retention strategies, companies can’t take a one-size-fits-all approach. If you have questions about human resources management, you may want to consult with an attorney that specialises in employment law.

Tax Talk: How to Handle Taxation as an Australian Business Owne

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Taxation is one of those things that most of us dread. Let’s face it – it’s not the most fun of activities and requires a great deal of accuracy. If you are a new business owner, sorting your taxes out for the first time can be an incredibly daunting experience. Thankfully, today we’re here to guide you through all the steps you need to take as a small business owner when it comes to handling your taxes. Read on to find out more!

  1.    Do Your Research

The best thing you could do for your business taxes is to do your research. Do you know other business owners? Why not ask them for tips or guidance on how you can go about sorting your business taxes in the easiest and most efficient and compliant way possible. We also highly recommend looking up various Australian tax invoice templates to get a rough idea on how you should go about organising and preparing your small business taxes.

  1.    Ensure You Are STP Compliant

As of 2019, all businesses in Australia are required to be STP compliant. STP, or Single Touch Payroll, is a system that was introduced by the ATO in 2018. STP requires business owners to send employee payroll information including wages, salary, superannuation and PAYG withholding to the ATO on a payment-to-payment basis. Previously, employers only needed to do this on an annual basis. Ensuring that you are STP compliant is incredibly important in order to not land your business in hot water or accrue fines from the ATO.

  1.    Keep Strong Records

Keeping strong records is always recommended to any business owner as this allows for ease of filing taxes at the end of the financial year. It is never too early to start keeping records, and we highly recommend utilising various software such as payroll software, invoicing software and so on to ensure that your data is as accurate as possible. Most software can now integrate with one another (including automated STP software), ensuring that your processes are automated and kept complaint at all times.

  1.    Get On Those Deductions

It is always recommended that small business owners claim as many appropriate deductions as they can. This can include costs for utilities, rent, legal services and repairs for your business. It is also recommended by experts that business owners pre-pay for these expenses if possible, in order to bring forward as many expense deductions prior to the July 1st deadline. Always remember that anything deducted has to be directly related to earning your business income and that you have full and in-depth data on how you have calculated these costs.

  1.    Get Superannuation In On Time

The golden rule is to always get your superannuation in on time and before the 30th of June. Failing to do so will result in the loss of your opportunity for a deduction. Always remember that superannuation needs to be paid to your staff 28 days after the end of each yearly quarter. Failing to meet these guidelines will result in you losing your eligibility for tax deduction.

  1.    Utilise Income Tax Offset

The income tax offset can see you shaving up to $1000 off your taxes if you earn a revenue of under 5 million dollars annually. At this moment in time, the offset is set at 8% of tax payable, but it is estimated that this figure will grow up to as much as 16% over the next decade or so. This offset applies to sole traders and micro-business owners and is an incredibly helpful resource and tool for new business owners.

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Handling your taxation as an Australian business owner needn’t be a stressful or miserable task. We hope that the tips we have brought to you today have assisted you in further understanding the process of sorting out your business taxes.

Passive Perfection – The 5 Passive Income Streams With The Best Returns

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Working smarter, not harder, is the mantra of the day. People are no longer willing to spend most of their lives at work. We want our jobs to enrich our lives and fund our personal pursuits. Now more than ever, we want to spend our time in a fulfilling work environment with minimal stress. Below are some ways that you can invest in passive income sources so that even while you are sleeping, you can be making money.

  1. Real estate

Have you considered investing in property but been put off by the idea of all the hassles involved in renting out a house? The good news is that you can generate passive income from real estate by investing in commercial property management. In this type of arrangement, you can reap the rewards without too much initial effort.

Many people decide that they want to be a silent partner in this type of venture because all it requires is that you invest some initial capital. If, however, you want to take a more active role, you can choose to take on the property management yourself. Either way, by owning property and leasing it out, you can earn a significant amount of extra income.

  1. The stock market

Another way to earn passive income with an initial startup cost is through dividend-paying stocks, EFTs, and other investments such as lending clubs. These types of investments can help you earn money around the clock with no work on your end. It does take time to build up a strong and legitimate portfolio, but with the proper guidance from a reputable investment firm, you can be sure that your dividend investments will pay off.

  1. Affiliate marketing

If you are a heavy internet user (like most of us), then there are several ways you can leverage your online presence to create passive income for yourself. Affiliate marketing is an income idea that requires you to have one or more platforms on which you can promote products for other companies. This works extremely well on social media platforms within your local community where you can see what people are after and provide affiliate links that help them while earning you a commission. When someone uses the promotion link on your site or post to buy from another company, you get paid.

  1. Website ads

In conjunction with affiliate marketing, you can also leverage your internet space by displaying ads on your website. Again, this does require you to set up a site, but the more visibility you can create, the more money goes straight into your pocket. This can be so profitable that it’s often called owning online property. Advertisers pay to display ads on your site, and you get paid simply for attracting traffic. How easy is that?

  1. CPC ads

The final way to leverage your online property is to go with cost per clicks (CPC) ads. Unlike affiliate marketing and display ads, you get paid every time someone views or clicks on an ad versus only when someone buys something after clicking on the ad. You can make money simply by driving traffic to your website and letting the adverts sell themselves.

Whether you choose one or all of these methods to generate passive income, you can earn a significant amount of money by investing in ideas that will help you down the road. You may not see an immediate influx of funds into your bank account, but hold out for the long haul, and you’ll eventually be able to live without working.