A real bumper edition in November with plenty of content to help with finding new opportunities within your business to help it to grow. This month, we’ve steered away from our usual super-practical guides and changed it up with some content about my business journey that you can hopefully disseminate some insights from.
Tip of the Month – NEW Ruling for the Small Business Grant – DON’T MISS OUT!
BREAKING NEWS: Since 16 December 2019, the Chief Commissioner of the NSW Revenue Office will now accept late applications in relation to claims for the grant (without justification) if the application is lodged within 90 days after the end of the relevant year of employment.
What does this mean and how can you benefit?
Previously, if you have hired someone in a newly created position and the position commenced on or after 1 July 2015 and before 1 July 2019, you can potentially receive a $2,000 lump sum payment grant after the first anniversary of employment.
Previously, you had to apply for the grant 60 days prior to the start date of the new employee. Now, you have the luxury of retrospectively applying for it 90 days after the anniversary of the date of the position. Basically, if you didn’t apply when the employee started, you can now still be eligible!
If you think you have a case to be eligible for the grant but you’re not too sure, simply hit the reply button and we can take a look at whether you’ve got a case to put forward.
What I Learnt While Running My Business
As Xmas is coming up, I have been reflecting on the many mistakes made while I started my business and with it came harsh lessons. I shared with Box AS community my 4 unorthodox tips that many entrepreneurs fail to share that I find incredibly important.
1. Always take breaks
2. Don’t work from home all the time
3. A goal without a plan is just a wish
4. Imposter syndrome exists in us all
How to Ensure You’re FBT Exempt with your Christmas Spend
With Christmas and New Year around the corner comes the opportunity to recognise and reward your staff for their hard work and show your appreciation to your clients. What’s not welcome is a tax bill if you’re not spending it wisely.
There are ways that you can spend without getting caught up in having to pay Fringe Benefits Tax (FBT) while also receiving a tax deduction and GST credit for the amount you spent. Essentially you can save yourself up to 45% in overall taxes if you choose wisely with your gifts. Wouldnt that be nice! I explain in this video exactly how this would work. I’ve also written up a 700-word guide on exactly how this can be achieved.
Knowing Your Numbers: Are You Profitable?
You’d be surprised at the number of business owners out there who can’t tell me whether they’re profitable or not.
And no, telling me your bank account balance doesn’t tell me if you’re profitable either.
If you do not know how much profit you are making and understand the key numbers of the business, your business will eventually FAIL.
Important Upcoming Dates
16 December 2019: Retrospective Claims for Small Business Grant Available
21 December 2019: November Monthly BAS Due
25 December 2019: Merry Christmas! Dont forget to take a break.
What’s Happening at Box AS – The Team is Growing!
I promised a couple of months back that I’d introduce you to the extended Box AS family. I’m proud to share with you our updated about us page profiling each of our team members, both old and new.
Some of you would have had the pleasure of already meeting some of these new team members and I’m looking excited to have you all meet them soon!
Wishing everyone a safe festive season and a well deserved time off. For those of you who will be working right through, ensure that you’re recharging the batteries one way or another.
Until next time..