Welcome to the halkin blog.
Your source for weekly stories and advice on local business, the economy in general and what’s happening in Sydney this weekend.
A Roadmap for the Future: Restructuring your Business
If you’re a business owner, the thought of restructuring doesn’t need to strike fear into your heart. This process doesn’t necessarily indicate layoffs or upheaval. Truth be told, for a business to progress and grow, restructuring is necessary – and something that should be planned out with a clear roadmap, including key milestones that will trigger your restructuring roadmap.
We know that good people are the most important asset any business has; ensuring your roadmap includes succession planning is a key to successful restructuring. Think about this: if your highest-performing employees can’t see a clear path to progress in the company, you’re likely to lose their motivation, interest, and eventually, the employee. A well-planned roadmap means that managers at all levels can see where they may move next and guide their teams appropriately.
Super Choice Rules Will Change from 1 November 2021
From 1 November 2021, if you have new employees start, you may have an extra step to comply with the choice of fund rules if they don’t choose a super fund. You may now need to request their ‘stapled super fund’ details from us.
A stapled super fund is an existing super account that is linked, or 'stapled,' to an individual employee so that it follows them as they change jobs.
If you don't meet your choice of super fund obligations, additional penalties may apply. The change aims to reduce account fees by stopping new super accounts from being opened every time an employee starts a new job. Per the ATO, these are the steps you will need to take from November 1 onwards.
Three Ways the Right Dashboard can Help Your Business
A business intelligence dashboard is an information management tool that uses data visualisation technology to analyse and display information visually in a practical and valuable way. BI dashboards can access data from multiple sources, analyse and display it via browser or mobile applications instead of manually compiling spreadsheets. The rapid analysis of a dashboard gives business owners transparency and, ideally, the opportunity to make immediate adjustments.
Will the Annual Wage Review Affect Your Business?
The annual wage review conducted by the Fair Work Commission resulted in a 2.5% increase to both minimum wage and all award wages. You may not realise that these changes are rolling out in three clear stages – and there are still two stages to go.
So, let’s take a look at what you – and your HR department – need to be aware of. Here are the basics:
Meet halkinbp.
Change is like a vacation, or holiday depending on where you live.
Since there hasn't been much of either lately, we decided to put some high-level effort into updating our brand and communications; and expanding and improving our practice.
How Changing Casual Employment Legislation and Student Visa Rules Will Affect Your Business
Whether you’re a small business owner or CEO of a mid-to-large-sized company, if you employ casual workers, you should be aware of some key changes to the Fair Work Act and Student Visa regulations under COVID-19. Regarding the changed Fair Work Act, employers need to provide all casual workers with an updated copy of the Casual Employment Information Statement (CEIS) before workers start jobs.
Is This the Year to Switch to A Self-Managed Super Fund?
If you’ve been thinking about a self-managed super fund (SMSF) for a while, this just might be the year to take the leap. Many individuals have spent time during the pandemic thinking about their retirement savings, learning more about the markets, and taking a more active role in their investment portfolios. If you fall into any of these categories, or even if you’re just curious, a self-managed super fund can allow you to take a much more proactive role in your retirement investments.
Why an Inventory Management System is a Business Asset
Well-managed inventory is one of the most critical assets a goods-based business can have, but it can be tricky to keep this area of your business running smoothly. If you’re involved with both physical brick-and-mortar stores as well as e-commerce, then having accurate inventory is even more crucial to your success.
Can You Benefit from Tax Audit Insurance?
A surprise ATO review or audit of your tax returns can rapidly become a frustrating, costly and time-consuming process. Even seemingly simple queries can result in hours of paperwork for yourself or a legal professional. It’s important to remember that all taxpayers can be audited. The ATO has several recent focus areas that could potentially impact you as an individual, a business owner, or someone with a Self-Managed Super Fund (SMSF).
Duty Drawbacks: A Path to Refunded Customs Duty on Imported Goods
Duty Drawbacks: A path to refunded customs duty on imported goods. If your business regularly exports goods that have first been imported to Australia, you may be eligible to apply for a duty drawback claim. There are a number of criteria that must be met in order to successfully submit a claim, but if eligible, substantial cost savings are possible.
5 Ways to Boost Business Value with Automation
Automation doesn’t have to be intimidating. If you’re looking to take your business to the next level, systems automation (which often goes hand-in-hand with cloud computing) can get you there. Here are five key ways that shifting to an automated model can boost your business:
