The Inside Look May

THIS MONTH’S ADVISER IN THE SPOTLIGHT

The Value of Goals and Accountability

Have you recently found yourself trotting out the line “Geez, I’m Busy” when somebody has asked how you are doing? Or have you been on the receiving end of that same response when you have made the inquiry?

While the answer to the question may be very true, being stuck in a busy mindset is not helpful, or productive. Shifting that mindset can be hard, but not impossible. You just need to change what you are focusing on.

Recently, we have been meeting with our clients to discuss their goals for the 2022 financial year (we are accountants, we don’t deal in calendar years!). Goals are important, they trigger new behaviors and help guide your focus on what is important, not necessarily what is urgent – so setting goals on both a personal and business level is a good way of shifting from a busy mindset.

When setting goals, we like to set SMART goals – which stands for Specific, Measurable, Achievable, Relevant, and Time-bound. You have probably heard of this acronym before, some people dismiss this as management jargon – however, people who follow SMART goals are proven to achieve more.

And when you set a goal, the next important step is to be accountable, so that you can achieve that goal.  Business owners can often find it hard to be accountable, as you do not have a person to answer to when it is your business. 

So when you are setting your 2022 goals, and need help in being accountable to those goals – ask your adviser how they can help.

Annual Planning Meetings

As the end of the financial year will be here before we all know it, we want you our clients to be prepared and in the best position for the financial year ahead.

Annual Planning Meetings (or APM’s) are a means for us to work with you as a team discussing the past 12 months, your goals (how they went both personally and in business), what you want to achieve next financial year, and how we can help you achieve these goals.  

By meeting together and getting these goals written down we are constructing a road map for you and your business to adhere to, with key highlights that carry the business to where it aims to be by the end of the next financial year.

Already have your APM booked in? Your set!

Keep a lookout for your prework questionnaire which you should receive via email shortly after making your appointment. Please note, this prework needs to be completed (ideally) 1 week prior to the meeting for your adviser to review and prepare so that we can ensure you get the most out of your time, which we know is a valuable resource. 

If you have any questions or are wanting to find out more, get in contact with your friendly adviser today.

Don’t Let Taxes Eat Away at Your Annual Earnings

While taxes may be inevitable, having an effective tax planning strategy in place can help mitigate the burden from the 2021 return

Having a tax plan in place before 30 June can have some great benefits for any business and is a legitimate way of reducing your tax liabilities in any given financial year as well as taking the “surprise factor” out of your return by providing you with some clarity on what the expected tax result will be in advance.

Together with your adviser, we can draw up strategies to lower the tax you will need to pay while maximizing your returns by utilizing tax exemptions, deductions, and benefits in the best possible way through our tax planning sessions, another service we provide here at Pursuit Advisers.

All businesses can find value in an effective tax plan so if you have not done so already, please get in touch with your Adviser to book a tax planning session before this EOFY.

Changes to Casual Employment

The Fair Work Act 2009 was recently amended to change workplace rights and obligations for casual employees effective on 27 March 2021.

In summary, this change has led to a new legislative definition of a casual employee as well as changes to the pathways casual employees can move to full-time or part-time permanent employment.

Employers must:

  • Give all new and existing casual employees a copy of the Casual Employment Information Statement.
  • Update their employee employment contracts to ensure that the new definition is included, as well as the casual loading (and details around this). These should be re-issued to current employees.
  • Businesses now have a period between 27 March and 27 September to ‘test’ if casual employees are working ‘regular’ hours, if so they may need to offer the employee permanent employment on that basis.
  • The be eligible for this offer the employee must have at least 12 months of employment, with the last 6 of those months being a regular pattern of hours on an ongoing basis, meaning the employee could, without significant adjustment, continue to work as a permanent employee.
  • Small businesses (ie less than 15 permanent employees) are exempt from this requirement (be careful though, as regular and systematic casuals, and associated entities are included in this number) however, employees can still request to move to permanent, and there are still award entitlements to do so (check your award for casual conversion).

These changes go a long way to protecting the employer from future claims as to leave owing to casuals etc – however, failing to meet these requirements is a breach of the FWA so EMPLOYERS NEED TO ACT – both now and into the future.

If you have casual employees or are intending to employ a casual employee, make sure you understand the changes and how they impact your business and your employees.

If you’re after further information, you can ring and chat with our HR team or alternatively, contact Abbey at HR Sorted via email at abbey@hrsorted.com.au.

Are you thinking of making a purchase for your business before the EOFY?

Bank application and settlement turnaround times are still quite lengthy due to the impacts of COVID-19. If you would like settlement for your equipment finance purchase BEFORE June 30, it is crucial to act NOW!

With the instant asset write-off tax breaks now having been extended to June 30, 2023. We recommend chatting to your adviser to discuss your options and what you would like to achieve come tax time.

Alternatively, if you are planning to make a purchase for your business, contact your adviser or alternatively call the team at Allbiz Finance Brokers on 03 5616 2500 or email info@allbizfinance.com.au to learn more.

Championing Women in the Workforce

We recently produced a short video discussing ways to advocate for women in the workplace.

Being a predominantly female team, we champion women at work by offering flexible working conditions and encouraging personal success and career progression, through clarity planning sessions and career planning meetings as well as regular, ongoing champion and mindset training.

We do understand, not all the elements featured apply to every workplace BUT we can all still do what we can to level the playing field between men and women to pave the way for a brighter future for our children and grandchildren.

Office Update

As most of you will already know we are now working from home through until this Thursday 5pm, and will hopefully (fingers crossed lockdown isn’t extended) be back in the office,  9am Friday 4th of June.

We will be utilising Zoom meetings wherever possible, in addition to phone calls and emails, to allow us to be available when you and your business need it most. Please note, you can still contact us on our office number even while working from home and will also still be available via our individual emails as per usual.

We thank you for your business and are committed to supporting you through these uncertain times.

www.beyondblue.org.au