How Does The Upcoming Budget Affect You?

Scott Morrison is presenting his first budget and even though he has to make cuts, he also has the tough job of deciding which segment of the population to appease, for elections are near and nobody wants to make the voters angry. Therefore he has delivered a budget which promotes business by cutting the company tax, while at the same time it targets elite earners and takes away all concessions that had been available on the superannuation tax. If a person is from the middle income earners, then they too may rejoice as they have been given a cut in their income tax for the next four years.

Academia gets their just rewards

The budget has bode well for the academia as schools are set  to receive an increase of 11.1% in their funding if they are public and the ones of the private variety are set to get an increase of 7%, both of these are by no means nominal and have been long sought after. Combined these will equate to more than $1.2 billion in hard monies granted to schools.

Young jobseekers get new opportunities

Young job seekers are going to get more opportunities seeing that the government is going to invest more than $751.7 million in its aptly titled “Youth Jobs PaTH” (yes that is not a typo, rather it is an acronym standing for “Prepare” , “Train” and “Hire”). For the young men and women who want to follow their own paths, a sum total of $88.6 million will be invested in programs that encourage and aid young entrepreneurs and allow young people to get self-employment. However on the converse side the work for the dole will be gutted and a sum total of $494.2 million will be removed from the program making it harder to enter the program.

Young entrepreneurs, small business owners get a tax cut

One of the most important aspects of the budget is that government will change the official definition of a “small business”. From 2016 onwards a small business will be one that turns overs up to $10million instead of only $2 million. It is estimated that more than a hundred thousand small business owners, new entrepreneurs and self-employed people will come under this umbrella thereby getting a tax relief that they had been denied before.

Online purchases get hit with gst

With all the tax cuts going around, there will be some tax hikes as well. The hardest hit will be online purchases of under $1000 which were exempted from tax till now, but come July 2017 they will be paying tax as per the rules of GST. According to rough estimates, customers who buy these low value goods will be paying taxes to the amount of more than $3 million over the next three years.

Why You Should Be Financially Literate?

There are a number of people who want to get success in the business world but do not have much information and knowledge about the financial matters. In simple terms, they are ignorant in terms of finance and are not literate enough to know the financial terms and maters used in the business.  Being a financially literate person is necessary when you have to manage your personal finances. Nevertheless, if you have to deal with a business, you need to be financial literate to the most. It not only helps you in making the right decisions at the right time but also gives you enough knowledge about various other related areas such as investment and insurance. Not only this, but you can plan your taxation system in a better manner when you are financially literate. There are a number of reasons why you should be financially literate and some of them are: Continue reading

Marketing Your Business On A Budget

All business experts are fully aware of the importance marketing. It is a widely accepted view that business cannot exist without marketing. There is barely any business that can exist without the involvement of marketing. This accepted view has been subjected to a number of tests which it has managed to pass successfully. The direct meaning of this is the fact that marketing is at the center of any kind of business. Continue reading

Smart Ways To Save Money For SME´s

Literally all business concerns need to answer the following questions: How can they effectively manage relationships with international customers- while maintaining a strong control on costs? How can they empower their workers to collaborate effectively and efficiently – even if they are located in various departments. What all are the ways to attract highly motivated and skilled employees even if their concern is not a household name? Web conferencing provides small and medium sized companies with a flexible and affordable way to save money. Web conferencing is an innovative method currently employed to organize live conferences over the Internet. When it comes to a web conference, each individual need to make use of their own computer and is linked to other participants via the Internet. Continue reading

Tips to applying for business loans

Business loans

Business loans are needed by almost every business owner, either to start his business set-up or to expand the unit further. It is always wiser to go in for a business loan rather than utilizing your own capital to start the business. Business loans are easily available in the market and all you need to follow is a basic procedure, in order to get the loan amount sanctioned. Continue reading