Limepay, the innovative payments platform, has introduced Limepay STACK, a new solution that simplifies B2B payments for Australian businesses. Just as customers of B2C companies enjoy Buy Now Pay Later (BNPL) payments with multiple instalments or other options, business customers can now choose from a range of efficient digital ways to pay.  

Limepay STACK makes it easier to make, receive and process payments for B2B businesses as well as their customers. By shifting to an all-in-one payments platform, businesses can better predict cash flow, simplify their accounts, save processing time and improve security, all while simplifying the experience for their customers. 

All payments made through Limepay STACK come with added fraud protection and offer businesses greater access to analytics and insights compared to traditional payment methods. B2B brands can offer white-labelled Pay Now or Pay Later options to customers, including single or multiple instalments, as well as monthly, fortnightly, weekly or daily frequencies for regular payments. 

Willie Pang, Chief Executive Officer at Limepay says, “Many B2B businesses are still relying on paper for payments. By offering Limepay STACK, we’re helping them improve the reliability of their cash flow, increase the speed at which they do business and help deliver safe, convenient payment options for their business customers.” 

The number of B2B businesses offering end-to-end customer experiences and omnichannel sales has increased over the past two years in response to the changing nature of commerce during the global pandemic.¹ 

With Limepay STACK, businesses can cost-effectively sell from anywhere; in person, online, over the phone or through their website, all while keeping customers within their branded ecosystem. Businesses can easily conduct sales where and how their customers prefer with the white-labelled payment options offered by Limepay STACK. 

Limepay STACK supports a range of card types including VISA, MasterCard, Amex, Apple Pay and Google Pay, as well as eCommerce plugins for Magento 1 & 2, WooCommerce and Salesforce Commerce Cloud.  

You can learn more about Limepay STACK on YouTube. 

With Australians expected to make significant charitable donations to support flood-impacted areas, the Australian Taxation Office (ATO) is urging taxpayers to make sure that if they want to claim a deduction in their tax return for a donation they have made, it meets the criteria to be a charitable tax deductible.

Assistant Commissioner Tim Loh said, “We know Aussies are very charitable and after the recent floods, we are expecting to see a lot of donations and deductions in tax returns this year.”

In the 2019-20 year, around 4.2 million Australians claimed deductions for $3.7 billion in gifts and donations to charities and not-for-profits.

“Before rushing to claim a donation in your tax return, it’s important to understand what makes a donation charitable tax deductible. The donation needs to be made to a deductible gift recipient (DGR).”

Organisations or funds endorsed as DGRs are entitled to receive tax deductible gifts or donations. Not all charities and not-for-profits are DGRs. DGRs are either endorsed by the ATO, or in exceptional cases listed by name in the tax law. Additionally, many crowdfunding campaigns that raise money for charitable causes and individuals in need, are not run by DGRs.

“We know crowdfunding campaigns are growing in popularity, but they may not be run by a DGR, so it is important to check whether your charitable gift or donation will be deductible at tax time. Taxpayers can confirm an organisation’s DGR status by checking the ABN Lookup on business.gov.au.”, Mr Loh said.

“Further, in return for your donation, you can only accept items that would be considered promotional advertising for the DGR such as pens, wristbands or badges. If you receive something in return for your donation, for example, you make a gold coin donation for a sausage sizzle or buy vintage goods from an Op Shop, this isn’t considered a tax-deductible gift.”

“Most importantly, you must have a record of your donation. Most DGRs will usually issue you with a receipt, but they don’t have to. We will accept third-party receipts as evidence if the receipt identifies the DGR and clearly states that the amount is a donation.”

“If you made donations of $2 or more to bucket collections conducted by a DGR for natural disasters, you can only claim a tax deduction of up to $10 for the total of those contributions without a receipt.”

“We want to make it easier for you to support the charity of your choice. The myDeductions tool in the ATO app can store photos of donation receipts throughout the year. Then simply upload your donation information to myTax or send them through to your registered tax agent.”

The ATO may ask a taxpayer to provide evidence to support their claim or amend their tax return to remove the claim. Last year, we had to adjust a large number of charitable claims because the taxpayer incorrectly claimed the donation. Unfortunately, this will delay the tax return from being finalised and any refunds being issued.

“So, if you are claiming a donation this tax time, make sure it’s charitable tax deductible, you didn’t receive anything of personal use in return, and you have a record of the donation.”

“For those that have had their tax records lost or damaged in the floods, we are here to help you reconstruct them so you can be prepared this tax time.” If your records have been damaged, destroyed or lost, there are a number of ways we can help you reconstruct your tax records

Jo Palmer, a passionate advocate for remote work recognised for her positive impact on rural and regional communities 

Every year the Council of Small Business Organisations Australia (COSBOA) awards a Small Business Champion at their National Small Business Summit to recognise and acknowledge small business influencers who are making a genuine difference to their industry or the sector. 

This year’s winner Jo Palmer is the Founder and Director of Pointer Remote, an online platform connecting businesses with talented professionals living in regional, rural and extreme remote situations.  

Alexi Boyd, CEO of COSBOA, said that this is an individual who is worthy of this prestigious award. 

“It is with great appreciation and congratulations that COSBOA announce Jo Palmer as the 2022 Small Business Champion. She truly deserves this award after years of dedication as a rural advocate, mentor and voice for enhancing women’s economic opportunities,” announced Ms Boyd.

“Jo is a passionate small businesswoman who saw an untapped pool of talent in rural areas that could be mobilised through remote work. She has worked tirelessly to job-match individuals and businesses from all over the country and has had a huge impact on building capacity in regional Australian communities.” 

Jo Palmer received her award at the COSBOA Summit gala dinner and was thrilled with this recognition for her and her team. 

“In the company of so many small business community leaders, owners and advocates, I am really honoured to receive this award,” said Ms Palmer.  

“In the five years that Pointer Remote has been in operation, it is small businesses from across the country who have really been able to leverage remote work to access the skills and experience they need for their organisation to grow. With talent in such short supply, businesses that have adapted to flexibility are finding it easier to attract new team members. We are so appreciative of those companies who have trusted us to help!” 

For more on Pointer Remote visit: https://pointerremote.com/   For more on COSBOA visit: www.cosboa.org.au/

While more Australians are looking to work for themselves post-pandemic, many lucrative business opportunities are going unrealised by business buyers– ironically because of their best attribute.

• Less competition, market dominance, and emerging industries give “quirky” businesses a significant competitive edge.
• Many business buyers are overlooking this growth potential by fixating solely on traditional business types.
• Profitability, and customer demand is key to determining a business’s value – regardless of what it sells.

The easing of pandemic restrictions and border closures has seen a surge in the number of Australians seeking to become self-employed. However, leading business sales marketplace AnyBusiness.com.au is urging buyers not to overlook the commercial benefits of owning and operating a more unique business with a highly specialised product or service.

While cafés and retail stores are among the most commonly traded businesses, those that operate within a particular niche or have a distinctive “quirk factor” often have greater growth potential and fewer – if indeed any – local competitors, making them potentially lucrative investments, explains Mary Tamvakologos, Director of Operations, AnyBusiness.

“People are always looking for a profitable business with an edge or a point of difference. Most of these businesses offer both! They are unusual because they typically offer uncommon services or products. Their uniqueness sets them apart from anything else in the market,” says Mrs Tamvakologos.

“However, buyers often overlook them simply because they fall outside of the standard business categories such as a café, motel, restaurant, or car wash – the businesses we all know and recognise.”
Mrs Tamvakalogos adds that purchasing an innovative business with a novel offering can also be an opportunity to buy into a newly emerging market.

“At AnyBusiness, we have repeatedly seen businesses listed for sale before they have shown their full potential. For instance, bubble tea businesses are immensely popular now, whereas just 3 years ago, they would have been considered unusual. The same for capsule hotels. And food trucks have exploded in popularity over the past two years on the back of the pandemic.”
Another unique business to have grown strongly on the exclusivity of its products, combined with renewed interest in Australian-made goods, is Cedar Bath Company, which manufactures custom-made cedar baths, spas, and accessories from its Perth-based premises.

Owner Phillip Jenkins launched the business 3 years ago having constructed a cedar bath for his own home, which attracted strong interest when circumstances changed and he was reluctantly forced to sell it.

“There are very few manufacturers in Australia selling cedar baths – typically most that are available are poorer quality ones imported from overseas. Therefore, I obviously had something unique to offer and people loved it!” Mr Jenkins says.

“Being made locally means we can also customise each one – people sometimes have unusual requests and l like to make that extra effort to meet their needs.”

Mr Jenkins, a serial entrepreneur, is now seeking a new owner for the business to oversee its continued growth into the future. And he is more than willing to help its new owners achieve this vision long after a sale takes place – hands-on support which is often lacking in more transactional business sales.

“I am the third generation of business owners in my family and am looking for someone who will carry forward this legacy. I will always be there to help this unique business flourish and reach new horizons,” Mr Jenkins says.

“It’s not just a sale to make a sale: I will still be nearby and available to help the new owner continue it on and leverage the specialised skillsets of our dedicated employees.”
AnyBusiness’s Mary Tamvakologos says that when purchasing a business, its uniqueness is just one aspect over which due diligence is required.

“Regardless of the type of business, valuing a business normally involves a number of factors – not only uniqueness but also profitability, operational requirements and customer demand,” she says.

“A buyer needs to know that there is a demand for its particular product or service to ensure it is profitable into the future – no matter what it sells.”

From helping small business owners lower suicide rates and empowering women with self-defence in Australia to getting new mats for a Pilates studio in New Zealand, BizCover is committed to helping small businesses grow and has launched the latest round of its BizGiver grant program.   

The $2,000 grant aims to remove some barriers to growth that business owners face every day. Previous winners were granted prizes such as SEO packages, website design services, advertising, iPads, hardware and equipment, and training courses.

“So much of BizCover’s success is due to the small business community, who have embraced our services over more traditional methods of buying insurance,” said BizCover Founder and CEO Michael Gottlieb. “This program is just one way we aim to give back to that community, to thank them for their support and for sharing in BizCover’s vision.”   

Suicide prevention trainer and BizGiver winner Josh Roach says the grant helped his business be more professional after his wish for a new projector was delivered.    

“I saw the competition being promoted in an email from BizCover shortly after I purchased insurance and thought I might as well give it a shot,” Josh said.    

Josh began his small business in early 2021 to help equip his community to better respond to people having thoughts about suicide. He has since delivered training across many different communities ranging from high school students to veterans, nurses and more.   

“I wished for a projector to help deliver my training because previously I had to borrow or hire this equipment,” Josh said. I have not been able to deliver training throughout the numerous COVID-19 lockdowns, so this grant is so helpful.”   

Another recipient of the BizGiver program is Empowered Today, a not-for-profit organisation near Byron Bay dedicated to providing Empowerment and Self Defence (ESD) training for women and girls.   

Certified ESD trainer Lisa Evans said the grant helped grow her business, providing extra support to her Empowered Today’s critical services.    

“Winning this prize allows us to offer regular self-defence classes and workshops and cover different scenarios that women might find themselves in,” Lisa said.    

In its 46th round in Australia and tenth in New Zealand, the quarterly initiative receives hundreds of applicants waiting for their wishes to be granted. So far, BizGiver has given away over $80,000 in grants.    

To enter the competition, small business owners will need to say in 200 words or less what item or service would help take their business to the next level and why they deserve to win.    

The latest round is now open until May 5, 2022. Finalists are named May 6, and the winners are announced May 11.    

 For more information, click here.   

Most business leaders agree a culture of curiosity will help them better tackle challenges, adapt and grow post-COVID

SAP SE has found Australian companies that foster a more curious culture¹ experience major competitive benefits, including up to twice the levels of employee engagement, and up to three times the turnover growth of organisations with a less curious culture, according to new research released today.

‘Capitalising on Curiosity’, a survey of business leaders and employees across Australia, found that Australian leaders who strongly agree that their organisation has a curious culture, saw annual turnover growth of 20.52 per cent on average over the last 12 months; more than three times the six per cent average growth in turnover experienced by those who only somewhat agree.

Business leaders at large organisations² that are very curious report turnover growth that is 10.67 percentage point higher than those who are not very curious, which could deliver additional growth of 2.5 million dollars in annual turnover, based on ABS turnover data for businesses of this size. Medium-sized organisations³ that are very curious could see an extra 1.7 million dollars and small businesses⁴ an additional 550,000 dollars in annual turnover⁵. 

More than eight in 10 (82 per cent) of senior business leaders in Australia believe a culture of curiosity is important for their organisation to adapt and grow in a post-COVID world but only four in 10 (44 per cent) strongly agree their organisation has a curious culture. The most common challenges senior business leaders say they would be better equipped to handle with a more curious culture are: employee engagement (41 per cent); being able to adapt to changing market needs (40 per cent); and dealing with staff retention (36 per cent).

Despite the positive link between curiosity and business growth, four out of five Australian employees (82 per cent) say there are barriers to asking questions and being curious in their organisation. More than eight in ten (85 per cent) of senior business leaders across the country feel the same, admitting that talk about encouraging curiosity is not always supported by action.

Dr Amantha Imber, organisational psychologist and founder of behavioural science consultancy Inventium, said: “Creating and nurturing a culture of curiosity in an organisation takes time, but ultimately it will strengthen your ability to be agile, adapt and innovate. At a time when businesses are experiencing more uncertainty from the pandemic, fostering a curious culture can be hard but it’s essential to build resilience and drive growth.”

Karen Twitchett, Director of Workforce and Technology at Northern Beaches Council said: “Building curiosity in your organisation is like building a muscle that helps to keep you fit through all kinds of challenges. We were able to flex our curiosity muscle in real-time during the recent floods. We provided the time, space and opportunity for our staff to engage with people in affected areas to proactively identify issues and collect data that will ultimately improve Council’s service offering to the community during extreme weather events in the future.”

Curiosity to attract and retain talent

In a market where the battle for talent has never been tougher, seven out of 10 Australian employees (72 per cent) want to work for a curious organisation, and more than half (52 per cent) would leave their current job for a similar role in a more curious organisation.

While employees are less inclined than leaders to categorise their organisation as having a curious culture, (67 per cent versus 89 per cent), the research found clear links between curious organisations and employee satisfaction.

Those employees who believe they work for an organisation with a curious culture are almost twice as likely to say they are satisfied in their current role (81 per cent compared to 44 per cent) and feel engaged at work (83 per cent compared to 42 per cent), than those who didn’t.

Battling fatigue in a world and workplace that is changing rapidly is also a factor, particularly in larger organisations, with one in three (32 per cent) employees from large enterprises saying employee burnout is a barrier to curiosity.

Curiosity essential to data intelligence

The research found that employees in more curious companies are better equipped to answer, and more capable of answering questions, using data than those who say their organisation is not curious.

Employees who say their organisation is curious are twice as likely to say they are empowered and encouraged to use data to answer questions than those who say their organisation is not curious (82 per cent compared to 40 per cent). They are also twice as likely say that their organisation provides the data and tools for them to do so (82 per cent compared to 42 per cent) and 1.5 times more likely to say they make good use of data and analysis tools (81 per cent compared to 55 per cent).

Business leaders who feel most strongly that their organisation has a curious culture are three times more likely to strongly believe their employees have the necessary skills to answer questions from organisational data (73 per cent compared to 25 per cent), than those who only somewhat believe they have a curious culture.

Damien Bueno, President and Managing Director, SAP Australia and New Zealand, said: “An organisation’s ability to truly realise the value of technology comes down to how well its people understand data and apply human curiosity. Asking the right questions at the right time, being confident to seek out data and draw conclusions, leads to better decision making and, ultimately, enables organisations to be bolder in approaching business challenges and able to take action on an idea with an informed approach.

“This understanding and confidence is key to the continued growth, success and transformation of Australian and New Zealand organisations, especially during the period of disruption we currently find ourselves in.”

Barriers to cultivating a Culture of curiosity

Australian employees identified a lack of reward or encouragement as the biggest barrier to curiosity while business leaders pointed to too much pressure to deliver on short term goals.

Almost half of employees (47 per cent) believe they are not rewarded for their curiosity and two in five (43 per cent) feel they are not given time to be curious at work. Meanwhile, over a third (39 per cent) say that asking questions and challenging the status quo is not encouraged within their organisation and this jumps to almost half (44 per cent) of employees working for large organisations in Australia.

Dr Amantha Imber said: “Being able to challenge and debate ideas and assumptions is critical for building a curious culture, but being curious and asking questions instead of jumping straight to conclusions takes time. SAP’s research suggests many Australian businesses are not giving employees the time or the space to be curious.”

“Business leaders who are serious about future proofing their organisation against the current climate of uncertainty need to start role modelling curiosity, giving staff time to explore and experiment, and rewarding curious and creative behaviour within their organisations.”

To view or download a copy of the full ‘Capitalising on Curiosity’ report which includes top tips for how you and your organisation can start building more curious cultures, please visit here.

Xero, the global small business platform, today announced the findings of a new report, which reveals that higher technology spend was linked to greater resilience throughout the pandemic for small businesses. The Xero Small Business Insights report, ‘Picking up the pace: trends in small business technology adoption and use’ shares new evidence that more digitalised Australian small businesses have better productivity, sales, jobs and payment outcomes.

Joseph Lyons Managing Director, Australia and Asia

The pandemic has spurred one of the biggest shifts in recent history when it comes to small business digitalisation.

The report, produced in partnership with Accenture, draws from the anonymised and aggregated data of hundreds of thousands of Xero subscribers to create new insights on the trends and benefits of small business digitalisation (tracked using ICT spend and app use) across Australia, New Zealand and the UK.

“The pandemic has spurred one of the biggest shifts in recent history when it comes to small business digitalisation. With Xero’s latest report, we have insight into the scope of this change for Australian small businesses – and a clearer idea of what may help on the path to recovery,” said Joseph Lyons, Managing Director Australia and Asia, Xero.

Pandemic ramps up small business’s digitalisation

Prior to the pandemic, Australian spending on digital services, like software, was already increasing, rising 70 per cent between 2009 to 2019. The pandemic drove this to new levels, with ICT expenditure up 13 per cent in Australia between March 2020 and June 2021.

Other markets, however, saw a more significant jump; 25 per cent in New Zealand, and 20 per cent in the UK. Similarly, there was variance among countries’ spend on technology. Australian small businesses spent 2.4 per cent of their total expenses on ICT, on average, in the first half of 2021. This was half the rate of peers in the UK (4.4%) and just below those in New Zealand (2.9%). Overall, Australian small businesses are less digitalised than their peers in the UK, in terms of ICT expenditure and app usage intensity.

Technology use linked to greater resilience during the pandemic

The report found a clear link between small business digitalisation and improved performance throughout the pandemic. Australian small businesses in the top quartile (25%) of ICT spend saw AU$34,800 more in sales throughout 2020 than those who spent the least.

Key findings include:

• The top 25 percent of firms saw a sales uplift (relative to 2019) of AU$28,800 in Australia. The bottom 25 percent of firms saw a sales fall of AU$6,000 over the same period.
• Jobs results were slightly higher for the heaviest ICT spenders compared to the lowest quartile (0.1-0.2 employees on average).
• The top quartile of ICT spenders was paid 1.9 days faster in Australia than the bottom 25 percent.

When looking at app usage, Australian small businesses that use apps more frequently had more resilient sales and jobs growth.

• The top quartile of app users saw sales growth of 2.2 percent year-on-year (y/y) in 2020 compared to a decline of 2.2 percent y/y for non-app users.
• The top 25 percent of app users saw job growth of 1 percent y/y in 2020 compared to 0.7 percent y/y for non-app users.

Greater app usage was also linked to increased productivity* across all countries. The top 25 percent of app users were more productive than those who didn’t use any apps in 2019.

“Increased small business technology adoption is clearly a positive for the individual small business. In addition, the impact on productivity growth means it is also a positive for the national economy as we rebuild in 2022,” said Louise Southall, Xero Economist.

Adoption among small businesses still varies

Despite this boost in digitalisation, however, some small businesses have been slow to embrace technology in their business operations. Certain industries and business types are significantly more digitalised, according to ICT spending. Professional services spend almost five times as much (4.9%) on technology as those in hospitality (1.1%). This was followed by other services (2.4%), real estate (2%), retail (1.9%), construction (1.7%), and manufacturing (1.6%).

Meanwhile, sole traders spent a higher proportion of expenses on ICT (5.1%) when compared to larger businesses, almost four times greater than businesses with more than five employees (1.2%). Small businesses with one to five employees spent 2 percent of total expenditure on ICT each month.

While many Australian small businesses are adopting technology at a greater rate, there’s an opportunity for more to see these benefits.

“From these findings, it’s clear how powerful technology can be for small businesses. Tremendous change can happen when a business adopts new tools and systems and uses them to a high degree, as seen with app usage. By overcoming the barriers to adoption, there are huge possibilities – ones that can influence not only the flow of operations but greater resilience. With an economic recovery underway, it’s important small businesses are set up for success, and digitalisation plays a key part,” added Lyons.

To download the Small Business Insights report full report

According to BizCover’s 2022 Small Business Bravery Report, small business owners are divided on Australia’s economic recovery – 38% feel optimistic, and 35% are neutral. However, they do have confidence in their own business growth, with 24% optimistic their business will grow and 38% cautiously optimistic about their business recovery.

Australia’s small businesses have persevered through the uncertainty of 2020-22, and now they face their ultimate challenge: to use all they have learned to fortify their business for recovery and growth. And they might have some new tools at their disposal, thanks to the government’s latest budget announcements.

The Federal Government is probably hoping its budget measures for small businesses might aid in that optimism, with more than $1billion committed in generous tax breaks for “the cost of business expenses and depreciating assets that support digital uptake, up to $100,000 of expenditure per year.”

Small businesses will be able to deduct 120% of digital upgrades, including laptops, portable payment devices, website improvements, and cloud-based software services. Plus, the $550million Skills and Training Boost will also provide a bonus 20% deduction on staff training expenses.

These incentives are designed to boost small business productivity gains, and in turn revenue growth – and potentially help recruit or retain staff. But will they address the fundamental issues keeping small business owners awake at night?

New dragons to be slayed

BizCover’s 2019 survey of small businesses found the number one constraint on growth was lack of customer demand, followed by competitor price pressures and rising overheads. Fast forward two tumultuous years, and it’s hardly surprising that the most pressing challenge in 2022 is ‘external factors out of my control’ – such as future COVID responses or climate change.

As supply chain shocks continue and petrol prices soar through the crisis in Ukraine, the impact of these external pressures keeps evolving. But could the budget help small business owners build resilience to elements they cannot control?

Business tax breaks can’t address these complex global challenges. However, they could potentially relieve some cash flow pressure – a major challenge for 2022 for 17% of small business owners. For the 12% who said, ‘we don’t have a good online or digital presence’, this could finally be the time to invest in marketing platforms and services – with the bonus write off applies to the costs of a new or improved website. And this in turn could also help address the major concern of the 31% of business owners who say it’s hard to find or attract customers or clients.

The ability to subsidise cloud-based software and platforms could also help some businesses better manage compliance and regulation changes – for example, by shifting to online accounting and workflow management systems, they may gain better visibility of their data and simpler reporting.

 And in the face of a well-documented talent shortage, 12% say they have difficulty recruiting and retaining staff, and 12% are concerned about rising wages. Here, the ability to deduct 120% of the cost of training could help upskill current staff or onboard less experienced talent.

Investing in adaptability

The response to the global pandemic certainly accelerated the adoption of new technology – out of sheer necessity. And BizCover’s survey found that small businesses who quickly moved to online solutions were more likely to report their 2021 business performance as good or very good.

But Australia’s small businesses have been lagging their Asia-Pacific counterparts when it comes to digital adoption, according to recent research from CPA Australia. Despite studies, including a 2021 Xero report, consistently find IT investment pays off in increased revenue and profitability – and more time for higher-value work.

“Small businesses have had to become more resilient, agile and innovative to survive the last couple of years, and they will be more prepared to take on new challenges,” says BizCover CEO Michael Gottlieb. “I think we will continue to see more innovation from these businesses as they strive to take on changing market conditions. I also think we will see record growth for new small businesses in Australia.”

As one Queensland-based health services provider told BizCover, “I feel fearlessly brave stepping into a new year with my business, knowing I’m going to grow my clientele and extend on my digital presence. Getting through 2021 was extremely hard with a lack of customers, but this year I know I am going to work harder than before to make sure I can succeed in 2022.”

In January, just 17% of small businesses told BizCover they plan to invest more in online platforms or technology. Perhaps the new budget tax breaks will be a deciding factor, and we’ll see that proportion grow further.

And for those small businesses who supply digital services or external training, there’s even more potential upside – with a further boost in their ability to attract new clients.

To learn more about how Australian business owners plan to recover and grow in 2022, download the 2022 Small Business Bravery Report