When it comes to data, everything is growing – quantity, size, format, resolution, use cases, applications, value and more. As people and businesses look for solutions to effectively and efficiently store their data in the zettabyte era, Western Digital HDDs continue to play a critical role in delivering massive capacity, performance and reliability.

Western Digital has announced that it is now shipping new 22TB HDDs targeting three key segments: WD Gold™ HDDs for IT/data centre channel customers; WD Red™ Pro for network attached storage (NAS); and WD Purple™ Pro for smart video/surveillance. As highlighted in its What’s Next Western Digital Event, these new drives are loaded with industry-firsts, including OptiNAND™ technology, energy-assisted PMR (ePMR), triple-stage actuator (TSA) and HelioSeal® to deliver the industry’s highest areal density at 2.2TB per platter, delivering 22TB CMR HDDs for its customers.

“We are thrilled to reach this milestone as HDDs are complex and sophisticated systems,” said Ravi Pendekanti, senior vice president of product management and marketing, HDD Business Unit at Western Digital. “From the cloud to the edge, Western Digital’s hard drives play a vital role in storing, protecting, capturing and analysing data that’s shaping nearly every aspect of our digital lives. Our technology leadership and expanded portfolio of industry-leading HDDs provide us with a tremendous opportunity to deliver value to our customers today and well into the future.”

Western Digital Gold Enterprise-Class HDDs for Data Centre Storage Systems

Cloud and enterprise data centre architects continue to squeeze every drop of investment out of their IT infrastructure. The economics of storing every bit matters, and factors like capacity, density, energy use, sustainability and more all play a critical role in helping to reduce total cost of ownership (TCO). Moving to the industry’s highest available CMR HDD capacity can help. Western Digital’s new enterprise-class, 22TB WD Gold™ CMR HDD with OptiNAND technology gives users the ability to lower TCO by increasing storage in the same footprint or by reducing racks, which can help reduce costs such as adding more racks, network, power, cooling, cabling, etc. Unique to Western Digital is its OptiNAND-enabled ArmorCache™ technology that combines the performance of write cache enabled mode with the data protection of write cache disabled mode without having to compromise by choosing between the two. With a full portfolio of solutions ranging from 1TB-22TB¹, these highly reliable WD Gold HDDs are ideal for demanding storage environments, providing up to 2.5M hours MTBF ², vibration protection technology and a low power draw thanks to HelioSeal technology (for 12TB and above).

WD Red Pro HDDs Support All Major NAS Systems with Up to 24 Bays

Work from home has accelerated and many small office/home office (SOHO) workers and SMBs are struggling to keep up with rapidly growing amounts of data. The new 22TB WD Red™ Pro CMR HDD with OptiNAND technology is ideal for those who have high-capacity storage needs, or for those who have reached the maximum capacity on their existing network-attached storage (NAS) system. Engineered specifically for NAS systems with up to 24 bays, WD Red Pro HDDs are optimised for multi-user environments and are designed to handle high-intensity workloads in 24×7 environments. WD Red Pro HDDs are ideal for storing, protecting, archiving, and sharing massive amounts of data with many users and can handle multiple data-hungry applications such as file sync and sharing, backup/archive, multimedia repository, and private cloud storage. The WD Red Pro family comes in capacities ranging from 2TB to 22TB¹.

WD Purple Pro HDDs for Advanced AI-Enabled, Always-on Smart Video Recorders, Appliances and Servers

Smart video surveillance is on the rise, bringing increased storage requirements along with it. For example, high-resolution cameras are capturing multiple video, picture and metadata streams per camera; AI and video analytics are placing new demands on the quantity, quality and retention of video data; and deep-learning solutions need more video to train AI algorithms, all while video-surveillance-as-a-service (VSaaS) customers are needing purpose-built storage to efficiently manage this data at scale. The 22TB WD Purple Pro CMR HDD with OptiNAND technology delivers a big capacity to address these trends in a purpose-built enterprise-class drive supporting video analytics servers and AI and deep-learning systems. The drive features Western Digital’s exclusive AllFrame™ AI technology that supports 32 AI streams for deep-learning analytics within the system while helping to reduce dropped frames. WD Purple Pro drives are optimised to handle up to 64 single-stream HD cameras3 and many of the latest smart cameras that transmit multiple streams. It offers high reliability with an MTBF of up to 2.5 million hours for advanced smart video solutions that operate in 24/7 environments. The WD Purple Pro HDD family now comes in 8TB-22TB capacities¹.

Western Digital’s industry-leading Ultrastar 22TB CMR HDDs and 26TB UltraSMR HDDs began shipping to select hyperscale cloud customers in June.

The HelloSign for HubSpot integration allows users to create, sign, track, and save documents for signature directly in HubSpot, and is purpose-built to help salespeople work more efficiently and stay organised throughout the entire sales cycle.

With the new integration, users can: 

• Send signature requests from Contact, Deal, and Company records in HubSpot. 
• See when a contract has been sent, viewed, signed, declined, or cancelled from within HubSpot. 
• Create and edit templates directly in HubSpot without switching back to HelloSign. 
• Add HubSpot data to your HelloSign templates that autofill documents with HubSpot record information. 
• Save documents back to HubSpot automatically once they’ve been signed. 

Head of Sales for Dropbox APAC, Pia Broadley, said that the new integration helps businesses thrive in the new world of work. “Dropbox has been listening to customers and working on these updates to help businesses supercharge their sales process. We are excited to relaunch this HubSpot integration with upgraded features and added functionality as requested by our customers. These updates help our joint users stay organised, eliminate friction through one integrated workflow, and of course streamline and enhance their sales process.”

Save time with synced, autofill Templates

With Dropbox’s relaunched integration, sales teams can directly create reusable templates for all frequently used contracts in HubSpot. This means that once a template is built and designed, users can quickly send it out to new customers in a few clicks. 

Additionally, a new function that pulls data directly into the template from the contact’s HubSpot properties allows for all essential information to be synced and filled into templates automatically—giving reps more time to grow their business and build great relationships with customers. 

Manage and send documents directly from HubSpot

Contracts can be sent off for eSignature from Contact, Deal, or Company objects in HubSpot. This tighter integration means that, however HubSpot is being used to chase leads, users always have access to an eSignature integration to quickly close deals while they’re hot. Plus, every signed contract is automatically stored straight back in HubSpot’s CRM the minute it’s signed.

Stay productive—keep track of all your sales in motion

The upgraded integration shows the status of documents for signature without ever leaving HubSpot. All actions that lead take are automatically recorded and stored on the HubSpot CRM card allowing visibility into all sales, so you don’t have to waste time chasing leads for a response. 

HelloSign also automatically sends reminders for unsigned documents on the 3rd and 7th day—and manual reminders can be sent through HubSpot.

Take your sales workflows to the next level 

With this HubSpot sales integration, salespeople have everything they need to power better, more streamlined workflows. Upgrading this integration will not affect previous data.  

Additionally, a new function that pulls data directly into the template from the contact’s HubSpot properties allows for all essential information to be synced and filled into templates automatically—giving reps more time to grow their business and build great relationships with customers. 

Manage and send documents directly from HubSpot

Contracts can be sent off for eSignature from Contact, Deal, or Company objects in HubSpot. This tighter integration means that, however HubSpot is being used to chase leads, users always have access to an eSignature integration to quickly close deals while they’re hot. Plus, every signed contract is automatically stored straight back in HubSpot’s CRM the minute it’s signed.

Stay productive—keep track of all your sales in motion

The upgraded integration shows the status of documents for signature without ever leaving HubSpot. All actions that lead take are automatically recorded and stored on the HubSpot CRM card allowing visibility into all sales, so you don’t have to waste time chasing leads for a response. 

HelloSign also automatically sends reminders for unsigned documents on the 3rd and 7th day—and manual reminders can be sent through HubSpot.

Take your sales workflows to the next level 

With this HubSpot sales integration, salespeople have everything they need to power better, more streamlined workflows. Upgrading this integration will not affect previous data.  

More info can be found here

If you’re a GP Owner or want to start your own GP Practice, there are a few skillsets that you need to master, and Recruit GPs is one of them. Becoming proficient to recruit GPs for your practice is critical to ensuring you’re not stuck in long-hour work cycles where you’re doing all the heavy lifting.

However, recruiting quality talent isn’t the easiest thing right now, given the fact that there’s a real scarcity of GPs in the Australian healthcare sector.  This is due to the fact that most GPs are fatigued and frustrated from the exorbitant and repetitive demands of the COVID-19 pandemic, and the lack of international migration has brought the market for overseas trained doctors to a screeching halt. It’s safe to say that the GP market is becoming increasingly tough.

While outsourcing your recruitment is a viable option, it might not always consider the best criteria when selecting your future doctors because it more closely resembles a competitive market environment where you’re up against offers from other recruiters. But whether or not you choose to outsource your recruitment, it’s crucial that you employ the following strategies to recruit GPs and attract the right doctors who add the right value to your Practice.

1.     Increase Or Enhance Your Capacity

A General Practice is similar to a marketplace in that it brings patients and doctors together. Before moving forward with anything else, it’s imperative that you take some time to analyse the avatars of your stakeholders. In other words, “Who are the patients you serve and what are they like?” and “Who are the doctors you serve and what are they like?” Once your avatars are clear, you can seamlessly bring them together in the marketplace—in this case, your Practice.

After that, you can proceed to increase your capacity. Of course, the key inquiry to make in this situation is whether you need to increase your capacity yet, or if you can first enhance your current capacity. Most GP Owners typically run businesses with a lot of latent potential and untapped opportunities lying around. Scaling up something that’s currently underperforming is risky and won’t benefit anyone. Therefore, you should maximise what you’re already doing before scaling and recruiting. 

You can get rid of low-value work that’s task-heavy, decision-dense, and spiritually taxing. You can decide what activities you need to give up, but if you don’t want to let go of anything, you’ll either have to find someone willing and prepared to take on that responsibility or redesign the low-value work so that it is no longer low value. That’s the only way to climb the value chain.

2.     Be Clear in Your Communication

As a GP Owner, you must be clear about what you do, what you don’t do, who you’re for, and who you’re not. In other words, be clear and straightforward with your community so people know what to expect from your practice. If you don’t serve a particular demographic or patient cohort, they can go somewhere else that does serve or fit them.

Thus, plugging patients back into the right clinics—if it’s not yours—is a great service to everyone involved. And that could even result in referrals from other professionals or Practices for your clinic. And as we all know, the foundation of any successful business in any industry is solid recommendations from other entities.

3.     Highlight your USP

Find something that’s a point of difference for your Clinic – such as flexible hours, a supportive work environment, professional autonomy, or a secure patient flow – and extend that information to your target avatar. In other words, what must your ideal future GP know and believe about your workplace for them to decide that it’s the right place to work? If you don’t tell them, there’s no way for others to know what makes your practice unique.

Create a profile that clearly communicates your strengths and USPs, focusing on what you do well and why people should come to you. Be sure to include information about who you serve and who you don’t. Case Studies are an excellent way to explore and highlight the thoughts and feelings of the GPs who work in your Practice, which will help build your target avatars’ trust.

4.     Get the Funnel Working

The recruitment process is more like a marketing funnel rather than a sequential process of going out, meeting people, scheduling interviews, and hiring them. The top of your recruitment funnel is about attracting your ideal GPs and building an audience for your organic and paid activities through different platforms. And to determine where the leads came from, it’s essential to include appropriate links in your advertisements and other promotional content. This will help you measure the performance of your funnel and evaluate which platforms are working and which aren’t generating a return.

Once your target GPs have shown interest and consideration, you’ll need to shift your focus to convincing and converting them. You must have a reliable method for approaching them swiftly to avoid losing them. An important sales theory to remember is that it often takes eight to 12 points of contact with a person before they know, like, and trust you enough to take the next step. Therefore, the more interactions you have with the GPs, the more probable it is that they’ll feel secure enough to commit to your practice.

At this negotiation stage, it’s also a good idea to showcase your risk-reversal strategies to assure them that they aren’t taking a huge, asymmetrical risk in joining you. And, of course, you must ensure they stick once you get them in. Put another way, your attention is now on retaining your talent. Your retention strategies will start to pay off at this point.

Bonus Tips to Recruit GPs:

• The pre-consult and post-consult phases are more crucial than just the main game (which is attending to patients’ needs during consultation). This will elevate your performance, prove your consistency, and narrow the gap between the best and the worst. So be sure to hone and refine those small but important elements.
• Having streamlined and effective information systems, such as a reliable in-house internet connection, ensures seamless communication and engagement with your Practice and helps create better value for the patients, doctors, and other stakeholders you serve. It also elevates consistency and performance.
• Experiment with copy and get as much content as possible—in the form of videos, ads, and any other promotional material. You never know what will resonate with the audience, but the key to becoming more proficient at knowing is by simply getting your message out there and consistently engaging with your target avatars.

I sincerely hope you found these recruit GPs suggestions and techniques helpful, and I strongly urge you to use them so you can attract the right General Practitioners for your Practice. 

I would love to hear your opinions and feedback about how these tips have helped you in your GP recruitment journey. Feel free to write to me at TCameron@scalemyclinic.com, and do reach out if you need assistance with the same.

written by – Dr Todd Cameron, CoFounder of Scale My Clinic

Synology has announced the new 5-bay Synology DiskStation DS1522+, the latest compact solution in its Plus line of all-in-one storage devices that help users of all sizes protect data, IT infrastructure, and physical assets professionally and securely while supporting a host of business, IT administration, and productivity applications.

“DS1522+ is a versatile solution fit for a wide range of user needs and environments,” said Peggy Weng, product manager at Synology Inc. “The new 10GbE upgrade option plus scalability for 10 additional drives makes the DS1522+ cost-effective and a solution that can easily grow with any team.”

Compact solution, boundless possibilities

Synology DiskStation DS1522+ integrates well as the primary storage solution for smaller setups or as an edge node for multi-site deployments. Powered by DiskStation Manager (DSM) 7.1, it features robust data management capabilities, comprehensive file sharing, collaboration, and video surveillance capabilities. 

Scalable up to 15 drive bays with two DX517 expansion units, a fully expanded DS1522+ can reliably host massive amounts of data while taking up minimal desktop or shelf space. A new network upgrade slot enables anytime 10GbE upgrades, while two built-in M.2 2280 NVMe slots can be used to speed up storage performance significantly. 

Beyond file storage

Synology storage systems can easily be configured to become a cross-platform private cloud while still giving you complete control over your data. Synology Drive enables intuitive file management and synchronization between platforms like Windows, macOS, Android, and iOS, ensuring your data is accessible no matter where you are.

Synology Photos enables hobbyist photographers looking to manage their growing collection to quickly pull and back up media from their phones, sort and organize pictures, and make them easily shareable with robust permissions control.

Learn more about file management

Keep businesses running

Keeping business endpoints, emails, and critical data secured and backed up is more necessary than ever with continuous and emerging cybersecurity threats. The DS1522+ includes data backup, snapshot, and replication automation to ensure files and LUNs stored on it can be backed up to other devices and cloud services automatically once set up.

Synology’s Active Backup Suite allows IT infrastructure, such as Windows systems, Hyper-V/VMware VMs, and Microsoft 365/Google Workspace accounts, to be safely backed up onto the DS1522+ and easily restored when needed.

Learn more about data protection

Compact surveillance and application server

The DS1522+ also functions as a full-fledged video management system that provides full local data ownership. Synology’s Surveillance Station is a powerful VMS designed for businesses that already protect over 500,000 sites. Flexible ONVIF support and over 8,300 validated IP cameras make deployment simple and easily suited to each location’s requirements.

Surveillance Station makes it easy to set up and manage up to 40 cameras on the DS1522+ with a modern and customizable interface. For larger or multiple building environments, add in floor plans and overlay Google Maps or OpenStreetMap for maximum situational awareness. Retain important footage and increase resiliency with support for backup recording servers, multi-device management (Central Management System), and even support for end-to-end encrypted, simultaneous dual recording to C2 Surveillance.

Learn more about Surveillance Station

Availability Synology DiskStation DS1522+

The Synology DS1522+ is available through Synology partners and resellers.

Learn more about NAS storage in Small Business Answers Guide.

As the Australian business landscape becomes increasingly digital, small and medium-sized businesses (SMBs) face growing pressure to technologically transform or risk falling behind their competitors. However, digital transformation requires technology investment and the technology that businesses need may not always be available at a cost-effective price point. Nevertheless, according to BidFin, it is possible for SMBs to digitally transform and futureproof their business without crippling their bottom line.

Ross Simon, chief executive officer, BidFin, said, “A technology investment is precisely that: an investment. As such, it needs to provide a strong return. As businesses look to transform and modernise, the thought process, or motivation behind it, needs to change. Business leaders need to look at technology investments to drive business growth, and not as a cost-saving exercise.

“Digital transformation, especially for SMBs, can be a double-edged sword. Failing to invest in digital means failing to keep pace with the market. Yet, at the same time, it also means significant spend on something that will take time to deliver a return. However, making smarter, more considered decisions when it comes to technology investments can make all the difference.”

When committing to new technology investments, one of the biggest considerations for SMBs is the 12-month roadmap for their business. The last two years have disrupted virtually every business and industry, and most will now be looking at a different roadmap than what was originally planned.  

Ross Simon said, “Before investing in new technologies, it’s essential to consider how the business has changed and what the goals are for the next 12 months. This will help the business to map out the technology ecosystem that is required to help meet those goals and better prepare the business for the future. As part of this, it’s also essential to consider any market or industry changes and how technology can help the business scale and adapt to shifting market and customer needs.”

Business leaders also need to consider the financial incentives involved in making new, transformative technology investments. The Australian government has announced the Small Business Technology Investment Boost to help businesses acquire the necessary technology. This initiative lets businesses with less than $50 million aggregated annual turnover write off $120 of every $100 they spend on digital solutions.

However, government incentives only go so far. While they can help businesses to recover costs over time, they still need to consider how they will fund technology innovation and digital transformation in the first place. Leveraging the right payment option can help businesses realise the benefits of technology investments with minimal impact on their existing cash flow. And, over time, the benefits of having the right technology in place can effectively lead to it paying for itself.  

Ross Simon said, “Flexible financing options, such as software and services payment plans, are available to help businesses transform their operations without incurring significant costs upfront. This lets them make more affordable payments over time and helps reduce the risk of meeting long-term business needs by using risk-adjusted payment plans. Working with a specialised technology financing partner can help SMBs find a solution that meets their specific business needs. It can also mean that they are repaying technology investments as those investments deliver value, reducing risk substantially.

“Ultimately, digital transformation is the future for SMBs, and specialised technology finance payment plans are the way forward.”  

Cashrewards “near-zero-risk” model offers significant benefits to retailers under strain.

A new independent study finds that Cashrewards’ pay-on-performance model significantly benefits retailers grappling with tough market conditions.

As retailers face looming uncertainty over inflation, a new study has found that Cashrewards, Australia’s largest cashback program, can deliver significant returns while offering “near-zero” risk to retailers.

Cashrewards today announces the results of an independent Forrester Total Economic Impact™ (TEI) Study, which found that its pay-on-performance model offers significant benefits – from increased revenue to customer acquisition – with little risk.

Cashrewards – which has over 1.4 million members and partners with more than 2,000 merchants, including Apple, Myer, Liquorland and Target – commissioned Forrester Consulting to examine the potential return on investment generated by deploying Cashrewards

Forrester interviewed four decision-makers at leading retail brands and aggregated their experiences with Cashrewards into that of a single, composite organisation.

The results revealed that, in aggregate, partnering with Cashrewards benefits these organisations:

● A return on ad spend (ROAS) of 14 to 1.

● A total benefit of A$74.6m over three years versus costs of A$12.1m, leading to an ROI of 514%.

● $14.5m increase in incremental revenue among new customers.

● $11m increase in incremental revenue among existing customers.

● $48m increase in revenue when marketing spend was redirected from former marketing avenues to Cashrewards.

Chief Marketing Officer at Cashrewards, Nicole Bardsley, said: “We turn inefficient marketing spend into real value for our merchant partners, and the results from this independent study confirm this for us. Cashrewards drives real conversions and new customer acquisition results and show the value we offer partners.”

Not only did the Forrester TEI study uncover the financial benefits of deploying Cashrewards, but it also uncovered several unquantified advantages for enterprise clients. These included improved market acuity, thanks to campaign recommendations from Cashrewards, better brand alignment due to Cashrewards’ ability to work with companies on the tone of voice and messaging, and increased operational efficiency.

Digital Marketing and Marketing Technology Manager of an American multinational technology company that was interviewed by Forrester for the study said, “Cashrewards is the top player in the market. We see sizeable performance from them. It made sense to partner and engage with them.”

The Forrester study observed that today’s complex omnichannel retail environment can present challenges for marketers. However, Cashrewards offers businesses near-zero risk, as they only pay on conversion.

Two-thirds of Australian small business leaders don’t fully understand a business tax return, according to new data from Xero, prompting a push towards expert advice.

Only 34% of the 500 small businesses surveyed in the Xero Small Business Insights report understand all parts of a business tax return, with 52% not knowing what deductions they are eligible to claim.

Positively, the research also found that the majority engaged with an accountant or adviser during tax time, highlighting the pivotal role they play in keeping businesses tax compliant.

“For many small business owners, tax time can be stressful, and it’s often a struggle when the end of financial year approaches,” says Sid Cachuela, COO and co-founder of SME tax accountant firm POP Business.

“Knowing what a small business can claim on tax each year can be challenging if you don’t have the right support.”

Knowing the basics

Understanding the basics as a small business owner will get you through a lot when it comes to tax. But as the data shows, many small business owners would rather be stuck in traffic than focus on their EOFY obligations.

“Not everyone is going to know the basics of their tax return. You probably didn’t start your business with a red-hot passion for business administration,” says Cachuela. “But skirting your responsibility could not only cost you money that could be reinvested back into your business, but it could land you in trouble with the ATO.”

So here is a short explanation of the basics.

You can claim a deduction for most costs incurred in running your business via your annual business tax return. Deductions are amounts you can claim for expenses involved in running your business.

The amount of tax your business must pay depends on your business’s taxable income. The Australian Taxation Office (ATO) calculates your taxable income using this formula:

Assessable income – tax deductions = taxable income.

Assessable income is generally income your business earns. It includes income you get before tax from your everyday business pursuits as well as other income that is not part of your day-to-day activities, such as capital gains.

You must also lodge an income tax return for any year you run your business. You need to do this even when you don’t expect you’ll owe tax.

What expenses can and can’t you claim?

Now that you know the basics, it’s time to get down to the juicy stuff – what deductions are available to you?

But before going into all the small business expenses you can claim, let’s take a quick look at some of the expenses that are not deductible. These include:

• Entertainment expenses
• Traffic fines
• Private or domestic expenses, such as childcare fees or clothes for your family
• Expenses relating to earning income that is not assessable, such as money you earn from a hobby
• The GST component of a purchase if you can claim it as a GST credit on your business activity statement.

“The general rule of thumb is the deduction must relate directly to earning your income and the expense must have been for your small business rather than for private use,” says Cachuela. “If the expense is a mixture of business and private, you can only claim the portion that is used for your business.”

Types of claimable expenses

Broadly speaking small business expenses fall into the following core categories – general business operating expenses, business travel expenses, and home-based business expenses.

“Basically, general business operating expenses – the first and most common category – includes expenses for your small business to generate income,” says Cachuela. “There’s a fair chance you can claim a deduction for these expenses.”

Typical small business operating expenses that can be claimed include tangible things like repair and maintenance costs, office space rent, printing expenses and laundry charges.

It also includes more intangible costs such as subscriptions, employee benefit programs, and advertising and marketing fees.

In addition, other expenses that have more to do with the general operation of the business are included in this category, such as accounting and legal fees, membership dues, training, and insurance expenses.

“One tip for general expenses is to fill in an expense log with the time, date, and reason for purchase. This is a fantastic way to prove costs were business-related,” says Cachuela.

Business travel expenses

If you’ve travelled to attend a business conference or taken an international business trip to meet a customer, the good news is that you should be able to claim those travel expenses as a deduction on your tax return.

Typical business travel expenses include:

• Transport costs, including train, bus, taxi (including Uber and other rideshare services) and airfares
• Accommodation and meal expenses for overnight business travel, and
• Certain motor vehicle expenses.

“There are however some specific rules that apply to different travel categories, which you could ask your tax agent about,” Cachuela warns.

Home-based expenses

If you operate a small business (including an online business) from home, you may be able to claim tax deductions for some of the costs relating to the areas of your home (such as a home office or study) that you use for business purposes.

Home-bases business expenses are often categorised as follows:

• Occupancy expenses – including mortgage interest or rent, council rates and home insurance premiums, and
• Running expenses – similar to operating expenses, running costs relate to costs such as gas and electricity, repairs to furniture and furnishings, phone, and internet among other things.

“What you can claim will be dependent on your personal circumstances and how you operate your business from home,” Cachuela says. “It’s worth noting that small business owners running a business from home may also have to pay capital gains tax when the home is sold.”

Keeping records

While the previous extensive lists of deductibles are by no means exhaustive, none of it is worth anything without proof.

“We say this a lot to all our clients, but we can’t stress enough the importance of keeping records,” says Cachuela. “From plane tickets, business credit card statements to business car leasing statements and business bank account fees, you need records to back up any claim you make in your business tax return.”

According to the ATO, small businesses need to keep records to substantiate what they claim.

Under tax law, your records must explain all transactions and be:

• In writing, either on paper or electronically.
• In English, or in a form that we can readily access and convert into English.
• Kept for five years (although some records need to be kept longer).

Another reason to keep your records is in case you get audited by the ATO. Tax audits can come out of nowhere and be expensive, and you will have to deal with the interruption involved in responding.

“This is where Tax Audit insurance can come in handy, as it covers a business for costs if it is selected by the ATO for auditing,” says Cachuela. “The policy covers the costs of accountants and other professional fees incurred in the course of an audit.”

“Our partners at BizCover can handle any of your Tax Audit insurance needs.”

The bottom line

Many small businesses dread the end of financial year and consequentially miss out on making the most of their deductions. Others may not fully understand their obligations and run the risk of getting audited.

But it doesn’t have to be that way. Having a base understanding of the risks and benefits of tax is an essential part of running a small business in Australia.

“You put on many hats when running a small business, and it’s now time to put on that tax hat again,” says Cachuela. “Preparation is key when it comes to lodging your tax return and our team at Pop Business are there to help shoulder the load.”

The Chartered Accountants Australia and New Zealand (CA ANZ) has released a new Cyber Security Hub and Playbook for small businesses – to help them prevent, prepare for and recover from cyberattacks.

Australian businesses lost $33 billion to cybercrime in the 2020-21 financial year alone, with small and medium sized businesses the big new target for cyber criminals.

CA ANZ CEO Ainslie van Onselen said the Hub and Playbook will help members take practical steps to build a cyber security strategy and also discuss this issue more confidently with their clients.

“Attempted robbery, blackmail and fraud have always been a big issue for small businesses, but these days criminals are trying to get in via the laptop rather than the back door,” Ms van Onselen said.

“Digital transformation has pushed innovation, including in criminal activity. While all types of companies are threatened, SMEs are most at risk because they are typically the least mature regarding their cyber security risk and resilience.

“Cybercrime comes in many different forms, from fraud and identity theft to romance scams and malware attacks. When it comes to cybercrime, it’s a matter of when, not if, someone will try something against your business.

“That’s why it’s incredibly important that SMEs take the opportunity to review their cyber plan, put proper processes and procedures in place, and invest in best-practice cyber security.

“Too few organisations plan to prevent cyber incidents, respond and recover from them, and as a result, they suffer. The other thing that SMEs don’t do well is communicating that cyber security is a team effort and a team responsibility.

“All employees and contractors need to take responsibility for the data, software and devices they use at work because it takes just one person to bring down an entire network through a simple error.”

The CA ANZ Cyber Security Hub and Playbook contain a suite of useful information, including:

• A model to plan your cyber security enhancement by assessing risk and creating a cyber plan.
• A self-assessment tool to assess the state of your cybersecurity.
• A mitigation strategy was developed by the Australian cyber security agency.
• A summary blueprint for incident response and guidance on reporting a data breach in Australia and New Zealand.

Other compelling cyber security statistics:*

• Globally, more than $40 billion in records were exposed by cyber incidents in 2021, up 78 per cent on 2020.
• Globally, there were $945 billion in losses to businesses in 2020 from cybercrime.
• In Australia, there were 67,500 cybercrime reports, an increase of nearly 13 per cent from the previous financial year.
• In Australia, 22,000 calls were received by the Cyber Security Hotline, an average of 60 per day, and a 310 per cent increase from the previous financial year.
• In New Zealand, 28 per cent of cyber incidents were linked to foreign state-sponsored computer network exploitation groups.
• In New Zealand, there were 404 cyber incidents in nationally significant organisations in 2020-21 financial year, up 15 per cent from the previous year.

Visit the CA ANZ Cyber Security Hub and access all the tools and resources, including a copy of the Playbook at caanz.com/CyberHub.

*Statistics courtesy of McAfee, Australian Cyber Security Centre and CERT NZ. See Playbook for details.

As financial experts continue to predict an Australian recession in the next two years, new research has found that 34 per cent of Aussie SMEs wouldn’t survive more than 6 months of economic downturn, with 14 per cent unable to survive a recession at all.  Economists are facing a difficult choice to stabilise the economy, by either increasing interest rates significantly and putting banks and businesses at risk of defaulting on loan repayments or allowing inflation to rapidly increase and reducing consumer confidence and spending.  

Aussie businesses are also torn about whether a recession or rising inflation would be more damaging to their businesses, as 55 per cent are more concerned with the impacts of a recession, while 45 per cent would be worse-off from continued rising inflation. 

The findings were derived from a survey of an independent panel of 253 Australian SME owners, commissioned by Small Business Loans Australia, a free comparison website helping Australian business owners find the best financing and loan options in Australia. The full survey results, including breakdowns across ages and States, can be found here.

In the survey, Small Business Loans Australia asked respondents to forecast how long they could survive through a recession. Recessions are normally short and sharp. An example is the 1990 recession, which lasted 14 months1. Only 39 per cent of survey respondents would’ve made it through the previous Australian recession, predicting they could survive 18-24 months. Fourteen (14) per cent would not survive a recession at all, however short. One-fifth (20 per cent) admitted they would survive less than six months of a recession and one quarter (28 per cent) predicted they would survive just 6-12 months.  

Alon Rajic, the founder and managing director of Small Business Loans Australia, says: “The survey results are concerning. Many Australian businesses have had to endure a tough two years of decreased margins and cash flow, due to operational limitations, lockdowns and lower consumer confidence. As a result, many SMEs are heading into a recession without a savings cushion or plan B. The sector is extremely resilient and my hope is that businesses have learnt from the pandemic to have some safeguards prepared to see the other side of this period.” 

Concerningly, larger businesses were least equipped to combat the impacts of a recession:  

31 per cent of medium-sized businesses (with 51-200 employees) said they could not survive more than six months of a recession, compared with 26 per cent of small businesses (with 11-50 employees) and 16 per cent of micro-businesses (with 1-10 employees). 

“Recessions can affect businesses of all sizes, however, typically larger companies can have an extra financial buffer to fall back on, as it is normally easier for them to secure financing. It is concerning to see established businesses have a gloomy outlook on their ability to survive a recession.  

“To minimise the impacts of a potential recession, I encourage SMEs to implement preventative financial practices now. Renegotiate vendor agreements and re-examine your accounting books to cut costs where possible. If SMEs are paying off business loans and have been affected by increased rate rises, consider consolidating debts and refinancing loans to secure a lower rate. Comparison services make good online research tools, and can help SMEs find an appropriate loan that will allow them to fix lower interest rates.” 

Despite the majority of SMEs suggesting they wouldn’t be able to survive more than a year in a recession, only 55 per cent of respondents believed a recession would be worse for their business than continued rising inflation. 

Small businesses would feel the effects of a recession the most, with 63 per cent believing an economic downturn would be worse for their business than inflation, followed by 53 per cent of micro-businesses and 51 per cent of medium-sized businesses. 

Alon adds: “SMEs are the backbone of the Australian economy, and it is concerning that they continue to face many external factors, including a recession, that threatens the survival of their businesses. Ultimately, an economic downturn is predicted but not guaranteed and targeted government stimulus and investment in population and export growth could pull our SME market safely through this period of uncertainty. Businesses who proactively make changes and put practices and safeguards in place will also be able to survive and thrive beyond this tough period.”