Monthly Archives: June 2023

Synology DS223j file management & sharing

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Synology has announced the launch of the 2-bay DiskStation DS223j, its latest system in the entry-level J Series, designed to meet the needs of home office and small teams.

Using Synology’s intuitive DiskStation Manager (DSM), the DS223j features a host of options and applications for everyday data storage and management, including file syncing and sharing, backup, and video surveillance.

“The DS223j is an excellent NAS for small environments, be they home offices or even a bit larger,” said Michael Wang, Product Manager at Synology Inc. “With the DS223j, customers get energy-efficient hardware coupled with all the data management and protection tools they’ll need to effectively manage their files.”

Create a private cloud

The DS223j supports up to 36 TB of raw storage,1 making it an effective option for small teams to consolidate their data onto a single platform for safe and easy access. It is powered by the DSM operating system, which includes a multitude of backup, file sharing, and syncing applications that can be used to enhance remote work and collaboration.

Files can be managed securely, anytime and anywhere, using cross-device access, and with the included Synology Photos app users can back up, share, and organize their photos using intelligent management tools. Compared with its predecessors, the DS223j can handle more demanding tasks and a greater number of simultaneous users. Experience more than 180% faster file indexing in Synology Drive and over 200% faster image indexing in Synology Photos.

With the release of new DSM 7.2, expected in late spring, the DS223j will be the first J-series Synology NAS to support the Btrfs file system. This enables file self-healing to mitigate data corruption, as well as Synology’s Snapshot Replication feature. By creating frequent point-in-time snapshots, users can reverse unwanted and accidental file changes.

Learn more about file management

Keep your files in sync

Synology Drive allows users to easily share and sync files across their PCs, Macs, and mobile devices from anywhere in the world, helping teams spread across different time zones ensure their workflow stays smooth and productive.

The DS223j can also integrate with public cloud service providers, such as Google Drive, Dropbox, and Microsoft OneDrive, enabling users to save files to and from third-party cloud drives and retain true data ownership.

Learn more about Synology Drive

Protect your premises

Trusted by 500,000 sites around the globe, Synology Surveillance Station helps keep your premises secure. With support for over 8,300 validated IP cameras, Surveillance Station’s thoughtfully designed tools let users efficiently monitor video feeds, detect security events, and analyze footage.

The DS223j can be used to monitor up 12 IP cameras,2 and with C2 Surveillance users can easily encrypt, archive, and back up their surveillance footage to the cloud if required.

Learn more about Surveillance Station

Availability

The DS223j is available today from Synology partners and resellers. For more detailed information, please visit https://www.synology.com/products/DS223j

$150K prizes for Australian innovation

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The Australian Innovation Competition has launched to uncover great Australian innovations hiding in plain sight. The competition is open to entrants of all ages from around Australia, seeking the country’s most creative ideas and solutions to solve real-world problems.

The competition will be judged by a panel of Aussie innovation experts who will award prizes based on market fit, customer support, and potential impact. A total prize pool of $150,000 will be shared between five winners who showcase the best examples of Australian innovation.

“Through this competition, we are looking to celebrate Australian ingenuity and particularly those innovations that are hidden from view right across our economy,” said Kylah Morrison, General Manager – Skills and Innovation for Industry Growth Centre METS Ignited.

“There are so many fantastic ideas being generated in our schools, universities, research organisations and private companies around the country. My aim is to find them, celebrate them, and give them an opportunity to shape the future of Australia,” Morrison continued.

No matter how big or small, every idea – from any industry or part of Australia – will be in the running to win.

“If you have a great innovation that delivers tangible value to society, this is your opportunity to showcase your creation on a national stage, maximise your reach and expand your potential impact for the benefit of all. Your innovation might contribute to the energy transition to help combat climate change, it might support food production in extreme weather conditions such as drought, or it might leverage emerging technologies such as robotics and artificial intelligence in new ways. The sky is really the limit,” concluded Morrison.

Entries to the Australian Innovation Competition are now open. Submit your entry at https://innovationcompetition.com.au/

ABOUT THE AUSTRALIAN INNOVATION COMPETITION

The Australian Innovation Competition is a one-off celebration of Australian ingenuity that will be open from 29 June to 31 August 2023. The competition is promoted by Industry Growth Centre METS Ignited. Entry is free and open to entrants of all ages, from anywhere in Australia. All entries will be judged individually on their merits, and five winners will be selected by an independent judging panel of Australian Innovation experts, to receive a share in $150,000.

Worsening employment outlook

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The latest data from the Employment Hero SME Index, which uses an accumulative dataset of over 140,000 small and medium-sized businesses (SMEs) and 1.4 million employees, indicates employment outlook for Australian workers will likely worsen once the new National Minimum Wage increases take effect from July 1, 2023. 

The Index’s newest analysis reveals that median hours worked in April (calculated a month in arrears) declined by -6.4 per cent month-on-month. This drop was seen across all states and territories, business sizes, industries (except for Manufacturing, Transport, and Logistics), and all age groups minus those under 18. 

Additionally, in the Construction and Trade services; Healthcare and Community Services, and; Retail, Hospitality, and Tourism industries, median hours worked fell year-on-year, as was seen across all age groups. Given median hourly wages increased by 7.1 per cent year-on-year, this likely means that while most Australian employees work fewer hours than a year ago, their median hourly rates have increased. 

Accordingly, the SME Index for May, which indicates private sector wages have outpaced inflation, is at odds with the Fair Work Commission’s wage rise decision, signaling a warning that impending wage increases may exacerbate negative employment trends in the second half of 2023. 

As the Index infers that employees’ take-home pay has decreased given the reduction in hours worked, this aligns with the drop seen in discretionary spending across the Index’s Retail, Hospitality, and Tourism sectors and the ABS’ underemployment statistics, corroborating Australia is in a consumer recession. In May 2023, the median hourly wage for Australian SME employees was $35.87.

Indeed, the Retail, Hospitality, and Tourism sectors fell across average employment growth (-0.1 per cent), median hourly wages (-1.3 per cent), and median hours worked (-4.7 per cent) month-on-month. The median hours worked by employees in these sectors also declined compared to a year ago (-1.2 per cent), signaling this decrease is more than just a seasonal slump. 

The Healthcare and Community Services sector also appears to be experiencing signs of distress. While the average employment growth for SMEs in these industries is still growing, median hourly wages (-1.3 per cent) and hours worked (-6.2 per cent) have declined month-on-month and, in the latter case, year-on-year (-2.2 per cent). Demand for these services has likely decreased due to the cost of living crisis.

Ben Thompson, Co-founder and CEO of Employment Hero, said: “Employment Hero supports wage rises and the prosperity of both employees and employers. We know that thriving, robust economies create great opportunities for businesses and employees alike. 

“Businesses are facing economic headwinds and the pressures of inflation; further wage rises that ultimately cause a wage-price spiral or unemployment benefit no one, especially not employees.

“Our data shows wages are already outpacing inflation, and we are deeply concerned the FWC’s wage rise decision will exacerbate the current decline in employment growth reported in the SME Index. For example, some employers will have no choice but to reduce their employee numbers or drop hours. We are conscious of short-term gains that may produce long-term pain for Australian workers, especially as consumer spending appears to wane.”

Mr. Thompson continued: “We are fully supportive of better outcomes for employees and employers. Employees earning more is a great thing and we know the positive impact this has on society. However, the challenge Australian workers will likely face coming into the second half of the year is securing ample hours of work, which relies heavily on the stability and growth of our SME sector.”

Small Business Loan and Equity Funding

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To start a small business or expand a business to get through a rough patch, chances are you will need to get access to additional cash. The obvious choice is a small business loan, but other options may exist. Money can be sourced from debt (you must pay it back) or equity (someone takes a share in your business). This guide will examine what loans (debt) and equity funding options are available to provide additional cash or financing to start or expand your business.

Debt is when you take a loan or a mortgage with the intent of it being paid back over time. Normally some collateral is used to secure that debt, such as an asset that will be required to be sold if you default on that debt.
Equity funding is when a share of your business is essentially sold to another permanently and is not required to be repaid. Future profits or losses will be shared with any equity partners.

WHY do you need a small business loan?

You may need a loan to start or expand your business and capitalise on a growth opportunity. Although harder to get, funds may be acquired when times are tough, or you owe money.

WHAT are the available Debt options:

Self-funding: If you have personal finance,e you can put more money into the business yourself. You are entitled to get that money back without personal tax implications unless you pay yourself interest. Other forms of finance, like investors and lenders, will expect you to have some self-funding before they offer you money.

A loan: We all understand the basic principle. Normally a bank lends us some money, and in return, we pay it back in instalments plus some interest. A bank wants the confidence it will get its money back, so it will look at your business closely to understand your turnover and assets. A bank may require personal collateral, like your home, to secure the loan. Banks are, however, not the only source of lending. Family and friends are a source but tread carefully. If things go sour, you could ruin friendships and possibly others’ livelihoods. Other organisations like finance companies will also offer loans but be aware, the easier it is to get the loan, the higher the interest charges will be to compensate for the greater risk they are taking.

Line of credit:  This is similar to a loan but gives you access to a predetermined amount of credit. You can draw down on that credit and pit ay back whenever you need it. You will pay interest only on the outstanding balance.

Overdraft: This line of credit attached to your bank account allows your balance to go below zero.

Invoice finance allows for a business to borrow money against the amounts due from outstanding customer invoices. The funding company will provide a percentage of the invoice value to you upfront and when the customer pays you will receive the remainder less the funding company fees.

Leasing: Instead of buying equipment you essentially rent/borrow in return for monthly payments. A lease normally has a fixed set term of 3-5 years. The financier purchases it on your behalf and you then lease it back from them for an agreed (and fixed) monthly payment. When the lease is up, you can either re-finance the residual amount and continue a new lease on that vehicle for another set period or pay a final instalment for the ‘residual value’ of the lease and take ownership of the car. You can trade it in and upgrade to a new vehicle. A lease makes it simple to upgrade equipment like a car at the end of the lease. More details can be found in our leasing guide.

Asset financing refers to the use of a company’s balance sheet assets, including short-term investments, inventory, and accounts receivable, to borrow money or get a loan. The business borrowing the funds is providing some of its assets to secure the loan. Default on the loan and your assets will be taken away.

Store Credit:  Many retailers, for example, Harvey Norman, will offer their own financing package potentially with an interest-free period. Generally the interest rates are high and failure to pay on time comes with large penalties.

Trade Credit:  As an example, you buy your supplies from a company and they give you a 14-day invoice due for payment in 14 days. Thus giving you 14 days to pay for what you have already received.

Factor Companies: A factoring company will buy your outstanding invoices from you for a reduced cost and then chase up the debt themselves. It is a fast way to get cash but at a high cost compared to other methods.

HOW do I get a small business loan?

How do I get a small business loan?

Sources of debt will include banks, building societies, and credit unions.

Finance companies also provide debt but must be registered, check the Australian Securities & Investments Commission (ASIC) register https://connectonline.asic.gov.au/RegistrySearch/faces/landing/ProfessionalRegisters.jspx?_adf.ctrl-state=1cuetuxolm_4

As part of the process of getting a loan your credit history, assets and income will be reviewed.

To understand and compare loan costs and  options from different institutions visit https://www.finder.com.au/business-loans

WHY do I need equity?

Equity is a great source of cash if you cannot either get a loan or a large enough loan. It is also a method of spreading risk but assumes the equity provider believes they will get their money back plus some.

WHAT are the sources of Equity funding?

As a source of additional cash in return for a slice of the business, equity funding can be done in the following ways:

Self Funding: as before, you inject additional personal money taking a larger share (assumes you are not a sole trader)

Family or friends will take a share or partnership in your business in return for their money. Remember to consider the implications.

Private investors: Same as above but not a family or friend. A new partner can often bring new valuable skills into a business.

Private equity/Venture capitalists:  These are firms who search for high-growth potential businesses to invest in. They usually come with loads of experience and inject their management into the business. They often insist on a controlling percentage of the business.

Stockmarket: A small business is unlikely to list on the stock exchange, but this complex procedure allows individuals to publicly buy and sell shares in the business. Shares are issued in return for a one-time-only cash payment.

Crowdfunding:  This is a very modern way of raising money for a business. Essentially you ask many people to either invest or donate monetoin your business idea via the Internet. In return you give nothing if they donated, or if they invested, a product or a cheaper product when you are up and running, equity or money back with interest. See ASIC for more details https://asic.gov.au/regulatory-resources/financial-services/crowd-sourced-funding/

Government:  The government does not provide finance and is not likely to buy equity in your business however they do provide grants which may assist you greatly. The types of grants and assistance normally come in the following areas innovation, research & development, exporting, and business expansion. Some information on grants can be found at https://www.business.gov.au/Grants-and-Programs

HINT

More information on funding options can be found at the Australian Small Business and Family Enterprise Ombudsman https://www.asbfeo.gov.au/resources/business-funding-guide

SUMMARY – Get small business loan or equity advice

We strongly recommend that you speak with your accountant or business advisor before committing to loans and equity funding options. Always shop around for the best deal and always think carefully before doing business with family or friends.

Buying a van – which one?

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When buying a new car, most people already have a strong opinion about what they want. Colour, brand, features etc., can be a very personal decision. However, where do you start if you need a new van for your small business, especially if you have not bought one before? This guide will help you understand what you should consider in making your decision about buying a van.

A van is a medium-sized motor vehicle, typically without side windows in the rear section of the body, for transporting goods.

WHY buy a Van?

If you need to transport goods in an enclosed vehicle that will not fit in a car, that needs to be protected from the weather and kept secure whilst still being very maneuverable and economical to run. Then a van might be the answer.

The small van is synonymous with small businesses, whether a tradesman, delivery driver, or even a mobile barista. They offer great cargo carrying capacity whilst driveable on a standard license and can still be easily parked.

WHAT factors should influence my decision when buying a Van?

When considering buying a van, you should evaluate the following:

Specifications
  • Size – When you consider your needs, vans will normally be described as short or long wheelbase, which indicates length. Think about what you need to carry and thus your required dimensions. Width is also key if, for example, you need to be able to load a standard-size pallet in the rear. The bigger the van, the harder it will be to park and maneuver.
  • Roof height – Being able to walk around upright may be a requirement but remember you might now no longer be able to drive into a loading dock or car park that has height restrictions.
  • Payload – What is the maximum weight the van will carry? Note this measure will also have to include vehicle occupants and fuel weight. A twin rear wheel axle will allow additional weight to be carried. It is important to know that a gross vehicle weight over 4.5 tons will require a special driver’s license.
  • Engine – Traditionally, petrol gives better speed whilst diesel provides more pulling power and fuel economy. Another advantage is a diesel engine will have a longer service interval and is designed to do more kilometres keeping your van on the road longer.
  • Drive train – Although more expensive, an automatic transmission may significantly reduce your driving fatigue if you are negotiating city traffic. In the country, an all-wheel-drive variant might be needed to get you where you need to go.
Passenger considerations when buying a van
  • Doors – Door configuration can also be very important depending on how you want to use the van. Say you want to reverse up to a loading dock, then barn-style doors with 180-degree hinges allow you to do this. Sliding doors on both sides allow better access to contents etc. If you have ladders on the roof, will a lifting tailgate allow you to access them?
  • Weekend warrior – If the van will also be your transport during your time off, are there any considerations you need to make, like extra seating or provision to carry a bike or surfboard?
  • Seating– Extra seating is available in some models if your van is to carry the workers and the tools. Indeed most car manufacturers offer a small minivan in the same format for moving up to 12 people (a special driver’s license is required if you have more than 12 seats)
  • Comfort – Vans typically have a very upright seating position. If driving all day, consider this carefully when test-driving vans. You might also be able to pay extra to have more creature comforts like climate control air-conditioning.
Nice to haves when buying a van
  • Parking aids – Rear parking sensors and a camera will greatly assist in reversing into those hard-to-get spaces.
  • Safety features, if available, might save someone’s life or make driving just that much simpler and could include adaptive cruise control, hill start, speed limiters, blind-spot monitoring, autonomous emergency braking, automatic headlights, lane departure, road sign assist, etc.
  • Internal fit-out – You want your van fit for purpose, and lots of options are available and could include interior lining, refrigeration, safety barriers, built-in navigation, racking, draws, tie-down hooks, onboard power, etc.
  • Accessories – A van can become more versatile with optional accessories like roof rack, side awning, roof ladder, interior lighting, towbar, rear step, cargo barrier, grab handles, etc.
  • Branding – A van is also a mobile billboard and gives you the canvas to create advertising on its side to promote your business. Some businesses might want to stay incognito if the van carries expensive items.
  • Warranty & reputation – Check for how many years of warranty you get if used in a commercial environment. Also, check online forums where others may share their experiences of driving that vehicle.
  • ANCAP Safety measures how safe your car/van will be in the event of a crash. Ratings for vans in Australia can be found here. Simply the more stars, the better.
Running costs
  • Capped servicing – Some van manufacturers will offer a fixed-price servicing plan which helps you with your budgeting.
  • Running costs – Be realistic on just how much it will cost you to keep your van on the road and use this cost in your business planning to understand costs vs revenue.
  • Repairability –  Chances are, as a commercial vehicle, your van will do many more kilometres than a car. This, unfortunately, increases your chances of having an accident. How easy is it to get replacement panels, and at what cost? Because of the nature of this being a commercial vehicle, it is likely the interior fittings will be designed to take some punishment.
  • Insurance will differ by make and the driver’s age and driving record. Vans generally will do more kilometres, so more likely to be in an accident and will attract higher premiums.

HOW do I buy a van?

What is your budget? Just like cars, there are dealers for both new and 2nd hand. You can, of course, buy privately.

Car dealers might offer drive-away deals and special financing deals to encourage you to purchase. Look out for bonuses like roadside assistance or scheduled servicing thrown in.

Check the latest rules as you might be eligible for an instant asset write-off from the ATO.
Car dealers might also offer fleet deals or a special price for ABN holders.  The GST on your vehicle may also be claimable

Note: Registration is generally more expensive for a business vehicle but is also claimable as an expense.

HINT – Buying a van

Before you rush out to buy a van, there are a few further things you need to know. 

Vans are built to a price, and that normally means cheap. Although some vans come with a 5-star safety rating, some do not, and due to maximising cargo space, might be very unsafe in a head-on collision. Please consider what your personal safety is worth. In Australia, vans were not required to have stability control (reduces the chance of rollover in a poor traction situation) until November 2017, so consider this when buying 2nd hand.

Vans are not cars. Thus, comfort, aesthetics, and multimedia will not be of the same standard. A van is designed to carry weight, and as such, the suspension will be hard and unforgiving in corners. When the van is empty, it leads to poor rear braking and front heavy handling. Drivers often sit ahead of the front tires, increasing the risk of cutting a corner early. Rear and side vision is restricted. Engine noise will be greater if the engine is below the driver’s seat.  

A great guide for buying 2nd hand vans can be found here

SUMMARY – Which Van

Which small van or which large van is the one that meets your business needs best?

If you own a delivery van, every friend and family member will want your help on the weekend.

That aside, it is a great representation of your business from both functionality and advertising.

Dukes Gym increased billable hours by $100K

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This Dukes Gym case study demonstrates how automation can free up small businesses so they can focus on the more important things like customer experience (and increasing profitable hours!).

With Aussies tightening their purse strings in response to high inflation and interest rate hikes, gym memberships are on the chopping block. Household spending intentions for health and fitness have already declined 13.7% in the month of April. To limit the impact on business, gyms need to do all they can to keep customer service front and centre. 

Duke’s Gym, like all gyms, is reliant on staying competitive thanks to a positive customer journey and steady cash flow. No one likes chasing payments, and with previous payment providers, Founder Jonathan Quieros experienced unseen drawbacks to using common payment platform providers:

– Awkward manual payment-chasing processes

– Time-consuming admin

– Tacked-on transaction costs and dishonour charges

– Terrible customer service

To remedy this, Jonathan partnered with a payments partner that offered full integration with the business’ member management platform, Gym Master, eradicating a common admin pain point in one go.

“GoCardless and Gym Master have saved us roughly 20 hours a week, filing, scanning, entering data, going back and rechecking stuff,” says Jonathan.

“Those extra billable hours work out to an additional $100,000 dollars a year in revenue.”

“Previously, customers that had transactions fail were hit with dishonour fees of up to $20 … we also didn’t have visibility into this and that made the whole experience terrible for customers.” says Jonathan.

Small businesses thrive on customer loyalty. With economic headwinds driving consumers to make tough budget decisions, Gyms need to focus on proving their value to members – frustrating payment processes will send even loyal fitness junkies packing.

Duke’s Gym makes a really interesting case study to explain how removing common pain points in financial processing helps SMEs improve cashflow and better serve their customer base.

EcoTank high-capacity ink tank inkjet printers

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Epson’s sales of its award-winning EcoTank high-capacity ink tank inkjet printers recently topped 80 million units worldwide. The printers have become one of the company’s biggest selling products with the ET-4850 EcoTank all-rounder one of its top five selling products in Australia and New Zealand. There are now three EcoTank ranges – EcoTank for everyday home and business printing, EcoTank Photo which uses 6 colour inks for superb photo quality and EcoTank Pro that includes professional grade, robust, durable machines with pigment inks.


The Epson EcoTank ET-4850 all-in-one printer, powered by PrecisionCore® Heat-Free Technology, like all EcoTanks, offers cartridge-free printing with easy-to-fill, supersized ink tanks. Each replacement ink bottle set includes enough ink to print up to 6,000 pages – equivalent to about 145 individual cartridges, which means far less waste. It also boasts exclusive uniquely keyed EcoTank bottles which make it easy to fill each colour tank, a high-capacity 250-sheet paper tray, 2.4″ colour touchscreen, 30-sheet ADF, fast auto 2-sided printing and convenient wired and wireless networking.

EcoTank also has a number of global brand ambassadors including Olympic 100 metre world record holder, Usain Bolt, basketball legend Shaquile O’Neil and in A/NZ comedy icon Jimeoin, who is the face of Epson’s, “No cartridges. No Joke.” campaign. The campaign is seen and heard across multiple A/NZ media channels including free-to-air and catch-up television, radio, social media and in-store and promotes the fact that EcoTank users enjoy superb quality, hassle-free printing at a low cost, making the printers the perfect solution for busy homes and home offices.

Epson Australia MD, Craig Heckenberg, said, “EcoTank users never need change an ink cartridge again. With big ink tanks, cheap refills and thousands of pages worth of ink included, you won’t have to worry about running out of ink at the worst possible times either.” 

All 80 million EcoTank printers sold use Epson’s patented PrecisionCore Heat-Free Technology, which use less energy and reduces running costs compared to laser printers and is far kinder to the environment too.

For more on the Epson EcoTank range go to: https://www.epson.com.au/v2/ecotank/

3 things before end of financial year

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With tax time just around the corner, the Australian Taxation Office (ATO) is reminding small businesses about three things to be aware of ahead of the end of financial year:

  1. the new small business boost is now available
  2. temporary full expensing ends 30 June 2023
  3. deduction rate changes: running a business from home and car expense rates have changed.

ATO Assistant Commissioner Emma Tobias said ‘with only a few days left till the end financial year, now is the time to talk to your tax professional if you think these things may be relevant for your business.’

1. Small business boosts now available

The boosts are available for small businesses investing in digital operations, or skills and training – for example, new equipment like technology, cloud-computing, e-invoicing or cyber security.

‘Small businesses will receive a bonus 20% tax deduction for eligible expenses in their tax return, so for every $100 spent, you’ll get a $120 tax deduction – but there are caps on the total amount that can be claimed,’ Ms Tobias said.

‘If you’re a small business who invested in technology or digital operations between 29 March 2022 and 30 June 2023, then this boost is for you.

‘It’s important to remember, any item you purchase must be first used or installed ready for use by 30 June 2023 in order to be eligible,’ Ms Tobias said.

Likewise, the Small business skills and training boost allows businesses to claim an additional 20% tax deduction to train new and existing employees between 29 March 2022 and 30 June 2024.

The training must be through a registered external training provider in Australia.

2. Temporary full expensing (TFE) ending 30 June 2023

TFE ends end of financial year 30 June 2023

Small businesses can still claim an immediate deduction for the cost of eligible assets first used or installed ready for use by 30 June 2023 in this year’s tax returns.

However, the end of TFE on 30 June 2023 means that the cost of assets that are not already being used or installed ready to use by 30 June 2023 are not eligible for an immediate deduction under TFE in small business tax returns this year.

TFE supports small businesses making capital purchases by allowing an immediate deduction for assets, rather than claiming the depreciation over a number of years.

‘Even if you’ve paid a deposit or received an invoice, the asset must be installed ready to use by 30 June 2023. If the asset is not installed ready for use by the deadline, you may still be able to claim deductions under the general or simplified depreciation rules,’ Ms Tobias said

3. Deduction rate changes

Both the running a business from home deductions and car expense deductions have changed for this tax time.

The key change a small business claiming car expenses needs to know is:

  • The new cents per kilometer rate is 78 cents for 2022-23, but remember to keep written evidence to show how you worked out the work-related kilometers. This is method is available to sole traders and partnerships.
  • The car limit has increased to $64,741 for the 2022-23 income year.

The working from home deduction methods have also changed for this year. Small businesses can choose one of two methods to claim working from home deductions: either the actual cost or fixed rate method. Only the fixed rate method is changing. However, your business structure can affect the method you can use and the expenses you can claim, especially if your business is a company or trust.

Ms Tobias said ‘if you are claiming car or working from home deductions, make sure to keep good records. This will give you more flexibility to choose the approach that gives you the best deduction at tax time.’

The ATO recommends small businesses seek advice from a registered tax professional or read about the changes on the ATO website before making investment decisions.

More information on completing your tax return can be found here.

A payment gateway is crucial for success

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An online store’s primary purpose is to transact. For it to succeed, the website must provide a simple, easy and safe consumer journey via a payment gateway. Implementing the right payment solutions can ensure the final step, the purchase, is hassle-free, which can avoid last-minute hesitancy and even increase a customer’s basket size, thereby increasing the business’s sales. With digital wallets increasingly overtaking credit cards for online payments (Global Payments Report FIS), it is more important than ever for businesses to adopt an assortment of payment methods for consumers.

While the ability to process payments on a website may seem straightforward, elements like security, compliance, transaction fees and platform regulations can be quite complex. Getting something wrong could result in significant costs due to increased development time, additional processing fees, or even legal penalties. Not only this, but the time spent troubleshooting and fixing technical issues limits business workflow and may cause website downtime, thus impacting the website’s user experience and potentially losing custom.

It is therefore, imperative that organisations invest in reliable payment gateways to bolster security, efficiency and consumer trust.

Retailers can easily utilise innovative and secure payment gateway on their websites by investing in a reliable web-hosting platform. With the website being managed by a hosting platform or partner agency, the time previously spent on monitoring, mitigating and fixing complex tech and security vulnerabilities can be better spent optimising business profits through marketing and further innovating a product or service.

Working with a website management platform like WP Engine can reduce the burden on businesses by offering easy access to best-of-breed eCommerce capabilities, including Stripe Connect, optimised  WooCommerce hosting, and headless blueprints for connecting with Shopify and BigCommerce. By offering the right payment solutions to customers, businesses can ensure seamless online transactions, enabling them to increase basket size, consumer conversions, and, with a better user experience, repeat customers.

Content from Ricky Blacker, Senior Sales Engineer and WordPress Evangelist, WP Engine

3 Essential Tips During EOFY Season

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The end of the financial year (EOFY) is a crucial time for Australian small businesses. It provides an opportunity to review financial performance, make necessary adjustments, and plan for the future. As this season approaches, small business owners should consider taking advantage of technology tax deductions and optimising their financial processes. To help Australian small businesses make the most of the EOFY season, here are three essential tips.

Embrace Technology and Maximise Tax Deductions

Technology plays a vital role in enhancing business operations and financial management. Embracing technologies like AI may feel intimidating, but with the right technology partner, small businesses can take a considered and tailored approach to technology adoption.

  • Upgrade Business Equipment: Take advantage of the instant asset write-off scheme to deduct the cost of eligible assets. Invest in technology such as computers, software, or machinery to streamline operations, enhance productivity, improve customer experience, and reduce costs. For example, a construction company could potentially save up to AUD 34,100 per year if just one of its workers used technology to conduct two site visits virtually per day, instead of travelling one-hour to do it in person, Nearmap estimates.
  • Embrace Cloud-Based Accounting: Transition to cloud-based accounting software like QuickBooks. It simplifies record-keeping, streamlines invoicing and expense management, and offers real-time insights into your financial health.
  • Automate Processes: Automation not only boosts efficiency but also provides accurate data for financial analysis, resource management and decision-making. Explore options like receipt scanning apps, payroll software, and expense management tools to simplify your financial workflow — or use automated customer, project, and environmental insights to identify cost-saving and business-building opportunities and remove the risk of costly human error.

Review and Reconcile Financial Records

Reviewing and reconciling financial records is essential for accuracy and compliance. Consider the following steps:

  1. Conduct a Financial Audit: Review income and expenses, ensuring proper categorisation and recording. Identify any discrepancies or missing information.
  2. Reconcile Bank Statements: Compare bank statements with accounting records to ensure accuracy. Identify outstanding payments, uncategorised expenses, or errors.
  3. Update Inventory: Conduct a comprehensive stocktake to assess inventory value accurately. Identify slow-moving items, potential write-offs, and ensure accurate financial statements.

Seek Professional Guidance

Navigating the complexities of EOFY can be overwhelming for small business owners. Seeking professional guidance from an accountant, bookkeeper, or technology provider can provide valuable insights and ensure compliance with tax regulations.

  1. Engage with an Accountant: Collaborate with a qualified accountant specialising in small business taxation. Maximise deductions, identify cost-saving opportunities and ensure accurate reporting.
  2. Schedule a Business Review Meeting: Discuss financial performance, tax planning, and strategies for the coming year. Gain a deeper understanding of your business’s financial health and identify areas for improvement.
  3. Stay Informed: Keep up to date with regulatory changes and new initiatives that impact tax regulations and incentives.
  4. Find the right technology partner for you: Technology adoption is not just for big corporations. The right provider will offer solutions designed specifically to meet the needs of small businesses — your perfect technology partner is out there!

The end of the financial year is an ideal time for Australian small businesses to optimise their financial processes. By embracing technologies, leveraging government incentives, reviewing financial records, and seeking professional guidance, businesses can maximise their benefits and set themselves up for success in the new financial year.

Please note: the advice provided is general in nature, and it is recommended that small businesses seek professional advice based on their individual circumstances.

Written by Gafar Fadl, General Manager SMB, Nearmap, and Tish Bhagwandeen, Intuit QuickBooks Trainer Writer Network, Chartered Accountant