Gift cards – why you should offer them!

A gift card is a convenient way for a customer to provide a gift to a friend, family member or business associate. They are most commonly used for gifts when you don’t know what to buy someone. Interestingly a survey done in 2017 by finder.com.au found that one in seven gift cards purchased in Australia went unused. This guide will look at why you should offer them, what are the rules you must abide by and how you go about offering them.

A gift card, gift certificate or gift voucher is a prepaid stored-value money card or certificate, usually issued by a retail store or bank, to be used as an alternative to cash for purchases within a store or related businesses.

WHY should I offer gift cards?

Gift cards offer several advantages for small businesses; the cost to provide them is minimal compared to their potential return. Consumers generally feel a gift card is an opportunity to spoil themselves.

Small Business Advantages include:
  • Give customers an incentive to spend money at your business and create repeat purchases.
  • Revenue is generated in advance sales as no goods or services are redeemed yet.
  • Having customers carry a gift card around with your logo builds your brand.
  • In most cases, customers will spend more than the gift card amount.
  • Gift cards provide you with a promotional opportunity. Spend $100 and get a $10 gift card.
  • Customers may never actually spend the value of the card, whether it be the last few dollars on a card or the whole amount.

WHAT are the Rules around gift cards or vouchers?

As of November 2019, the rules changed around gift cards. The rules now state that a gift card must have a minimum expiry date of 3 years from the date the card is sold. That expiry date must be listed on the card and no post-purchase fees can be added. A post-purchase fee would include activation, account keeping or balance enquiry fees. Penalties for non-compliance are $6,000 for an individual and $30,000 for a business.

When you sell a gift card/voucher, the customer has an asset of your business until the voucher is used. Thus, from an accounting perspective, when you record the sale of a gift voucher, it needs to be recorded as a liability posted to an Unclaimed Gift Certificate account. When the customer redeems the voucher, all you need to do is create an invoice and pay for it using the funds from the Unclaimed Gift Voucher account. This way, you can easily track the value of outstanding gift vouchers or write off any that remain unredeemed after the expiry date.

From a GST perspective, a gift card has a monetary value but does not need to be included in your GST activity statement until it is redeemed for products or services. The exception to this is when a gift card is not for money but rather a tangible product or service, then GST must be paid and reported on the voucher sale. For example, 10 hours of technical services.

 If the voucher expires before it’s redeemed, you’ll need to report the unredeemed amount as income and 1/11th (being the GST component) is reported and paid to the ATO.

HOW do I offer gift cards?

The three most common forms of gift vouchers/cards are:
  1. A credit card-sized plastic card electronically loaded with a specific money amount. Note that some cards can have additional funds added or topped up later.
  2. A gift certificate is some form of a paper promise from a business allowing you to redeem the specified amount back from the store.
  3. eGift cards or vouchers. This is normally a set of codes and sometimes a barcode that you can receive via email. These codes/barcodes can then be applied at the checkout for credit.
As a small business, you should consider the following:
  • Which type of cards you will offer as above?
  • How do you tell customers they are available? Signs, internet, etc
  • Will you restrict to set values or variables? Such as $50, $100 and $200?
  • Will the expiry be 3 years or more?
  • Can it be redeemed in your online store if you have one?
  • If you have multiple stores using the same brand, is the gift voucher transferable?
  • Integrating your POS and Accounting systems allows you to process and track these vouchers simply. (most have this functionality)
  • Are there any special terms? Such as not allowing gift cards to be used to buy gift cards or transferable for cash.

Some plastic card solutions make it simple to activate and redeem cards by simply swiping the card through your EFTPOS reader. Other solutions will require some other type of solution, like keying in a number. Be wary of a manual system that can be lost or stolen.

You can brand your gift cards by having a custom gift card printed by various companies for less than $1 each. However, note some POS software solutions require you to use their gift cards which may cost more.

HINTS

If you sell gift cards, make sure to showcase them in a highly visible place that customers must walk by. For example, placing gift cards next to the sales desk will lead to more impulse buys from customers.

SUMMARY – gift card solutions

Offering gift cards allow customers a convenient way to provide gifts to others. A small business benefits from having the money upfront and encouraging repeat visits to the store. Tracking and accounting is key to managing them with POS and accounting package companies offering solutions.

6 ways brands can win customer loyalty

Customer loyalty can be a brand’s most affordable and effective ambassadors by creating word-of-mouth referrals and purchasing time and again. With retail sales falling – a 0.6 per cent drop in the March quarter after a 0.3 per cent in the December quarter – loyalty is waning, and a top priority for brands next financial year will be finding ways to reclaim and retain customers. A major survey offers the answers: transparency, being community-minded, thanking them, and offering a high-quality at good value are some of the things customers say brands can do to win their loyalty. 

The insights were derived from a survey of an independent panel of 2500 Australians, analysed by Customology, Australia’s leading specialist in customer lifecycle management. Collated in a new report, ‘The Unspoken Customer’, Customology offers insights into the attitudes about brands among consumers who don’t normally review online, provide feedback or participate in brand surveys. Customology’s ‘The Unspoken Customer’ report can be found here.

Customology founder and CEO Mark James says: “Customer loyalty is intrinsically linked to a brand’s success, and loyalty can be scuppered if customers are not rewarded appropriately. Rewards, however, must be genuine and add tangible value. A coffee wholesaler, for instance, will need to offer customers incentivised value to ensure they shop with them for their next order. They key is to recognise and appreciate the customer’s loyalty and reward the behaviour you want to influence.

Conversely, it is extremely difficult to win back once-loyal customers after you have lost them.”

Six things brands can do to win customer loyalty.

  1. Don’t rely on marketing emails. Too many brands use the spray-and-pray approach, relying on marketing emails to create loyal customers, rather than creating genuine value. Customology’s study found that 46 per cent of customers hardly read these emails and almost two-thirds (61 per cent) said they rarely influence their purchase decisions. Brands could use a mix of communication channels, such as SMS, direct mail, push notifications, social media and advertising. And while customers provide plenty of information about themselves to help brands create personalised messages, most brands continue to spam their customers with the same messages at the same time. 
  2. Thank customers. A simple thank you goes a long way for customers who have chosen to spend their hard-earned cash with you. One in 5 customers (19 per cent) reported not receiving any form of communication after their first visit, despite sharing their contact details. A follow-up email or a push notification with a personalised note on what their purchase means to the business is a good place to start. 
  1. Give back to the community. Customer expectations of brands have grown. They want a holistic view of the brands they’re purchasing from, and this knowledge makes a direct impact on where they spend their money. Customology’s data shows 82 per cent of customers think it’s important for brands to give back to the community, and 50 per cent believe it would directly influence their brand loyalty. It’s worthwhile for brands to promote their corporate social responsibility – whether that’s supporting a local community project, reducing their environmental footprint, or donating a portion of profits to charity. 
  2. Be honest and transparent. Honesty is the best policy, and brands need to walk the talk to earn their customers’ trust. The reality is, however, that 48 per cent of consumers don’t believe brands are honest in their communications, and 50 per cent don’t believe online reviews are genuine. When what brands say about themselves don’t match what customers hear from elsewhere, the brand is perceived as out of touch or, at worst, deceptive. Brands could focus on developing a more human relationship with their customers: own up when things don’t go right and be clear on how they will fix them. 
  3. Loyalty programs must provide strong value. It might come as a surprise that a whopping 68 per cent of customers are loyal to brands that don’t have a loyalty scheme. However, 82 per cent of customers believe they should still be rewarded for their loyalty. Brands could assess whether existing loyalty or reward programs are still relevant and providing value. Customers should be recognised and rewarded based on their unique position in the lifecycle, their specific purchase behaviour and preferences.
  4. Quality, value and customer experience are key. There is less reason to provide a loyalty program if you maintain these three values. More than half (55 per cent) of customers would be tempted to go to a competitor if the quality of a brand’s products or services declined, 50 per cent would leave if they found better prices elsewhere, and 42 per cent would leave a brand if they had a poor experience. Ultimately, customers will remain loyal to a brand if they consistently receive quality products and services, at a competitive value rate.

Customology’s ‘The Unspoken Customer’ report can be found here: https://www.customology.com.au/the-unspoken-customer-download/

Increase in demand for Accountants

Local services marketplace Airtasker has seen a 30 percent increase in demand for Accountants in the past month as many finalise late tax returns while others prepare for the end of this financial year. 

“In the current climate people are trying to cut down on costs with some moving away from big accounting firms. They prefer to utilise people with the same skill set, who are sole traders or small businesses, and are able to provide a competitive price because they don’t have the large overheads,” said Tim Fung, Founder and CEO of Airtasker. 

“Accountants and bookkeepers on Airtasker cost anything from $50 to $1,000 to complete a tax return which are competitive rates with both the Tasker and Customer knowing upfront how much money will change hands so there are no surprises,” said Mr Fung. 

“Over the past few years the number of people with a side hustle has increased and it’s important all those working in the flex economy remember to declare all earned income in their tax returns.” 

“The ATO’s data matching analysis and forensic capabilities are very sophisticated so nothing will go unnoticed but also it’s important to deduct any costs associated with being able to provide the service.” 

The average tax refund in financial year 2022 was about $3,100 according to the Australian Taxation Office but is expected to be smaller this year because the low- and middle-income tax offset ended in June last year.

Sydney accountant Paul Gallo who uses Airtasker says deductions everyone working in flex economy should look at claiming include:

  • Phone, internet and laptop: If these are used directly to earn an income, for example for responding to posted tasks, you may be eligible to claim a percentage of these items to the extent they are used for business purposes. You can check your screen time as a good indicator of the extent to which you use the technology for business. 
  • Tools and equipment: Keep receipts for tools and equipment used in your side hustle. For example if you are a painter then you may be able to deduct the cost of paint brushes, sanding equipment, masking tape  and sheets used to protect areas from paint.
  • Receipts: Tax receipts needs to be dated 1/07/2022 to 30 June 2023 for all current year tax lodgements. 
  • Work from home expenses: If your work is completed in the home, The ATO allows the at-home office ‘fixed rate method’ of 67 cents per hour.

“One important tip to remember is to set aside money for tax since payments received through Airtasker are to be included in your tax return, consider setting aside a portion of the amounts received to cover your taxes. In regards to how much you should put aside will depend upon your marginal tax rate,” said Ms Ngan. 

Airtasker Tax Accountants price guide 

Type of accounting servicePrice
Personal tax return$100 to $400
Business tax return$300 to $1,000
Business advisory$150 to $700
Bookkeeping$50 to $300
BAS lodgement$160 to $490

Rights of independent contractors

The building and construction industry has launched a campaign to defend the right of hundreds of thousands of independent contractors and self-employed tradies to be their own boss.

More than half of Australian voters agree the proposed one size fits all ‘employee-like’ industrial relations reforms will increase costs and red tape for small businesses who use independent contractors and harm independent contractors, subbies and freelancers outside of the gig economy.

Research by independent firm Insightfully shows this concern is even higher in the building and construction industry with 72 per cent of the workforce agreeing these reforms will negatively impact small business.

Master Builders Australia CEO Denita Wawn said the proposed ‘employee-like’ policy goes beyond the government’s purported original scope of supporting gig workers and leaves the door open to swallow industries across the economy including independent contractors and self-employed tradies.

“The Government has failed to ease the concerns of the 440,000 businesses in the building and construction industry; 98 per cent of them being a small business.

“The dynamic nature and array of specialist contractors required on a project mean it is simply not feasible for businesses to have to permanently employ independent contractors.

“Independent contractors and subbies have worked hard to establish their businesses, build strong relationships, and enjoy the freedom to choose how they operate.

“The government is threatening to strip contractors of their hard-earned independence, and they deserve better.

“These laws are completely inconsistent with the long-held concepts that underpin the workplace relations system.

“Tradies are taking action to stand up for their rights. These reforms represent one of the most significant and real attacks on the rights of self-employed and independent contractors.

“We all know Aussies including in the building and construction industry are doing it tough and these changes introduce uncertainty, commercial risk, and negative consequences for the community and consumers.

“Why are we proposing even more costs for small business that will ultimately end up hurting workers?

“We don’t use subcontracting because we’re trying to drive down wages or avoid employing people. We use subcontracting because that’s the way that building work is performed.

“We should be addressing the productivity challenges in the sector not bulldozing the industry,” said Ms Wawn.

For more information visit: www.defendyourrights.com.au

Tax Time Scams Warning

With tax time on the horizon, Norton, a leading Cyber Safety brand of Gen, is warning Australians to remain cautious over the coming months as various tax time scams begin to emerge.

Tax time can bring stress and confusion for both individuals and businesses as they prepare to file their returns with the ATO. Unfortunately, this breeds the perfect environment for cybercriminals who seek to prey on these vulnerable emotions and obtain sensitive information and cause both financial and personal harm to unsuspecting victims.

In 2022, Australians lost over $3 billion to scammers according to the ACCC, and the numbers are only expected to continue to increase unless people remain more vigilant and stay one step ahead of savvy fraudsters.

Mark Gorrie, APAC managing director at Norton says, “There are certain times each year that pique cybercriminals’ interest and tax time is one of them. With the amount of personal and financial information that is being stored and shared at this time, coupled with the stress that comes with filing tax returns, it is the perfect storm for scammers to target Australians.”

“Tax time can be difficult to navigate, and it can be easy to fall into the palm of a scammer offering to ease this burden. But it is important to understand that practising online security should never be sacrificed in exchange for convenience.

“In the wake of greater sophistication and a rise in AI that is aiding cybercriminals in evolving and developing their devious tactics, it is more important than ever that Australians are continuing to educate themselves on the warning signs.”

Three examples of prevalent tax time scams to look out for, plus ways to avoid them.

1. Tax-related identity theft. This scam occurs when cybercriminals access a victim’s account, impersonate them, and fraudulently lodge refunds from the ATO using your stolen personal information, including your tax file number (TFN). This can be dangerous, as in this instance, the cybercriminal who filed a return with your information may still have your data – leaving you vulnerable to other identity-related crimes.

How to avoid this scam:

  • Keep your tax file number safe. Shred any documents that contain personal information before you throw them away, and ensure that your online accounts containing sensitive information, like myGov, are protected with strong passwords and two factor authentication.
  • If you suspect your TFN and identity has been compromised, immediately report the incident to the Australian Taxation Office (ATO).
  • Consider using a robust security software, like Norton 360. This will help protect your personal devices and information, and act as a first line of defense against attempts by criminals to steal or compromise your personal information.   

2. Be cautious of Australian Taxation Office (ATO) impersonation scams. Cybercriminals will pose as ATO representatives to convince victims to provide their bank details, Tax File Number, or other personal information via SMS, email, or social media accounts.

Additionally, in January this year, the ATO issued a warning about scammers posing as ATO workers on Twitter, Facebook, TikTok and other popular social media platforms. These phony accounts prey on social media users who have made public comments addressing the ATO with a question or complaint. The scammer sends their victim a direct message, offering to assist in resolving the issue. After gaining trust, the scammer attempts to obtain personal information.

How to avoid this scam:

  • Look out for tell-tale signs of a scam. The ATO won’t use urgent threats, such as arrest, payment, or suspension of your TFN. If contacted via social media by a newly created unverified account with a small follower account, delete the message. The ATO only has official accounts on Facebook, Twitter, and LinkedIn – legitimised with verification ticks and over 10 years of activity.
  • If you receive a suspected scam email or SMS, do not click on any links, provide any payments, account log in information, or other personal information.
  • Occasionally, the ATO will contact you by phone, email, SMS, and post. If you are not sure about the validity of any communication, the best thing to do is to call the ATO directly. You can obtain a phone number from their official website, or a previous letter you have received, and validate the request.

3. Dodgy tax preparers offering to complete your tax refund. Scammers capitalising on the desire for maximum tax refunds will promise substantial returns and a speedier process, which can appear to be an enticing offer in an otherwise confusing and stressful time. The fraudsters will ask for access to the myGov accounts of their victims and lodge tax returns through the ATO’s myTax web portal or take personal details and payment before disappearing.

How to avoid this scam:

  • If someone approaches you claiming to be a tax preparer, you can check that they are registered on the Tax Practitioners Board (TPB) by visiting their website to verify the legitimacy of their claims. (https://www.tpb.gov.au/registrations_search)
  • Never share your myGov password with anyone. Sharing your information (such as your myGov password) with an unregistered practitioner puts your personal and financial affairs at risk.
  • Enable two factor authentication on myGov. You can use either the myGov Code Generator app or receive a code by SMS when logging in. This will further protect you from unauthorised access to your myGov account.

Instagram Launches Broadcast Channels

Mark Zuckerberg announced this morning that Instagram is expanding its broadcast channels globally – including to Australia. This will give millions of creators a new way to directly engage with their followers at scale in real-time.

Broadcast channels are a public, one-to-many messaging tool creators can use to help followers stay in-the-know with the latest updates and behind-the-scenes moments using text, photo, video, voice notes and polls. Followers can then react to content in real-time and participate in polls, with more features coming soon.

Everyone from Taylor Swift via Taylor Nation’s broadcast channel to local creators like Adele Maree are creating Instagram Broadcast channels, with unique and behind-the-scenes content which are engaging their followers in personable ways that involve them the most. Other Aussie Creators with Broadcast Channels include:

  • Kat Clark – gives her followers a glimpse into her day to day, from finding the perfect birthday outfit, to asking followers for their opinion on daily vlog content.
  • Ozzy Man Reviews – shares latest video releases with followers and insights into his fave TV shows (Succession fans unite)

Here’s how to join broadcast channels:

  • Access the link to the broadcast channel on a mobile device via a creator’s Story sticker, the link pinned to their profile or, as an existing follower, a one-time notification sent when a creator starts a new channel.
  • Tap “Join broadcast channel.” People not yet following the creator will be prompted to do so.
  • After joining the channel, it will appear in the Instagram inbox next to other message threads.
  • Followers can react to content and vote in polls but cannot send messages. They can also share links to their favourite creators’ broadcast channels so friends can follow and join.
  • Anyone can discover the broadcast channel and view the content. All followers will receive the first notification inviting them to join the broadcast channel; however, only followers who have joined will receive subsequent notifications for new updates. Followers can leave or mute broadcast channels at any time, or turn off a creator’s broadcast channel notifications entirely.

Slacking off at work

As businesses across Australia continue to face fierce competition for talent with unemployment rates hovering at a low 3.6 per cent[1], a surprising new study has revealed that more than 20 per cent of Australians have experienced a shift in their work attitudes and behaviours. While the pandemic has brought about popular hybrid working arrangements, this study suggests that some workers may be struggling to adapt to the new normal, and simply slacking off at work.

Immigration assistance and information platform Immigration to Australia commissioned a survey of an independent panel of 1002 Australians to assess the post-pandemic productivity of Australian employees. The survey also investigated whether the return of 195,000 immigrants returning to our shores will motivate Australians to work harder as a result of increased job competition.

Almost four in five (77%) of Australians surveyed had no intention of increasing their work ethic in their current role, despite the heightened competition due to increased immigration numbers.

Younger generations are slacking off at work and don’t plan on changing.

Immigration to Australia’s research revealed that 32 per cent of respondents aged 18-30 admitted to developing a more relaxed work attitude during times of low unemployment. While 15 per cent of the same age group is determined to maintain a relaxed work attitude, irrespective of heightened job competition arising from the return of overseas workers to the country.

Older Australians are putting in the hard yards.

By contrast, Australian workers aged over 55 exhibit unwavering dedication to their jobs, with 89 per cent of respondents maintaining their commitment to their roles without succumbing to a more relaxed work attitude.

Of the over 55 respondents 77 per cent strongly believe they have maintained a high work ethic in the past year only 3 per cent admitted to putting less effort into their work and only 2 per cent admitted to taking an hour off here and there when working from home.

Alon Rajic, Founder and Managing Director of Immigration to Australia, says: “It is interesting to see the number of young Australians unconcerned about the job competition, particularly when faced with the challenges of rising living costs. However, to enhance productivity, invigorate Australian businesses, and foster healthy competition, it is essential for everyone to strive towards pre-pandemic production levels. This becomes increasingly important as competition for roles is increasing in line with increased migrant worker numbers.”

West Australians are most prepared to do what it takes to keep their jobs.

Although the survey showed the majority of West Australians are most prepared to work harder (30%) in the face of increased competition for roles returning to Australia, followed by 25 per cent of Victorians and 23 per cent of NSW residents.

While 62 per cent of respondents nationally believe they have maintained a solid work ethic, Queenslanders were most likely to continue with their relaxed attitude to work, no matter the outcome (17%), followed closely by South Australia (16%), NSW (15%), Victoria (14%) and Western Australia (12%).

“The shift in work arrangements could be a catalyst to consider a four-day work week, which could potentially help address the productivity challenges arising from reduced motivation and potentially enhance work-life balance for individuals in Australia,” says Alon.

The full results, with age and State breakdowns, can be found here: https://immigration2australia.com/will-higher-immigration-numbers-increase-competitiveness-in-the-workforce/

Prepared for End of Financial Year?

With just under four weeks until the End of Financial Year (EOFY), climbing interest rates and economic uncertainty ahead, it’s important to be prepared for End of Financial Year and understand what concessions your business may be entitled to.

Grant Thornton is highlighting three initiatives your business may wish to consider including Temporary Full Expensing and the Technology Investment Boost– both ending 30 June 2023, as well as superannuation carry forward concessional contributions.

Kirsten Taylor-Martin, Partner – Private Business Tax & Advisory, said, “We find many of our clients come to us looking for additional ways to put money back into their business. With the potential of a looming recession, it is important businesses utilise all the concessions available to them. Often there are simple and effective ways to invest into your business and it’s important to explore which options are available and which Government initiatives best suit your individual business needs and goals.”

Temporary full expensing

This initiative assists businesses and encourages investment. Created as part of the Government’s COVID-19 business plan, this is your last chance to acquire new business assets and claim a 100 per cent deduction to reduce your overall tax for your business. For Companies, it is important to assess the impact of temporary full expensing on the franking credit balance and the ability to declare franked dividends, especially when Division 7A loan arrangements are in place.

Broadly, this concession applies to businesses with:

  • an aggregated turnover of <$5bn;
  • the new asset was first held, first used or installed ready for use for a taxable purpose on or before 30 June 2023; and
  • This tax incentive will come to an end on 30 June 2023 as it was not extended in this year’s Federal Budget.

Technology investment boost

This is a one-off opportunity for your business to digitise operations on business expenses and portable assets – and with only one month to go – it’s important to take advantage of this boost for your business if it is eligible.

The boost applies to businesses with:

  • An aggregated turnover of <$50m;
  • The entity must incur the expenditure wholly or substantially for the purposes of your digital operations or digitising your operations. Some examples of such expenditure include: computer and telecommunications hardware and equipment; software, digital media and marketing; e-commerce – goods or services supporting digitally ordered or platform-enabled online transactions; portable payment devices; cyber security systems; backup management; and monitoring services.
  • Certain expenses are ineligible for bonus deduction such as salary and wage costs; capital works; financing costs; and training and education costs. 
  • The bonus deduction is equal to 20 per cent of eligible expenditure, but is subject to a $20,000 cap per income year or relevant period.
  • Applies to expenditure incurred from 29/3/22-30/6/22 and 1/7/22-30/6/23
  • Ends 30 June 2023.

The technology investment boost is subject to law, which at the time of writing has bi-partisan support but remains in the Senate.

Carry forward concessional contributions

This is an opportunity for family businesses where family members have a superannuation balance of <$500,000 at the end of the previous financial year. You can pay a dividend or trust distribution to family members to contribute towards their carry-forward contributions and claim a personal deduction. Once balance is over $500k, they will never get the deduction again for the extra contributions. Unlike the previous two strategies, this concession will continue past 30 June 2023.

You can only claim a deduction for superannuation contributions when you have taxable income. This is an effective strategy for building wealth for the family outside the business operations – a strategy that can assist in future succession. If this strategy is of interest, it is important you speak to your accountant or tax agent prior to implementing to ensure it works in your situation.

It is important to reach out to your advisors and ensure your business is maximising and using all the relevant concessions and financial boosts available so you are prepared for End of Financial Year .

Tax amnesty for overdue returns

The Australian Taxation Office (ATO) encourages small businesses with overdue income tax returns, fringe benefits tax returns or business activity statements to take advantage of a new tax amnesty to get their lodgments back on track.

The amnesty was announced in the 2023-24 Budget. It applies to tax obligations originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December 2023.

To be eligible for the amnesty, the small business must be an entity with an aggregated turnover of less than $10 million when the original lodgment was due.

During this time, eligible small businesses can lodge their eligible overdue forms, and the ATO will then proactively remit any associated failure to lodge (FTL) penalties.

ATO Assistant Commissioner Emma Tobias urged small businesses to take advantage of the amnesty to get back on track with their tax obligations if they have fallen behind.

‘The past few years have been tough for many small businesses, with the pandemic and natural disasters having a significant impact. We understand that things like lodging ATO forms may have slipped down the list of priorities. But it is important to get back on track with tax obligations. Lodging these forms is not optional, so we hope our amnesty will make it easier for impacted small businesses to get back on track.’

When forms are lodged with the ATO under the amnesty, businesses or their tax professionals will not need to request a remission of FTL penalties separately.

‘All you need to do is lodge your outstanding tax returns or activity statements, and we’ll take care of the FTL penalty remission from our end. You might see an FTL penalty on your account temporarily, but don’t worry; we will remit it.’

Ms Tobias also noted that outstanding lodgments could be an early indicator that a small business is not actively engaged with the tax system, which can be a red flag.

‘We encourage all businesses to lodge any overdue forms even if they are outside the eligibility period. Whilst forms outside the amnesty eligibility criteria will attract FTL penalties, the ATO will consider your circumstances and may remit such penalties on a case-by-case basis.’

‘We understand that some small businesses may be worried about paying an amount owing on their overdue lodgment. If you cannot fully pay your debt, remember we can work together with you or your registered tax or BAS agent to figure out the right solution for you.’

‘We want to make this process easy and to encourage small businesses to do the right thing. If you have a registered tax or BAS agent, now is a good time to reach out to them to ensure you are up to date with your tax affairs.’ 

‘Taxpayers still must lodge overdue forms during the amnesty period, and we will continue to work with them to help ensure they meet their obligations,’ Ms Tobias said.

The ATO offers a range of support options, including payment plans. Many small businesses can also set up their payment plan online.

Ms Tobias also explained that if a business has ceased trading, it must advise its registered tax professional or the ATO directly.

The amnesty applies to income tax returns, business activity statements, and fringe benefits tax returns. It does not apply to superannuation obligations and excludes other administrative penalties, such as penalties associated with the Taxable Payments Reporting System.

More information on the tax amnesty:

BeeDrive, a personal backup hub

Synology has announced the release of BeeDrive, a compact data hub that backs up personal files and photos from your computer, phone, and tablet simultaneously. In less than three minutes of setup, any PC user can start protecting their files with BeeDrive at fast local transfer speeds, while ensuring complete data privacy and ownership.

“Every one of us is generating an unprecedented amount of data on various personal devices today. Better cameras and new photo or video formats, in particular, are eating up our phone or cloud storage space faster than ever,” said David Hu, product manager at Synology Inc. 

“Internet upload speeds never caught up with the explosive growth in personal data, making it increasingly slower and more costly to store all our files in the cloud, especially if we just want to back up or archive old files elsewhere or exchange files between our personal devices,” Hu said. “This is why we want to offer a local, private alternative.”

“With BeeDrive, we hope to bring Synology’s expertise in backup technologies to a larger group of users — many of whom are perfectly computer-literate, but have neither the time or the networking knowledge to host a server that runs 24/7 just for backup,” Hu added. “BeeDrive offers a no-hassle option even for the families and friends of current Synology users.”

Local PC & mobile backup reduce backup time and long-term costs

Once plugged into a PC, users can select which folders they want to protect. BeeDrive automatically backs up all changes in those folders in real time, providing a better recovery point objective (RPO) than scheduled hourly backups. Backup files are stored on BeeDrive in the same format as they are on PC. In case of a computer failure, users can simply connect BeeDrive to another computer and access their files right away, without having to install any software and go through a time-consuming recovery process. 

BeeDrive also backs up photos and videos from iOS and Android devices over Wi-Fi, so phones and tablets are protected at the same time. Just keep your BeeDrive-connected PC and mobile devices in the same network and scan a QR code, and see BeeDrive start backing up to free up space on your phone. 

Overcoming the bandwidth limits imposed by internet or cloud service providers, BeeDrive can be 11 times faster than backing up large files to the cloud from a PC, and six times faster than doing so from mobile devices.1

 

BeeDrop and two-way sync boost productivity when exchanging files between devices

For field staff or other professionals who take a lot of photos on their phone and need to use them on a PC when back at the office, the BeeDrop feature allows them to wirelessly send mobile-generated content from iOS and Android devices to BeeDrive. The files become immediately accessible on PC — no more uploading to and downloading from the cloud. 

When switching between work and home computers, BeeDrive can help sync files on each computer as soon as it is plugged in, making sure that all files are always up-to-date on the computer you are working on while keeping a second copy on BeeDrive. 

“Collecting files generated from all our personal devices is just the first step,” said Hu. “In the future, we hope to leverage the abundant computing resources of a computer to help users extract more value from the data itself, such as through auto-categorization. It is always our goal to bring modern technologies to Synology users without sacrificing their data privacy and ownership.”

 

Availability

BeeDrive is available in 1TB and 2TB capacity from mid-June for Windows, iOS, and Android through Synology partners and resellers worldwide. macOS support is planned. For more details, visit https://bee.synology.com