The grant is designed to help support a project or initiative that will see benefits for those within our community.

We’re proud to announce this year’s Strategem Community Foundation Grant has been given to Reading Out of Poverty (ROOP).

Reading Out of Poverty is a non-profit organisation in Victoria with a sole focus of supporting children aged 0-5 years from disadvantaged backgrounds through providing early literacy skills and school preparedness assistance.

Our donation will help support their goals of enhancing literacy skills among children, creating awareness of the importance of early literacy development and reducing the gap between children from a disadvantaged background and their wealthier peers.

The $5,000 grant will contribute to 600 literacy packs being distributed to children across both Bendigo and Melbourne.

“As a Foundation we are extremely proud to be able to support Reading Out of Poverty. Our Foundation aims to support the community not only through providing monetary donations but also through providing education so we believe it was a perfect match”. Strategem Community Foundation chairman, Chris Harrington.

The impact that Reading Out of Poverty has had on communities is widespread.

• 43,000 books have been distributed
• 21,500 children have been impacted by the work of reading Out of Poverty
• 20,900 parents have been supported
• 97,000+ hours have been accumulated in volunteer hours

We look forward to continuing our relationship with ROOP. To know our donations and support can help make a difference in the lives of children is heartwarming.

For more information on Reading Out of Poverty visit https://roop.org.au/

RELATED – Enriching lives in more ways than one

RELATED – Strategem Community

If you have an opportunity that we can support we’d love to hear about it. Contact us via our website or phone:
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Strategem supports childhood education appeared first on Strategem.

We’ve compiled a list of some of the changes that may impact you and your business.

AUSkey will no longer be available after 31 March 2020

AUSkey will no longer the platform used for businesses to report information to the ATO. It will soon be replaced by myGovID and Relationship Authorisation Manager (RAM).

The ATO have stated that these new services will provide a simplified and secure means of accessing government online services.

You will need to link your myGovID with your ABN in RAM before you can start using this new process.

Single Touch Payroll

Single Touch Payroll (STP) has been rolling out since July 1, 2018. Depending on the size of your business, you may have been reporting through STP for quite some time now. For smaller businesses (with fewer than 20 employees) you should have been reporting through STP since July, 2019.

If you’re still unsure of your STP responsibilities and reporting requirements, let our accountants assist you. With the initial penalty-free time frames now coming to an end, businesses will face fines if they are not STP compliant. Penalties are calculated at $210 for each 28 days that the STP report(s) is/are outstanding.

Introduction of e-invoicing

According to the ATO, Australian small businesses are owed $26 billion in unpaid invoices. This is affecting the cash flow of thousands of businesses.

The federal government have made a commitment to pay electronically received invoices up to the value of $1million, within five days and are encouraging small businesses to make the change to e-invoicing.

Sending an e-invoice is approximately 70% cheaper than processing a paper invoice and is expected to save the Australian economy $28 billion over ten years. 

Related: Strategem introduce online payments

Inflation of taxable payment annual reporting (TPAS)

Small businesses in certain industries are required to report information to the ATO based on payments they make to contractors.

The building and construction industries have been dealing with taxable payment annual reports for some time now, however the 2019/20 financial year has seen these reports extend to include road freight services, IT, security, investigation and surveillance services. It’s important for businesses to understand these changes, even if it’s only part of the services you offer, you may be required to lodge a TPAR.

The first TPAR is due 28 August 2020, so there is still time to get your head around the changes.

If you have any questions related to any of the mentioned changes please do not hesitate to get in contact with our Bendigo or Melbourne Accountants and Advisors. Our professional staff are here to provide assistance and answer all of your questions.

Have any questions? Contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Tax updates for business owners | What’s here and what’s coming appeared first on Strategem.

Strategem are now offering their clients the option of paying their invoices online. It may seem like this should be a given in this day and age, but up until just recently, our clients were limited in their payment options. With a time-poor population, we realized this was not efficient.

Introducing Quickfee online payments

In conjunction with our attempts to become a more innovative, paperless office, unless otherwise specified, you will receive your invoices from us via email. From there it’s simply a click of a button to complete your payment.

Increased efficiency and practicality

QuickFee online payments allow you to pay your invoice wherever you are, whenever you are available. If you’re an employee working 9am – 5pm, no doubt the last thing on your mind during your lunch breaks is to pay your outstanding fees. Our new payment system gives you the option of seamlessly paying your invoice as soon as it drops in to your email inbox – done and dusted. Alternatively, you can pay when you’re available – before breakfast, after dinner or on the weekend.

Our staff are here to help

If you receive an invoice and you’re not sure how to complete the payment online, our friendly staff are here to help. If you prefer to speak to someone when making your payment our staff are available over the phone and in our office to process this with you.

If you have any questions about our invoice process or about an invoice you’ve received, contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Strategem introduce online payments appeared first on Strategem.

According to Oprah, “A mentor is someone who allows you to see the hope inside yourself”.

How inspiring.

The Directors at Strategem agree with Oprah. And that’s why we’ve introduced a mentoring program. We believe by supporting our staff through providing mentor relationships, we will see our staff grow, both personally and professionally.

Harvard Business Review states, “Company leadership should embrace, promote and value mentoring programs to realize a return on investment” and again, we agree. Mentor programs are win-win situations.

A mentor program within a business can open the door to a new scope of success. Mentor relationships develop leaders. They provide support in a variety of situations including stressful scenarios, role changes, talent management, and provide an opportunity to improve skills and transfer knowledge.  

Since introducing a mentor program within Strategem we have seen positive improvements in staff relationships, improved skillsets and an overall higher level of engagement from our staff.

The program has given our staff the opportunity to communicate with colleagues who they don’t typically speak with on a day-to-day basis, and has allowed them to develop a relationship that will see their professional and personal skills improve.

Culture is extremely important within our business. Our people are important to us and we are committed to investing in the development of our employees.

“When employees respect each other and get along in the workplace, it’s amazing how productivity increases, morale increases and employees are more courteous to customers.” – Maureen Wild

The post Mentors expose hidden hopes and drive success appeared first on Strategem.

Your purpose is roughly three to seven words explaining why your business exists for your customers. Your purpose should be about THEM, not you. It is a small statement, with immense power.

Examples

Strategem: Enriching lives through better financial decisions.
Tesla: To accelerate the world’s transition to sustainable energy.
Walt Disney: To make people happy.
TED: Spread ideas.

These may be big company examples, but a clear purpose statement is just as important for small and medium sized business.

A defined purpose statement is the antidote to narcissistic by-lines of the past… because we know that consumers are wired to take a self-interest and therefore will engage your business if your why resonates with them. Thereafter, your purpose will drive alignment of values and loyalty.

If you don’t focus on purpose, you’re likely to focus on profit.

Guess what? Your customers aren’t interested in you making a profit. They’re too worried about their own profit. They’re more than happy for you to make a profit… provided you meet their needs first.

The correlation between a business’s ability to serve a higher purpose and stronger financial performance has been proven. So, defining your purpose is a smart business strategy.

It comes down to engagement; with your team and your customers.

Numerous studies have told us that a strong sense of purpose drives employee satisfaction, which will help to improve customer loyalty.

Articulating your business’s purpose to your team allows them to see that they are contributing to something bigger than themselves. Linking your purpose to their tasks and responsibilities allows them to see their connection to the outcome; how their role is attributing to the overall vision of the business – how they are impacting your customers’ lives.

If we focus on meeting (and exceeding) customer needs, better profitability will be a by-product.

It’s essentially internal marketing; to achieve buy in and alignment from the team; providing motivation to deliver on your purpose whilst breeding loyalty.

Getting clear on your purpose will also transform your other marketing. Being able to clearly articulate why you exist for your customers in your marketing will tie customers to your brand and make them more inclined to refer you to others. When that new customer does their due diligence, i.e. they stalk your website and social media, it’s more likely they’ll develop an emotional connection to your business and buy from you.

Your purpose must first be defined by the leaders.

Only when your purpose is crystal clear can you articulate to your team and then your customers and target audience.

Having a clear purpose is also about sustainability. There is mounting evidence that in these times of change and disruption, having a clear purpose will improve a business’s ability to transform and adapt.

So, what’s your purpose? Need help defining it? We can help.

“People don’t buy what you do, they buy why you do it.” – Simon Sinek

Contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post P is for purpose, not profit appeared first on Strategem.

Sometimes it seems impossible when you are in the thick of it. The following ideas might help provide some light at the end of the tunnel.

Prioritise – Work often dictates to us, rather than the other way around. Create a list of all the things that need doing and categorise them. For example, work out the tasks that are ‘important but not urgent’ and ‘urgent but not important’. Task or project management tools like Trello can simplify your workload and and help to prioritise your time.

Delegate – Letting go can be an opportunity for others in the team to shine. Alternatively, bring in a contractor to help clear the load and you may find they bring in new ideas, create opportunities or streamline the process. Don’t limit yourself to what’s on at work – think about what would help at home too, such as a meal kit delivery to simplify the end of the day.

Book it in the diary – We are all guilty of putting off an exercise class or a coffee catch up because work takes over. These events are important for your mental and physical health and may give you space for creative thought or the ability to think with more clarity. Plus, you’ll return to work feeling more productive. Book it in and consider joining a group so you are more committed to turning up!

Use the technology to help you – ‘Always on’ technology such as smart phones are designed to make life easier but we’ve ended up busier than ever. So choose the apps and tools that can reduce the stress. Whether it’s for communication and meetings, or your filing and accounting. An app could save you time and allow you to get on with other things – read more on apps. We can help with the right accounting software solution to reduce the paperwork.

Share with your network – Are there individuals in your network who face the same challenges or can help you achieve your goals? Set up a monthly breakfast to catch up, support and learn from each other. You’ll go back to work with new inspiration.

Do what you love – At the end of the day, your work is ‘part of’ your life not separate from it, so if you enjoy it, you’ll feel you have more ‘balance’.

Get in touch to talk about how we can help you achieve balance in your business.

Contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Finding the balance appeared first on Strategem.

A number of charities and organisations comply to receive tax deductible gifts. These organisations are known as DGR’s. When you make a donation to a charity with DGR status, you are entitled to claim that donation on your next tax return.

How do I know if I can claim a donation?

To claim a tax deduction for a gift or donation, it must meet four conditions:

• It must be made to an organisation with DGR status.
• It must truly be a gift or donation – that is, you are voluntarily transferring money or property without receiving, or expecting to receive, any material benefit or advantage in return. A material benefit is an item that has a monetary value.
• The gift or donation must be of money or property. This can include financial assets such as shares.
• The gift or donation must comply with any relevant gift conditions. For some DGRs, the income tax law adds extra conditions affecting types of deductible gifts they can receive.

You must also keep a record of your donation to accompany your claim.

What types of gifts can be claimed?

• Gifts of money – you can claim the amount of the gift, but it must be $2 or more.
• Gifts of property or shares – there are different rules depending on the type and value of the property
• Gifts under the Heritage and Cultural programs – there are special circumstances where donations can also be deductible

You can claim a tax deduction for gifts up to $10 without a receipt such as bucket collections. To claim contributions of more than $10 you need a receipt.

What donations am I not entitled to claim?

Gifts or donations that provide you with a personal benefit are not able to be claimed:

• Raffle or art union tickets
• Items such as chocolates, mugs, keyrings, hats or toys that have an advertised price
• The cost of attending fundraising dinners, even if the cost exceeds the value of the dinner
• Membership fees
• Payments to school building funds made in return for a benefit or advantage
• Payments where you have an understanding with the recipient that the payments will be used to provide a benefit to you
• Gifts to family and friends, regardless of the reason
• Donations made under a salary sacrifice arrangement
• Donations made under a will.

If you’re thinking about making a donation this Christmas and are unsure if you will be eligible to make a tax deduction claim, please get in touch and our Bendigo Accountants can clarify.

Contact us and let us help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Dig deep this Christmas appeared first on Strategem.

Even if you do continue to operate through the holiday shutdown season, your customers’ financial behaviour may not remain the same.

It can be pretty disappointing to work hard all year only to find that once you have paid staff, overheads and creditors, you have little or nothing left in the bank to cover your own time off.

The strategies and tips shared below are generalised, however, we are here if you need to budget and prepare a cash-flow forecast. We can also help if you need assistance in applying for short term finance to get you through the break.

Why is cash-flow planning particularly important at this time of year?

Staff leave needs to be covered in addition to your normal fixed overheads like rent, creditors and tax compliance. The budget and forecasting process ensures you know your numbers and are prepared. If you are shutting down, you won’t be driving revenue during this period and sales may take time to get started again in the new year.

Here are some simple strategies that can help

• Decide your Christmas and holiday break dates – confirm these with staff, customers and suppliers.
• Budget and plan for annual leave – remember the pay rates may be higher than standard hourly rates, also factor in statutory public holidays.
• Decide – if you are going to pay out leave in full at the beginning of the Christmas break or continue to pay as usual throughout the break.
• Review your work in progress (WIP) – plan to complete jobs or services that can be invoiced and paid before Christmas (remember if you don’t invoice and get paid before Christmas, you may not see the money until mid to late January).
• Capacity planning – There is often a rush to get everything done before Christmas, whether it’s the kitchen benchtop installed or the beauty treatment before the break, so make sure you have the capacity to maximise on this.
• Stock-take – Do you need to order in goods now to be able to complete work in progress? Check that there is stock on hand available.
• Making an arrangement with the Tax Office – if you find you can not make payments, it is possible to apply for an instalment arrangement. There are costs associated with this, however it may provide a solution that gets you through the holiday period. Talk to us, we can help.

Need financial support?

If you can’t make ends meet, now is the time to organise short term financial relief like an arranged overdraft of loan, rather than hoping it will come right. Please let us know if you need any help with wealth management, business advice or tax planning.

Contact us and let our accountants and advisors help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Have you got a strategy for a financially stress-free holiday period? appeared first on Strategem.

Recently completed your tax return and received the news you have a tax bill? Stressed you can’t pay the full amount by the due date?

Don’t let this get the best of you and cause unnecessary worry. There are plenty of payment options and arrangements offered by the Australian Taxation Office (ATO) that can help.

How to pay your tax bill

The quickest and easiest way to pay is with BPAY or a credit/debit card.

1.BPAY

Make sure you provide the correct unique payment reference number (PRN) in the reference field every time you make a payment. This guarantees your money goes to the right account without delay.

2. Credit or Debit Card

To make a payment using your credit or debit card you will need to have your payment reference number. Payments can be made using a Visa, MasterCard or American Express. Note card payment fees will apply.

Pay online

Payments can be made through a myGov account that is linked to the ATO. Alternatively, you can visit governmenteasypay.gov.au/payato to make your payment. This is where you will also find the various card charges.

Pay over the phone

Phone the Government EasyPay service on 1300 898 089

3. Other options

If the two above options are not suitable for you, there are other ways you can make your payment:

• Electronic transfer
• Direct debit
• In person at Australia Post
• Mail
• Transfer from an overseas bank account
  

Payment arrangement options

We realise that tax debts are often unexpected expenses and can be difficult to pay before the due date. As long as you acknowledge your obligations and attempt to meet them, there is help available.

The ATO urge you to lodge your activity statements and returns on time, even if you’re worried they will result in a tax bill.

If you can’t pay by the due date, you may be able to set up a payment plan to pay in instalments. You need to consider what you can pay to ensure you can meet each ongoing payment amount, and future obligations.

If you’re trying to do the right thing, the ATO committed to understanding your situation and helping you where possible.

It’s important to know that even if you’ve made a payment plan to pay late or by instalments, interest will accrue on the unpaid debt.

If you need help paying a tax bill, or to find out if you’re eligible for a payment plan, reach out and we can help. Our accountants, in both Bendigo and Melbourne are here to help with tax planning and wealth management.

Contact us and let our accountants help, click here or call 
Bendigo 03 5445 4777
Melbourne 03 8621 8100

The post Completed your tax return and received a bill? appeared first on Strategem.