5 Additional Services Small Businesses Would like to Receive from Their Accountant

The NAB ‘Key insights into the Australian accounting industry’ report found that accountants are failing to provide the services their business clients demand. The survey found that small businesses would like their accountants to provide the following additional services 21% want advice on their business strategy. 20% would like advice on their financial future and growth opportunities. 17% want business analytics. 13% want technology/IT services. 12% want business planning. As the overriding reason small business clients change their accountants is Read More…

Finance Brokers Smashed by Banking Royal Commission

Since the Banking Royal Commission released its final report on 1st February 2019 finance brokers have not stopped crying. For Australia’s 16,000 finance brokers, the value of their business has fallen 50% – 75% and there are no buyers. No one wants to try and catch this falling knife. The Royal Commission recommended abolishing finance broking trailing commissions, and the Government is legislating to abolish them on 30th June 2020. The trailing commissions average 0.165% to 0.275% of the loans Read More…

Abolish the Breastfeeding Tax

With the abolition of the tampon tax on 1st January 2019, women have now started campaigning to have the breastfeeding tax removed as well. The breastfeeding tax is the 10% GST that applies to breastfeeding aids. The breastfeeding aids include breast pumps, nipple shields and supplemental nursing systems. Although the ATO only collects $2 million a year from mothers on breastfeeding aids and equipment, the tax is deeply unpopular. It doesn’t make any sense that infant formula is GST exempt Read More…

Life Insurance for Dead People

Charging life insurance to dead people – how would that work? Just ask AMP – as highlighted in the Banking Royal Commission, AMP has admitted charging $1.3 million in life insurance premiums to more than 4,600 dead people through their superannuation. This clearly doesn’t pass the ‘pub test’, and AMP are in the process of refunding the $1.3 million premiums. Thinking of going to a financial adviser to get some independent advice on life insurance for yourself? Perhaps thing again. Read More…

Measuring Your Web Site Traffic

Measuring website traffic is the process of analysing the users who visit your website. Website traffic is measured in sessions or visits.  The most common attributes examined are; Sessions (number of times a website is visited). Users (number of individual IP addresses that visit the website). Bounce Rate (the percentage of visitors who leave the site after viewing only one page. Session duration (the average time a user spends on A site). Pages (number of pages viewed). The behaviour of Read More…

Phoenix Company

phoenix company is a commercial entity which emerges from a collapsed insolvent entity. The new company trades under the same or similar name and is able to present the appearance of business as usual to its customers.

Cashless Society

A cashless society exists when financial transactions are conducted not with money in the form of physical banknotes or coins, but rather through some other means.

Is your Financial Planner Ethical?

This is a very important question that every financial planning client would definitely like to know the answer to. But in practice, how would a client know (until it’s too late and they have paid the financial price for it)? There are numerous ways unethical financial planners can rip off and fleece clients. A few of the common methods include; Over-servicing. Putting clients into high commission investment products – e.g. $5 billion was ‘invested’ into tax-effective agricultural investments because the Read More…

Tendering

Strategies for successful tendering Tendering is the process of choosing the best or cheapest company to supply goods or do a job by asking several companies to make offers for supplying the goods or doing the work. Tendering occurs in all parts of business but is most common with government projects, construction, utilities, and infrastructure. Governments are heavily into tendering out their projects as this ensures that the awarding of contracts is fair and free from bribery and nepotism and Read More…