Leg Up Start Up

30/01/2021

“Every prosperous business was first a courageous decision to begin and then a constant determination to continue.”

- Amit Kalantri

28/01/2021

What is an Australian Business Number (ABN)?

An ABN is a unique 11 digit number that identifies your business to the government and community.

You can use an ABN to:
✔️ Identify your business to others when ordering and invoicing
✔️ Avoid pay as you go (PAYG) tax on payments you get
✔️ Claim goods and services tax (GST) credits
✔️ Claim energy grants credits
✔️ Get an Australian domain name

27/01/2021

Every small business owner has certain skills, abilities, knowledge and experience that give them an edge when it comes time to building and managing a business.

However, no small business owner is so adept that they can be an expert in every single process related to developing a new company.

From advanced financial reporting, to software and systems implementation, we're here to give you and your business a Leg Up.

www.legupstartup.com.au

22/01/2021

Fringe Benefits Tax (FBT)

A fringe benefit is a 'payment' to an employee, but in a different form to salary or wages.

Examples of fringe benefits include:

✔️ Allowing an employee to use a work car for private purposes
✔️ Giving an employee a discounted loan
✔️ Paying an employee's gym membership
✔️ Providing entertainment by way of free tickets to concerts
✔️ Reimbursing an expense incurred by an employee, such as school fees
✔️ Giving benefits under a salary sacrifice arrangement with an employee.

20/01/2021

“Simply giving employees a sense of agency, a feeling that they are in control, that they have genuine decision-making authority - can radically increase how much energy and focus they bring to their jobs.”

― Charles Duhigg, The Power of Habit: Why We Do What We Do in Life and Business

19/01/2021

With workers around the world set to continue working from home, employers and IT departments are scrambling to optimise efficiencies in every pocket of their tech stack. One of the core pieces of the puzzle includes choosing the best software for virtual team discussion.

With plenty of quality options available, one of the most difficult challenges imposed on IT departments and decision makers can be in deciding which one to adopt into their business, especially before investing time, money and critical staff efforts towards embracing any new application.

Tap the link to read our discussion on viable options for your organisation.

www.linkedin.com/pulse/virtual-team-chat-which-best-brett-jackson/

15/01/2021

“I’ve missed more than 9,000 shots in my career. I’ve lost almost 300 games. 26 times I’ve been trusted to take the game winning shot and missed. I’ve failed over and over and over again in my life and that is why I succeed.”

- Michael Jordan, NBA Legend

14/01/2021

Setting up your Business Banking

If you're operating as a partnership, company or a trust, you must have a separate bank account for tax purposes.

If you are operating as a sole trader, you don't have to open a business bank account, but it's a great idea to do so. It's important to keep business and personal expenses separate.

Book a time for a free discussion on how our team can help your business buy tapping the link below:

www.legupstartup.com.au/contact.html

12/01/2021

2020 Final Lessons Learned // Make hay while the sun shines

Countless individuals, families, SMEs, corporates and Governments found themselves with severe liquidity issues during the year. With balance sheets likely to take a decade to clean up, many individuals and organisations were reliant on emergency funding sources as a means of survival.

This may have included those having to use a rare early access to one’s superannuation account, or in having to apply for Government income support benefits for the first time in their lives; all the way through to distressed corporations having to borrow funds at junk rates for emergency working capital.

The extent of this desperation could next time be cushioned by holding a prudent pool of savings, liquid investments and cash and cash equivalents for larger organisations; at the ready for a ‘rainy day’ or as aforementioned, the next Black Swan, whenever and however this may take effect.

Read on at: http://bit.ly/2020finallessons

09/01/2021

Virtual team chat software is about to become even more critical, with WFH arrangement set to continue strongly (a good thing) and second or third COVID-2019 waves currently raging in many parts of the world; sending office works scrambling back to their home offices.

Which one is best for you?

Click on the link below to find out:

With workers around the world set to continue working from home, employers and IT departments are scrambling to optimise efficiencies in every pocket of their tech stack. One of the core pieces of the puzzle includes choosing the best software for virtual team discussion.

07/01/2021

2020 Final Lessons Learned // Black Swans are still alive and well

Despite the world being more advanced than ever, with infinite levels of technology, intellectual capital and completed research; this year taught us that we are no more prepared than in past decades to deal with so called ‘Black Swan’ events.

Research teams, policy makers nor the likes of Artificial Intelligence, no matter how smart, had the foresight to predict that something as innocuous as a food market would place the world in a state of chaos. Investment markets, the real economy and our social lives as we knew it, were turned upside down in dramatic speed and with devastating effect.
From last year and to our first lesson, we should move into 2021 with a much deeper expectation of the unexpected.

Read on at: http://bit.ly/2020finallessons

06/01/2021

When setting up a new business, there's a lot of information you’ll need to consider.

We help give you a LEG UP when starting a business, to help ensure you understand important steps like:

✔️ Choosing a business structure

✔️ Registering for your Australian business number (ABN), goods and services tax (GST) and business name

✔️ Setting up record keeping and accounting systems

✔️ Ensuring you understand your tax and legal obligations

✔️ Arranging insurance

Get in touch on (03) 9964 8950 for more information.