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Is it time for a mid-year check-in? Making time throughout the year to review and reassess the goals you set at the beginning of the year is just as important as setting the goals themselves. Now is the perfect time to reflect on what you’ve achieved to date and determine whether you’re still on track to achieving some or all of them or whether you might need to readjust the goal posts a little.

With interest rates continuing to rise, reducing your mortgage interest rate can be a great way to save money so you’re not out of pocket and can keep or invest more of what you earn. Here’s a four step plan that may help you decrease your interest rate and reduce mortgage repayments. 

Retirement is a major milestone in life, representing the end of years of hard work and dedication. It’s a time to enjoy the freedom to pursue your passions and interests without being tied to a work schedule.

The tax cuts introduced from July 1 and other changes may mean it’s time for a review of your current tax, super and investment strategies to make sure you’re maximising the benefits.

The Australian Taxation Office has provided a heads-up about the areas it will be focussing on when reviewing tax returns this year.

As the financial year draws to a close, it's the perfect time to review your financial affairs and set the stage for a successful new financial year. By taking care of essential tasks and implementing strategic planning, you can position yourself for a smooth transition and a strong start for the year to come.

While running a small business can be incredibly rewarding, it also has its challenges. It’s common to feel that it’s a 24-7 job, one that can take its toll on your physical and mental health so it’s important to look after your number one business asset – that face you see in the mirror every morning. Most businesses run on pretty tight margins which mean there’s very little extra capacity. If someone takes leave, is away ill or resigns, guess who generally has to step in? If there is a lack of resources for certain roles or tasks, chances are the business owner will get involved. It is commonplace for small-business owners to be working long hours, struggling to achieve life work balance and feeling that it all rests on their shoulders. And it’s not just internal pressures within the business that can cause pressure, small businesses often bear the brunt of a turbulent economy. Throw in a series of interest rate rises, increasing inflation and economic uncertainty, and you have good reasons why a number of small business owners might be feeling pressure. Small business owners and mental health Given that business performance is so closely linked to an individual’s financial security, personal identity, and sense of self-worth, it’s no surprise that small business owners are particularly vulnerable. A recent survey confirmed how common it is for small business owners to experience issues with their mental health. In fact, more than half (56 per cent) of small-business operators say running their own business has led to feelings of anxiety or depression.i Given how common it is to experience these issues as a small business owner, it’s a sad fact that many don’t prioritise their own happiness and health. While 61% acknowledge there is more they can do to improve their wellbeing, one in three (30%) find it difficult to talk about it - and get support.ii With that kind of gap between acknowledging the importance of self-care and actually making it happen, small business owners need a hand to be at their best. There are a number of ways you can get your wellbeing back on track - and get support to do so. Prioritising your wellbeing Running a successful business means checking in regularly and managing the health of the business – looking at factors like revenue, sales, costs etc. Adding in some checks for your health and wellbeing can help you make your wellbeing a KPI. Think about what good mental and physical health means to you and how you are tracking as far as the general things we all need to do to maintain optimal health. How much sleep are you getting, what are your eating habits like, do you have any time for exercise, have you any unhealthy behaviours or habits you’d like to address? Prioritise what matters most to you When you are time poor, something has to give - and often it’s your wellbeing. Place a priority on the things that matter most to you. Try to be ruthless and cut out unnecessary tasks or those that can be delegated or outsourced. Scheduling ‘me’ time the same way you schedule time for the business can help make self-care happen. Block out time for important activities including breaks away from your desk. Try to maintain some separation between work and your personal life and ensure you have breaks and tactics to “unplug” mentally and physically from the 24/7 demands of running a business.  Seek support Support can involve industry groups, networking with peers to discuss issues you have in common or seeking assistance from trusted advisers. There are also a lot of organisations geared up to provide support. State Governments provide different support programs you can access. The Federal Government also offers NewAccess, a free and confidential, guided mental health coaching program delivered by Beyond Blue to help small business owners.iii Making your own health and well-being a priority can seem like an impossible notion when you are under the pump but making some tweaks to support your own health can help, not hinder, productivity and business success. i https://insidesmallbusiness.com.au/management/planning-management/over-half-of-small-business-owners-experience-mental-health-issues ii https://www.myob.com/au/press-releases/myob-research-finds-mental-health-both-immediate-concern-and-difficult iii https://business.gov.au/risk-management/mental-health/mental-health-and-wellbeing-support-for-business

Talk to your accountant – to help you solve your business problems and find opportunities for growth. Sign up for business events – networking is such an underrated tool for business growth. You can meet new potential customers, gather some great advocates for your business and also learn and train. Check out your local chamber of commerce or TSBE. Apply for a grant - Applying for a government grant or program can offer support or funding to help you research, expand or find new ways to improve or grow your business. Consider changing your business structure – As your business evolves, you may also have to consider a business restructure. Restructuring can help you to be more profitable, improve processes and adapt to the changing needs of your business. Research the market – Learning about what your customers need and how to get your brand in front of them is a great way to expand your business. Review your financial position – cashflow is still king. Check your income and expenses regularly, review unnecessary expenses, do another stocktake, is it time for a price increase? Find new tenders and contract opportunities - Finding new tenders and contracts is a great way to grow your business. There are databases, tools and support networks available to help businesses find, apply for and secure tenders and contracts. Expand your online presence - Make sure you’re doing everything you can to reach your customers. Maybe you need to add a new section on your website or create a profile on a new social media platform – what worked a few years ago might not be right for today’s digital landscape. Review your policies and procedures - Make sure you’re running as efficiently as possible by reviewing your policies and processes – on everything from risk management to recruitment. Hire the right people – As business grows, so should your staff, but ensure you are recruiting the right people for the right job and assess the impacts, costs and obligations involved. This article has been sourced and adapted from the Australian Government website: https://business.gov.au/news/10-ways-to-grow-your-business-in-2024?utm_source=bga_newsletter&utm_medium=email&utm_campaign=bga_newsletter_20240326&atid=c677bbb71ab8350f

Treasurer Jim Chalmers has high hopes that his 2024 Federal Budget will rein in inflation earlier than expected, ease cost-of-living pressures and build a stronger economy in the future.

Major tax cuts were the centrepiece of the Albanese government’s third Federal Budget, even though the changes have already been announced and legislated. Small businesses can breathe a sigh of relief, with the popular $20,000 instant asset write-off hanging on for another year and a valuable bill rebate on the way to help with the burden of high energy bills. Tax cuts for everyone From 1 July 2024, all 13.6 million Australian taxpayers will receive a tax cut, with the average taxpayer’s tax bill being $1,888 (or $36 a week) lower. Under the new rules, the lowest tax rate reduces from 19 per cent to 16 per cent, with the 32.5 per cent marginal tax rate reducing to 30 per cent for individuals earning between $45,001 and $135,000. The current 37 per cent marginal tax rate will be retained for people earning between $135,001 and $190,000, while the existing 45 per cent rate now applies to income earners with taxable incomes exceeding $190,000. Low-income earners (under $45,000 p.a.) are the biggest winners from the changes. A single taxpayer with a taxable income of $40,000 who pays $4,367 in tax in 2023 24, would have received no benefit from the original Stage 3 tax plan, but now receives a tax cut of $654. Boost for tax compliance On the revenue side, the Budget includes savings of $2.5 billion in tax receipt measures through a crackdown on the shadow economy, fraud, and tax avoidance. Taxpayers can expect the ATO to continue its recent tougher stance, with technology upgrades to enable better identification and blocking of suspicious activities in real-time and a new compliance taskforce focussed on recovering lost revenue and stopping fraudulent refunds. Foreign residents will pay an additional $600 million over the next three years due to strengthening of the capital gains tax rules applying to this group. Law change for old tax debts However, one controversial measure, labelled ‘robotax’ by the media, may be abandoned, according to the Budget papers. The ATO had been calling in historical tax debts, some accrued more than a decade ago, saying it had no choice under current laws. But the government now intends to change the tax law to give the ATO discretion about whether to collect the individual, small business, and not-for-profit debts. Instant asset write-off retained The deadline for the $20,000 instant asset write-off will be extended to 30 June 2025, allowing small businesses with annual turnovers of less than $10 million to immediately deduct eligible assets. In addition, $23.3 million will be spent boosting adoption of eInvoicing to help improve small business’ cash flow and productivity. Relieving energy bill pressure Direct relief for small business energy bills will come in the form of a $325 rebate, while there will also be new funding for reforms to help businesses find their best electricity contract. Assistance for smaller entities With trading conditions remaining difficult, small business will receive $641.4 million in new targeted support. This includes $10.8 million to extend both the NewAccess for Small Business Owners program providing free mental health support and the free phone-based Small Business Debt Helpline. An additional $25.3 million will be provided to expand the Payment Times Reporting Regulator and help improve payment times. Nuisance tariffs abolished From 1 July 2024, 457 nuisance tariffs will be abolished by the government to cut business compliance costs. New funding to expand the government’s Digital ID system is designed to lower the administration burden for small businesses storing identification data on their customers and employees. Anti-money laundering crackdown The Budget includes $168 million over four years to pay for reforms to Australia’s anti-money laundering and counter-terrorism financing regime. Tighter rules are expected to result in lawyers, accountants and real estate agents being required to undertake due diligence on their customers and report any suspicious activities. Information in this article has been sourced from the Budget Speech 2024-25 and Federal Budget Support documents. It is important to note that the policies outlined in this article are yet to be passed as legislation and therefore may be subject to change.

It’s a risky business being in business for yourself, so knowing how to identify and manage risk is an important part of running a thriving business.