Well the fun and relaxation of the holiday periods are slowly coming to an end, and we are getting back to the office. Personally, I am excited for the challenges and opportunities that lay ahead. My challenge is to provide unprecedented value and resources for the small business who are my clients and help them meet their goals.
In terms on compliance, thankfully the regulatory bodies have also been on holidays. So what has changed in 2015?
· The minimum award pay for Apprentices has decreased in some awards. Please check the award here when doing new hires.
· The prescribed earnings amount which influences our child `support payments is indexed. In English, it means the amount of child maintenance paid or received may change slightly.
· The medicare safety-net threshold resets, meaning we have to pay our out of pocket medical expenses in full until we reach the threshold again.
· Our private health insurance annual thresholds also reset so that we can get new glasses and visit the dentist.
· The ATO are a little generous and give us until 23 February to lodge and pay for our quarterly BAS’s.
Internally, this is a great time to set new targets and budgets. Challenge yourselves and see what you can do. To really get the ball rolling, do some staff appraisals. This inevitably involves the pay rate discussion, but you can also use it to inspire and set challenges. As Dan Pink explains, to get more quantity pay more, if you want more quality offer autonomy and learning opportunities. Set some targets for you and your staff and see what comes of it.
A fresh start in 2015 can always be facilitated by archiving old information. By now your tax returns are likely completed and you have electronic records of everything you need, so get the boxes out and archive 2014. Create some space to work and reduce the clutter, it is amazing how good this feels. In addition, you no longer need to keep documents over 7 years old (with some exceptions), so lose them too.
A stock take may also be refreshing, not so much to count your stock, but to look at what is selling, what is not? Throw out obsolete stock as customers appreciate less clutter also. Consider if your customers needs have changed, have the fashions changed? Are you keeping up with industry standards? Are you leading?
Aside from your BAS, The end of the FBT year is 31 March. Do you need to make any adjustments; reimbursements etc…. talk to your accountant and check. It can’t hurt.