Blackburn Accounting

Family Business

Behind and at front of a family Business are the family members, the driving force of success. It is this performance, investment of self along with family unity, pride and loyalty to the Business that achieves the best results. This is often described as socioemotional wealth that contributes to overall performance and results. A positive harmony of relationships.

But this harmony sometimes goes off key. Family Businesses become management nightmares, with conflicting missions of making a profit and providing jobs for family. For example, problems arise when family are underperforming at the expense of the Business performance.

What happens when relationship dynamics are not dynamic. How do you deal with under-performing, uninterested or unenthusiastic family or relatives? And What to do if rules are not adhered to, or relationship lines become blurred or overstepped!

What to do! Get back into tune by adopting some sound ‘people’ management techniques.

Firstly, let's look at performance, what influences and determines it. The top 4 factors are:

Company culture
Employee engagement
Performance management
Dealing with people problems

Company culture sets the framework. This is an agreed Mission statement and vision for the future that underpins the organisation. It is the shared values, behaviours and attitudes that make up a work environment and aligns with company branding and messaging. Culture is what creates the day-to-day experience at a company. The key is getting everyone on the same page.

Employee engagement. Whether employing outside recruits or family members, fair and equal processes and systems must be in place. Appointment on skill and merit is vital, supported by appropriate training as needed for all employees. Nepotism is a weakness of family businesses when those not qualified are selected or promoted, causing inefficiencies or resentment.

Tax
Business

2024 Budget

It's out!

Here are highlights from this month's Federal Budget 2024-25 announcements.

Checkout what they mean for you and your Business.

The instant asset write-off policy has been extended for another year. This allows Businesses with a turnover below $10 million to an immediate deduction of $20,000 per eligible asset.
The Budget also sets aside $641.4m over the next financial year for ‘targeted support’ to small Business including the above initiative.
Includes energy bill relief of $325 to eligible small Businesses
Investment to deliver and expand the Digital ID System and
Building cyber resilience, providing free cybertraining for Small Business operators and their staff.
To help increase the number of Apprentices and Tradies includes funding for 20,000 new fee-free TAFE, VET, and pre-apprentice courses related to the housing sector, and $1.8 million to help fast-track assessment of potential migrants, that may have relevant construction-related qualifications.
The government has pledged to expand its ‘new energy’ apprenticeship scheme to encourage greater uptake.
Stage 3 tax-cuts from 1 July this year:Reduce the 19% tax rate to 16%; reduce the 32.5% to 30%; increase the 37% tax threshold from $120,000 to $135,000; increase the 45% tax threshold from $180,000 to $190,000.

Tax
Business

Taxes

Planning is at the heart of achieving the best results and outcomes whatever task, activity or goal you are pursuing!

Simply put, planning is deciding in advance what to do, how to do it, when and who should do it!

So, when it comes to managing your Business and personal financial affairs and tax obligations, doesn’t it make sound business sense to adopt a ‘tax planning’ strategy. If you are one of the smart operators, you have answered Yes!

Tell me more!

Tax planning is:

the process of analysing financial affairs from a taxation perspective, with the aim to achieve tax efficiency. That means arranging your affairs, (your financial plan) and functioning to keep your tax to a minimum within the intent of tax laws. Be aware of tax schemes outside the bounds of the law will attract ATO attention.
an important process that benefits Businesses to plan for their tax requirements. For example, by using deductions to reduce the total taxable income, such as structuring salaries and appropriate business planning.
proactive planning and structuring all about flexibility, whether you are an existing Business, starting new, thinking retirement, or overseas opportunities. The right fit, structure and ownership model influence many areas, including tax planning and regulatory compliance, asset protection, wealth creation through business, growth and succession.
compliance with statutory and regulatory reporting requirements.

Business

Leader

We know leadership is the action of leading a group of people or organisation and we know also there are differing leadership styles. Likely you have experienced this or relate as a Business leader, CEO, Manager or team member.

We know too that leaders come in all shapes, sizes and abilities! Some excel while others fall short!

And it is for this very reason 'leaders' are sometimes caught in the spotlight for all the wrong reasons, whether in Industry, Sports or Volunteer roles. Descriptions include arrogance sometimes masked as confidence, dictatorships and out of touch. Sound familiar!

But there are those that standout and shine for all the right reasons.

It is well documented that leadership requires more than knowledge or experience.

So what does an effective, leader of substance look, sound and act like!

Qualities of Substance include:

Leadership that inspires greater commitment, effort and informed action
Genuinely putting yourself in the ‘shoes’ of others
Having passion, dedication, humility and integrity
How you do things matter as much as reaching the end result
Work hard to accomplish things
Empowerment of others
Create an environment that values every team member

Business

Cartoon Family

Bluey, a talking dog, as 'bonza' as ‘football, meat pies, kangaroos and holden cars’, with the potential to become an iconic Australian cultural export, just like Crocodile Dundee!

Yes Bluey, an animated TV series about a Blue Heeler dog ‘family’, lovable characters born in Brisbane that has attracted and won international acclaim. Bluey has captured the world’s imagination and audiences of all ages!

You might ask ‘have we all gone barking mad’!

With such hype I had to find out for myself! And did so with the flick of the switch!

Bluey, the humble beginnings

Created by Joe Brumm in a Brisbane – based studio premiered on ABC 2018. The content format is accredited to the talent of the creator and a team of dedicated animators and designers.
A series about family life, with mum Chilli and father Bandit, caught in the frantic antics and adventures of daughters Bingo and Bluey.

Bluey the influencer!

The endearing nature of the characters, and storylines has developed a following, and audience's kids and adults alike, globally.

Storylines are relatable, emotionally charged reflecting experiences of everyday family life and parenting, the dynamics, ups and downs and challenges.

Episodes usually involve imaginative play, heart-warming moments and family bonding weaving life-lessons into the narrative, without preaching.

Brilliant Success Story