Blog
On 9 May 2023, as part of the 2023–24 Budget, the Australian Government announced it will improve cash flow and reduce compliance for small businesses by temporarily increasing the instant asset write-off threshold to $20,000, from 1 July 2023 until 30 June 2024.
This measure is not yet law.
Small Businesses, with aggregated turnover of less than $10 million, will be able to immediately deduct the full cost of eligible assets costing less than $20,000 that are first used or installed ready for use between 1 July 2023 and 30 June 2024.
The $20,000 threshold will apply on a per asset basis, so small businesses can instantly write off multiple assets.
Assets valued at $20,000 or more (which cannot be immediately deducted) can continue to be placed into the small business simplified depreciation pool and depreciated at 15% in the first income year and 30% each income year after that.
What are Routines and How Can They Benefit You
Routines are a sequence of actions that we do repeatedly. A series of activities performed regularly at a particular time, in a particular way.
Simply, a routine is a set of activities, actions and behaviours when implemented help shape, balance and maintain our lifestyle.
Examples are everyday activities, such as brushing our teeth, doing a daily morning run, or following office procedures.
A routine can be repeated as frequently as needed, daily, monthly, with the aim of helping us be more productive, organized and focused.
A daily work routine is a set of behaviours and actions aimed at accomplishing tasks in the most efficient way when undertaken regularly. The weekly shopping, taking the dog for a daily walk, or monthly Team Reporting Meeting, it’s about getting things done in an orderly and efficient way!
The Benefits of Effective Routines include:
- providing structure in our daily activities that can help in reducing stress, lack of concentration and anxiety.
- can help in times of uncertainty and unpredictability by giving us direction and meaning.
- helps reduce the need to plan on a daily basis by taking the guesswork out of what is needed to be done.
Rituals have been part of civilization for thousands of years with social rituals providing emotional comfort and belonging, group cohesion and to practice solidarity. Simply said, they shape and bind a society together.
This evolves by combining a sequence of 'ritual' activities involving words, gestures, actions and sometimes revered objects. Their purpose is varied and can include strengthening social bonds, supporting the emotional needs of followers or fulfilment of religious ideals or obligations.
Rituals do matter!
They influence our behaviours playing a part in our everyday lives, by providing purpose, direction and connection.
Just think about it! Most of us are creatures of habits, with regular rituals. For some, its a morning coffee and reading the paper, while others, such as sport stars, have rituals, routines and habits on game day to help them prepare. Births, Weddings, Funerals, Festivals and seasonal ceremonies are examples of social rituals we observe. 
It's no different in the Workplace there are existing rituals but there is the scope to create new ones!
- A workplace is described as a community of people working towards a common goal, and like other communities uses rituals to help build rapport, stay aligned, and improve motivation.
- Workplace rituals designed to increase employee engagement when followed by the team have the power to influence and positively impact outcomes. Rituals boost company culture as they make employees feel more connected to their colleagues and the organization.
What are Workplace Rituals and Why do they Matter – The Benefits!
Workplace rituals include:
- gatherings, like Team Meetings
- award presentations
- Leadership Workshops
- birthday milestones
- ‘set’ Staff Friday lunch dates
Rituals matter because they can:
- shape, define and build company culture
- help during times of change and uncertainty
- boost focus and increase creativity
- help recognise your Team
- motivate and unite Teams to excel
- provide opportunities to come together
The Benefits:
- allow us to network
- interact with our peers
- share experiences
- build connections and relationships.
- to be part of and engage in a special occasion.
- foster organisational positive behaviours and citizenship
Rituals have the power to positively impact the Workplace by:
It's a fact, that Australia’s economy was built on the passion and productivity of small Business, from the traditional ‘family-run’ corner shops, pubs, cottage industries, farming and more.
With its unique features, the ability to adapt, along with flexibility, creativity and innovation and some risk-taking Small Businesses' have contributed to the economic health and wealth of our society.
In essence, Small Business has been an essential part and backbone of our nation providing a critical source of employment and economic growth that has served us well. And continues to do so!
With recent calls from Federal Treasurer Dr Jim Chalmers for improvement in productivity what better time to consider your Business’s productivity performance and potential for growth?
What is P for Productivity! What Does it Mean and Why is it Important for Your Business
Productivity in business is a measure of economic performance that compares the amount of goods and services produced (output) with the amount of ingredients (inputs) used to produce those items. Simply put, ‘the measure of production efficiency’!
Why is Productivity Important?
It is important to us all, as workers and consumers, Business owners and Government policymakers as it shapes our economy’s welfare and ability to support generations now and in the future. At a national level it captures an economy's ability to harness its physical and human resources to generate output and income.
- Productivity means how much you produce by the number of employees or hours worked.
- Productivity growth is described as the process by which people get more, (greater profits & higher wages) from less (less effort, fewer resources, fewer hours at work), overtime.
Many factors affect productivity growth, such as; technological improvements, economies of scale and scope, workforce skills, management practices, changes in other inputs (such as capital), the stage of the business cycle and competitive pressures.
Productivity in Small Business can make it or if lacking can break it!
Being more productive helps grow your Business because it increases profitability, and who doesn’t want the benefits that provides.
6 Tips to Increase Productivity in the Workplace:
- Create a Culture of Productivity
- Aim for Achievement
As we embrace the new frontiers of AI and consider the pros and cons it is timely to remember that Technology has advantages when used for positive purposes!
Already AI has found many applications in our world today, often in such subtle ways that it goes unnoticed, despite its widespread use. From Smartphones, security cameras and the invisible algorithms that control our Internet devices our lives have been transformed for the better, providing greater ease and convenience.
It’s been adopted across Industries such as Finance, Retail, Transportation and Healthcare and into processes, products and services as a tool for improving efficiencies and solving complex problems.
With the progress and surge of rapid advances in Technology you may be asking how does and will they affect me, my Business! Could we, will we be taken over by robots and avatars!
Let’s get started by getting to know more about AI!
What is AI?
AI is a branch of computer science dedicated to creating computers and programs that can replicate human thinking. In simple terms, AI, Artificial Intelligence is the simulation of human intelligence processes by machines, particularly computer systems. Specific applications, components, include natural language processing, speech recognition, expert systems and machine vision.
How does it work?
AI systems generally work by ingesting large amounts of labeled training data, analyzing it for patterns and correlations, then using those patterns to make predictions about future states. Chatbox is an example that if fed the information is creating realistic images, text boxes and music.
Why is it important?
It has the potential to further change our lives and has been used effectively in Business to automate tasks undertaken by humans, such as, quality control, customer service work and fraud detection. Where the task is repetitive, and detail orientated its capabilities include completing jobs quickly and with few errors when analyzing large numbers of documents.
Other advantages include unbiased decision-making and systems 24/7 availability.
AI Examples & Trends - How Businesses can improve and optimize their operations:
- Healthcare: uses AI to improve diagnosis and treatment of diseases and help Providers make more informed decisions.
- Enhance Customer service: Language translation to improve the customer experience such as Chatbox which provides quick and convenient assistance and support at any time.
- Software development: to create new products and services, such as AI powered digital assistants to help people with disabilities undertake tasks.
- Voice Assistants: Instagram and YouTube home pages use AI to create personalised content for their users.
- Automate routine tasks: Performs repetitive jobs quickly and efficiently, that are otherwise mundane for humans
- Streamline operations: AI can be implemented to improve productivity, reduce waste and enhance processes such as used in manufacturing to detect defects.
Issues, Disadvantages:
Your Accounting Partner
Your Management Accounting Partner
Your Expansion Engineer
Your Special Projects Partner