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If this was a Superhero story you might say Technology is a hero, the 'good guy' fighting and striving’ to provide many ‘good’ benefits for mankind, including a better tomorrow. It has the power to change the way we do things and already is and has!
Technology, on a daily basis influences how we work, live and play, communicate, commute and create.
But there is the other side! the Bad and Ugly!
Can you believe it is mankind itself through misuse or abuse that is more likely to cause adverse effects, the negative, darker side!
Simply put, how we choose to use Technology will help or harm us!
The Good
On the good side we are better connected, informed and alive with the adoption of technological tools.
The benefits:
- improved communication systems
- improved business agility
- no digital boundaries allows Business to operate from anywhere at anytime
- automation and productivity gains
- shopping convenience
- increased revenue streams
- better learning and educational systems
- social connectivity
- support for working remotely
Every aspect of our lives is influenced in some way, as individuals and in Business in our communications, manufacturing, time management, transport, Health & Medical.
The Bad, the Ugly
For most, the bad and ugly side is Technology misuse.
- Technology produces and ‘spawns’ fake news and misinformation. ‘Fakers’ are more active and messaging so easily disseminated it is difficult to distinguish what to believe or disbelieve. This creates misunderstanding, skepticism and mistrust. Not a healthy environment.
- Scammers are out to get you. The digital technology created to improve and streamline many areas of our lives is being abused by scammers ready to fleece you of your money and identity. ‘Fake’ texts, emails and computer hacking pose major threats to our economy and wellbeing.
The ATO is urging small businesses that have overdue income tax returns, fringe benefits tax returns or business activity statements to take advantage of its amnesty to get back on track with their tax obligations if they have fallen behind.
The amnesty applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and runs from 1 June 2023 to 31 December 2023.
To be eligible for the amnesty, the small business must be an entity with an aggregated turnover of less than $10 million at the time the original lodgment was due.
During this time, eligible small businesses can lodge their eligible overdue forms and the ATO will then proactively remit any associated failure to lodge (FTL) penalties.
When forms are lodged with the ATO under the amnesty, businesses or their tax professionals will not need to separately request a remission of FTL penalties.
The ATO also encourage all businesses to lodge any overdue forms even if they are outside the eligibility period. Whilst forms outside the amnesty eligibility criteria will attract FTL penalties, the ATO will consider your circumstances and may remit such penalties on a case-by-case basis.
The amnesty applies to income tax returns, business activity statements, and fringe benefits tax returns.
It's a reminder the ATO has a number of areas and Taxpayers in its focus this year!
Included in their sights using a new data-matching protocol and cross checking system are;
- work related expenses,
- rental investment property deductions,
- private use of Business assets,
- cyptocurrency activities,
- ‘side gig’, second incomes gained, such as ‘influencers’.
Importantly don’t blur your deductions when making your claims!
Follow these 5 simple Steps to get the best, clearest and correct picture:
- Keep accurate records, logbooks and diaries
- Claim only work-related expenses, don’t mix private and company
- Adopt the revised fixed rate of 67cents per hour working from home
- Know and understand your obligations
- Contact Blackburn Accounting if you have questions or need professional advice
Technology, YES, it has redefined the way we do business and will continue to do so! It’s a fact.
Smart Small Businesses are getting on board adopting various technology solutions to harness digital transformation to support and enable Business growth and efficiency. If you are a Small Business owner, you can’t afford not to take-up what Technoloy offers, the benefits it brings to keep you competitive, by running your Business more smoothly and effectively.
Are you one of them!. Keep reading to find out more, why and how Small Business should take on Technology today!
Technology, is described as ‘the application of scientific knowledge for practical purposes, especially in industry.’ (def: Oxford languages).’ And no-one can dispute its application.
From the earliest beginnings of stone tools, fire and weapons to the present day with advances in artificial intelligence, virtual reality, blockchains and robotics, technology has continuously changed and transformed our lives.
It was Technology that came to the forefront as we sought answers to counter the impact of COVID. The pandemic fallout brought changes to how we did business, bought, sold and delivered. It reshaped how, where and when people worked. With lockdowns and restrictions Online digital operations became the norm. Going forward, these practices along with technological developments are the new world order.
5 Reasons Why Every Small Business should take on Technology today
- Tech plays a crucial role in redesigning and reinvigorating a Business
- Tech can save you time, money and effort by streamlining systems & processes
- It takes the hassle out running day to day Business operations through more efficient data collection and analysis, offers better customer support and improved organisational infrastructure
Most importantly, what are the lessons learned from the pandemic to better prepare us for future challenges.
Read on for our Top 6 Lessons Learned.
In reflection, the changes brought about by COVID, saw small Businesses forced to learn some hard lessons very fast to counter the devastating impact. Some survived and thrived, and some didn’t. The common thread is that Small Businesses learned some lessons that they need to apply going forward to brace for the next ‘unexpected’ challenge. We also saw the Australian Government provide Grants and Supplements to help support businesses during this period.
But to look to the future let’s first capture a glimpse of the ‘past’ world, major events that influenced and shaped us!
Pre COVID and post WW2 Australia was embraced by migrants escaping war-torn Europe looking for a better life. The 1960’s brought growth and prosperity, a mining boom in WAs north, a housing boom, Holden cars and employment opportunities. With few major fluctuations it was a stable environment, providing certainty.
This lasted over the decades although housing booms and busts created interruptions.
Between August 1968 to May 1989, Australians saw the average mortgage rates rise from 5.38% to 17%. Then followed the 1990’s Recession we had to have according to the then Treasurer Paul Keating. This followed the stock market collapse of October 1987, caused by the international recession and high-interest rates.
In the years leading up to the GFC (2007-2009), economic conditions in the United States and other countries were favourable. Economic growth was strong and stable, and rates of inflation, unemployment and interest were relatively low. In this environment, house prices grew strongly.
The global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems between mid-2007 and early 2009.
Australia didn’t experience a large economic downturn or a financial crisis during the GFC due to several factors, including the relatively strong performance of the Australian economy and financial system. However, the pace of economic growth did slow significantly, the unemployment rate rose sharply and there was a period of heightened uncertainty.
2019: the world as we knew it changed dramatically. COVID 19 a viral infection emerged and spread throughout the world with devastating effects, reaching Australia in January 2020! The rest is history!
COVID a Wakeup call!
If so, how prepared are you and your Business for the next major challenge or sudden unprecedented crisis?!
Ask yourself, how prepared am I to make critical decisions to respond to the effects of climate change, world population growth, fluctuating economic cycles, energy supply disruption, workforce instability, Technological changes, and Artificial Intelligence advancements, to name some.
To answer, let’s consider ‘lessons’ learned from the COVID pandemic fallout. Words that come to mind include Resilience, Flexibility, Creativity, new Mindset and Adaptability. Thinking and acting differently, changing direction and behaviours. Nothing is the same, it’s not Business as usual!
To be stronger and better placed Businesses can adopt strategies, such as;
6 Top Lessons Learned Strategies:
- Be prepared: by planning for the hard times, both financially and operationally. Don’t take things for granted, the unexpected can and does happen. Conduct a thorough risk assessment. Keep your Business model agile and flexible to better respond and adapt to changed circumstances and facing uncertainty. Recovery and continuity need to be part of your strategy.
- Build resilience: Develop and support human capacity and capabilities. Work with your staff to provide and maximise resources, offer flexible working arrangements and social interaction opportunities. Stay connected, whether face to face or digitally. Build and bond with your Team.
- Strengthen your Business model: by creating more and different revenue streams. Don’t let your Business stagnate, always be looking for new ideas, products and ways of doing things. Explore digital platforms to promote, sell and engage. Reach existing customers and find potentials thru social media.
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