Reduce Fit-out Costs With Depreciation Deductions

Starting a new business can be quite daunting, particularly if you’re trying to do so within a strict budget.

On top of other initial start-up costs such as purchasing stock or merchandise, arranging insurance, budgeting for staff overheads and (if you don’t own the building) allocating funds to pay rent, there are often costs involved in installing assets to fit-out the new space before you can open the doors for business.

What commercial property tenants are often unaware of is that they are entitled to claim deductions in the form of depreciation for many of the assets installed during the fit-out of a property.

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Three Ways to Grow Your Business Using Twitter

Social media is heavily promoted by bloggers as a marketing must. For most B2B companies, Twitter is one of the most frequently used and often wrongly used social media channels. Below are three ways we use Twitter every day to improve our business.

1)    Listen closely to your customers

Most companies do a good job of listening to customers when they directly complain or message the business. It’s not enough in 2015 to do a good job of hearing direct messages. You can learn more from your customers by listening to everything they’re saying. When you find a customer on Twitter simply add them to a list. (We called ours simply #ourclients) By occasionally reading this list we are able to predict what clients may want from us before they tell us. We’re not mind-reading just paying attention.

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How to Get Rid Of Unnecessary Internal E-mails

Do you wish you could get more e-mails every day?  I didn’t think so!  Today I would like to share with you a simple strategy on how you can get back control.

I remember a couple of years ago I was about to deliver a keynote presentation when the CEO of the company asked if it would be OK if he could quickly make an announcement.  Well it didn’t turn out to be announcement, it was more like a full on rant!  He walked onto the stage looking a little disheveled and in his hand he had a whole pile of paper, no actually it looked like a ream of paper.  He went on to explain that this was all the e-mail correspondence he had received with regards to one particular project that he wasn’t even involved in! It also turned out that this was a minor project!  What had been happening is everybody had cc’d every single person they could think of who was even remotely involved in the project on any correspondence!

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A complete Depreciation Checklist for Commercial Property Owners

With the end of financial year upon us, commercial property owners are encouraged to arrange a tax depreciation schedule and claim what could be thousands of dollars in depreciation deductions.

Australian Taxation Office (ATO) legislation allows the owner of any income producing property to claim depreciation in two ways, as capital works deductions or depreciation for plant and equipment assets.

Capital works deductions

Capital works deductions apply to the structural elements of a building such as:

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These deductions are based on the historical costs of the building and with the exception of traveller accommodation can only be claimed on commercial buildings in which construction commenced after the 20th of July 1982. Capital works deductions for traveller accommodation can be claimed on buildings in which construction commenced after the 21st of August 1979.

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How Your Entrepneurial Journey Can Empower Your Children From an Early Stage

Setting on this start-up journey after the birth of second child meant dealing with constant worries about my parenting commitment, business challenges like any other parent. There are many articles written about how parenthood can help you with entreprenuership or make you an efficient employee, but there wasn’t much satisfactory information about reverse effect on our kids.

Guess, I didn’t have to wait long to find out. Recently I met with few mothers who run their own business and got the opportunity to discuss the impact of their business journey on their family / children. So this article is a summary of these conversations and my personal experience with my little ones.

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7 Legal Essentials for Business Online: Part 6 – Anti-Spam Compliance

Anti-spam rules apply to telephone messaging as well as emails. Anti-spam is not just about bulk messaging. It only takes one text message or one email to be found liable for breaches of anti-spam legislation.

If you have a new business and you don’t use one of the common auto-responder or CRM services like Aweber or SalesForce then you might not be complying with anti-spam laws. If you are non-compliant and there are enough complaints made against you, your text or email system can be blocked or cancelled and your whole method of communication disrupted.  Do you want to be blacklisted and lose the trust of your newest customers before you even get a chance to show them what you’ve got?

Being anti-spam compliant is so EASY I am constantly surprised at the businesses that don’t get it right.

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Claim depreciation for older commercial investment properties

One of the main reasons commercial investors continually fail to take advantage of the depreciation deductions available from their property, is because they believe their property is too old to warrant making a claim.

According to Bradley Beer, the Managing Director of BMT Tax Depreciation, this myth needs to be dispelled.

“Often investors make the mistake of thinking they will not receive deductions for an older property due to the date restrictions the Australian Taxation Office (ATO) place on claiming the available capital works allowance. The reality is that any property, no matter how old the building is, will entitle its owner to valuable deductions in the form of depreciation. This is because the owner is also entitled to claim depreciation for the plant and equipment assets contained within the property,” said Brad.

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7 Legal Essentials for Business Online: Part 5 – Website Terms and Conditions

If you’ve been following this series of articles you’ll be aware that terms and conditions have been mentioned a couple of times in different contexts, and there is good reason for that. Creating an online business allows you to interact with people all over the world. You no longer have the relative security of watching someone walk through the front door of your store and being able to make a judgment about how you want to behave with them, and how you might expect them to behave.

In an online environment the space is open and accessible 24/7 and you don’t necessarily get to check out your customers before they go to buy. The beauty of being online is that you get to set your own rules, within the context of the laws you chose to apply to your website.  How does this work in practice?

If your business is here in Australia you don’t really want to get involved in a dispute somewhere the other side of the world. You particularly don’t want to get dragged into a court proceeding that is in America, where ridiculous damages claims appear to be the norm. As an aside, did you know that New South Wales is the second most litigious state in the World, behind California?

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Time Management Tips for Small Business Owners

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Time is money, as they say in business circles. How you spend your time in order to be as productive as possible will determine, in part at least, how successful your business is going to be. If your business is mismanaged, on the other hand, you run the risk of failing entirely.

That’s how important time management is. After all, how can you expect to manage a bigger business when you cannot even handle the rigors of overseeing a small-sized enterprise? In any case, here are some excellent tips that you can use in managing your time with your business properly.

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Tomorrow Starts Today (And Three Other Time Saving Tips)

At one time I was running four successful businesses. At once.  I get a lot of business questions: how much should I charge (as much as you can), is SEO worth it (of course) and will this ever get easier (I hope so!)  But easily the most frequently asked question was “how do you have so much more time than I do?”

To be hyper-efficient takes time and dedication. However, below are a few of my top tips to get you started on your path to more productive work.

 1. Tomorrow Starts Today

Tomorrow’s productivity is highly dependent on how you finish today.  The last 30 minutes of your day should always be spent preparing for tomorrow and the rest of the week.  What work is outstanding? What are the three most important things for you to get done tomorrow? What can you knock off early in the morning when you first walk in?

We all know the lesson about putting the big rocks in the jar first so that the rest fit, right? Don’t forget it. Every day should start with the biggest project you need to work on or finish.

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