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Advice from Outside the Square

The Square Orange Blog

Tax Updates for July 2019

ATO will inform certain tax agent clients their information is "Tax ready"

If tax agent clients' employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know:
  • their end of year payment summary (income statement) has been marked by their employer as "Tax ready" and can be used in their tax return;
  • if they have more than one job, their other employers may still need to provide them with a payment summary;
  • they need to include all income in their tax return;
  • they can access their income statement in ATO online services through myGov, or the tax agent can give them the information;
  • they do not need to give the tax agent their personal myGov login details to access their information.
  • If tax agent clients do not already have myGov accounts, the ATO says agents should let them know they do not need one for the agent to lodge their tax return. Tax agents can access their employment data and lodge for them...
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How To Write Your Own Business Plan

If you own and run a small business, you must know the feeling where you finish a hard day at work...and wonder how that could possibly have got you closer to your ultimate goal? It is frustrating because all of us started our small businesses with a clear purpose in mind. It may have been to "be our own boss" or to "invent a better mousetrap" or to "provide a balanced lifestyle for my family." But somewhere along the way, we went off track and now, all we do is go to work just to work hard! How can we get back on track on a day to day basis? (more…)...
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How Does Your Business Handle Mistakes?

Mistakes happen all the time, and they happen in businesses every day. These mistakes can range from how a customer complaint is handled, or how an order is fulfilled, to mistakes in book-keeping or orders, or just plain misunderstandings on how something should be dealt with. I'll bet you that you can think of a few off the top of your head. Mistakes can be small and meaningless or huge and catastrophic. But even if you think small mistakes can be ignored, how you handle these small daily mistakes gives you an insight into how your business can handle the more serious kind. (more…)...
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How To Become A Resilient Small Business Owner

This week, I was reminded how stressful owning and operating a business can be. A friend had a stress attack that seriously stopped him in his tracks. His doctor said that it could have led to a heart attack from the stress it put on his body's systems. Now, I’m not saying that it was caused by something in his business, but I know he works hard in the business, always looking ahead and thinking about his team, the business key indicators, and on how to improve the business. What I am saying is that for all of us, business is stressful. As business owners we owe it, not only to ourselves, but to our families and loved ones, and to those who depend on us, to stay healthy and resilient. At the end of the day, resilience is about mental flexibility and the ability to adapt to change and uncertainty. How do you do that? Incorporated into our mental flexibility is the mental capacity to understand what you can control, and what you can’t. First, understand what you can control, and what you can’t. Solve issues that you can control. The best way to do this is to act strategically rather than one issue at a time....
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