Business Advice

Taking your business online can have its benefits, but it can also increase the risk of scams and security threats. Follow our steps to help protect your business from cyber threats. A single cyber-attack could seriously damage your business and its reputation. 1. Back up your data Backing up your business’s data and website will help you recover any information you lose if you experience a cyber incident or have computer issues. It’s essential that you back up your most important data and information regularly. Fortunately, backing up doesn’t generally cost much and is easy to do. It’s a good idea to use multiple back-up methods to help ensure the safety of your important files. A good back up system typically includes: daily incremental back-ups to a portable device and/or cloud storage end-of-week server back-ups quarterly server back-ups yearly server back-ups Regularly check and test that you can restore your data from your back up. Make it a habit to back up your data to an external drive or portable device like a USB stick. Store portable devices separately offsite, which will give your business a plan b if the office site is robbed or damaged. Do not leave the devices connected to the computer as they can be infected by a cyber-attack. Alternatively, you can also back up your data through a cloud storage solution. An ideal solution will use encryption when transferring and storing your data, and provides multi-factor authentication for access. 2. Secure your devices and network Make sure you update your software Ensure you program your operating system and security software to update automatically. Updates may contain important security upgrades for recent viruses and attacks. Most updates allow you to schedule these updates after business hours, or another more convenient time. Updates fix serious security flaws, so it is important to never ignore update prompts. Install security software Install security software on your business computers and devices to help prevent infection. Make sure the software includes anti-virus, anti-spyware and anti-spam filters. Malware or viruses can infect your computers, laptops and mobile devices. Set up a firewall A firewall is a piece of software or hardware that sits between your computer and the internet. It acts as the gatekeeper for all incoming and outgoing traffic. Setting up a firewall will protect your business’s internal networks, but do need to be regularly patched in order to do their job. Remember to install the firewall on all your portable business devices. Turn on your spam filters Use spam filters to reduce the amount of spam and phishing emails that your business receives. Spam and phishing emails can be used to infect your computer with viruses or malware or steal your confidential information. If you receive spam or phishing emails, the best thing to do is delete them. Applying a spam filter will help reduce the chance of you or your employees opening a spam or dishonest email by accident. 3. Encrypt important information Make sure you turn on your network encryption and encrypt data when stored or sent online. Encryption converts your data into a secret code before you send it over the internet. This reduces the risk of theft, destruction or tampering. You can turn on network encryption through your router settings or by installing a virtual private network (VPN) solution on your device when using a public network. 4. Ensure you use multi-factor authentication (MFA) Multi-factor authentication (MFA) is a verification security process that requires you to provide two or more proofs of your identity before you can access your account. For example, a system will require a password and a code sent to your mobile device before access is granted. Multi-factor authentication adds an additional layer of security to make it harder for attackers to gain access to your device or online accounts. 5. Manage passphrases Use passphrases instead of passwords to protect access to your devices and networks that hold important business information. Passphrases are passwords that is a phrase, or a collection of different words. They are simple for humans to remember but difficult for machines to crack. A secure passphrase should be: long - aim for passphrases that are at least 14 characters long, or four or more random words put together complex - include capital letters, lowercase letters, numbers and special characters in your passphrase unpredictable - while a sentence can make a good passphrase, having a group of unrelated words will make a stronger passphrase unique - don't reuse the same passphrase for all of your accounts If you use the same passphrase for everything and someone gets hold of it, all your accounts could be at risk. Consider using a password manager that securely stores and creates passphrases for you. Administrative privileges To avoid a cybercriminal gaining access to your computer or network: change all default passwords to new passphrases that can’t be easily guessed restrict use of accounts with administrative privileges restrict access to accounts with administrative privileges look at disabling administrative access entirely Administrative privileges allow someone to undertake higher or more sensitive tasks than normal, such as installing programs or creating other accounts. These will be very different from standard privileges or guest user privileges. Criminals will often seek these privileges to give them greater access and control of your business. To reduce this risk, create a standard user account with a strong passphrase you can use on a daily basis. Only use accounts with administrative privileges when necessary, limit those who have access, and never read emails or use the internet when using an account with administrative privileges. Learn more about restricting administrative privileges. 6. Monitor use of computer equipment and systems Keep a record of all the computer equipment and software that your business uses. Make sure they are secure to prevent forbidden access. Remind your employees to be careful about: where and how they keep their devices the networks they connect their devices to, such as public Wi-Fi using USB sticks or portable hard drives - unknown viruses and other threats could be accidentally transferred on them from home to your business. Remove any software or equipment that you no longer need, making sure that there isn’t any sensitive information on them when thrown out. If older and unused software or equipment remain part of your business network, it is unlikely they will be updated and may be a backdoor targeted by criminals to attack your business. Unauthorised access to systems by past employees is a common security issue for businesses. Immediately remove access from people who don’t work for you anymore or if they change roles and no longer require access. 7. Put policies in place to guide your staff A cyber security policy helps your staff to understand their responsibilities and what is acceptable when they use or share: data computers and devices emails internet sites 8. Train your staff to be safe online Your staff can be the first and last line of defence against cyber threats. It’s important to make sure your staff know about the threats they can face and the role they play in keeping your business safe. Educate them about: maintaining good passwords and passphrases how to identify and avoid cyber threats what to do when they encounter a cyber threat how to report a cyber threat. 9. Protect your customers It’s vital that you keep your customers information safe. If you lose or compromise their information it will damage your business reputation, and you could face legal consequences. Make sure your business: invests in and provides a secure online environment for transactions secures any personal customer information that it stores If you take payments online, find out what your payment gateway provider can do to prevent online payment fraud. There are laws about what you can do with any personal information you collect from your customers. Be aware of the Australian Privacy Principles (APPs) and have a clear, up-to-date privacy policy. If your business is online, it’s a good idea to display your privacy policy on your website. 10. Consider cyber security insurance  Consider cyber insurance to protect your business. The cost of dealing with a cyber-attack can be much more than just repairing databases, strengthening security or replacing laptops. Cyber liability insurance cover can help your business with the costs of recovering from an attack. Like all insurance policies, it is very important your business understands what it is covered for. 11. Get updates on the latest risks Keep up with the latest scams and security risks to your business. Sign up for the Australian Cyber Security Centre's (ACSC) Partnership Program for access to up-to-date information on cyber security issues and how to deal with them. 12. Get cyber security advice Australian Cyber Security Hotline If you want to talk to someone about cyber security, the ACSC has a 24/7 Cyber Security Hotline. The hotline provides over the phone support to both prepare for and respond to cyber incidents. Learn more on the ACSC website or call 1300 CYBER1. Help for small businesses Australian small businesses can access individual support to grow their digital capabilities through Australian Small Business Advisory Services (ASBAS). The program offers small businesses low cost, high quality advice on a range of digital solutions including online security. You can also find non-government IT service providers or cyber security professionals by doing an online search. Tips to help you choose the right adviser Before you engage an adviser, it's important to be prepared and understand what your business needs are. Follow these steps to help you choose the right cyber security adviser for your business: Identify your business needs and what you would like your adviser to help you with. Our Cyber Security Assessment Tool can help you figure out what your needs are and give you a list of recommendations. Match an adviser with your business needs. Service providers can vary in the range and focus of cyber security services they provide. Use your business needs to match you with a relevant adviser. Ask questions and do your research. Cyber security experts should be able to provide references and proof that they are certified to do the job. Make sure your adviser is easy to contact. A cyber attack can happen at any time of the day so it's important your cyber adviser can respond to a cyber incident after hours. Ensure they understand your business. Some industries have specific requirements and regulations. Check that your adviser understands how your business operates and are used to dealing with businesses similar to yours. Ask your adviser what their plan is if something goes wrong. Will they work with you to develop a joint plan to activate in the event that you suffer a cyber security attack? Do they have a proven track record of getting a business through a cyber security incident? For more information visit www.business.gov.au

Our mission here at Business For Sale is to help you find the perfect Business to buy.This week we had 651 new businesses listed. Today we break down: Tips to save time searching Our latest magazine issue that got released in newsagents Plus some of the most interesting listings this week Hopefully your perfect business could be in this email…   Most Interesting Business For Sale this Week: Local Craft beer, Pizza and Cocktail bar! Established in 2015 in Hamilton, QLD this local bar has developed a loyal following with a mix of corporate and residential clientele. Price: $79,000 Creative Photography Studio in Sydney Full service photography studio in Sydney Northern beaches area. Price: $99k Honeys Bakehouse - Coming Soon Independently owned & operated Bakery in Perth, famous for vegan friendly range. Price: $265k Tyre Business in Country NSW For Sale Are You Looking For A Lucrative Business Opportunity In The Automotive Industry? $720k in profit. Price: $2.1m View all the latest Business For Sale listings near you New Print Magazine Released Business For Sale Magazine Find our latest issue in your local newsagent or read for free online here. This issue we explore franchises and businesses for sale plus how AI might affect franchising in the future. How to save time searching? Searching for a business can take hours and hours every day. But we are all busy and may have a full time job or other business. So we added a ‘Save Search Criteria’ option to all our search results. Now you can get emailed only listings that match your search. Search with the filters for your preferred category and location here. Click ‘Save Search Criteria’ at the top Create your buyer account and choose daily or weekly emails Your perfect business hopefully gets sent right to your inbox If you have any problems setting up your search criteria, let me know and I can help you set it up. Business For Sale around Australia Search Brisbane Business For Sale Search Sydney Business For Sale Search Melbourne Business For Sale Search Perth Business For Sale Want to sell your business? Sell my Business online. Create a listing from $249 +GST. Sell faster with no Commission. Start getting enquiries today. Till next Tuesday! Sam from Business For Sale

Use social media to market your business and connect with your customers. Learn about the different types and the pros and cons of using social media. About social media Social media is online communication that allows you to interact with your customers and share information in real time. You can use social media to: reach your customers better create online networks sell and promote your products and services. However, there is risk in using social media for your business. Tread carefully and learn both the pros and cons before you start. Benefits of social media for business Social media can help you engage with your customers and find out what people are saying about your business. You can also use social media for advertising, promotional giveaways and mobile applications. Social media can help your business to: attract customers, get customer feedback and build customer loyalty increase your market reach, including international markets do market research and reduce marketing costs increase revenue by building customer networks and advertising develop your brand exchange ideas to improve the way you do business recruit skilled staff, for example through job networking sites like LinkedIn increase traffic to your website and improve its search engine ranking keep an eye on your competitors. Disadvantages of social media Social media may not suit every business. If you launch your social media presence without planning, you could end up wasting valuable time and money. Disadvantages of social media include: needing additional resources to manage your online presence social media is immediate and needs active daily monitoring you may get unwanted or inappropriate behaviour on your social media site the risk of getting negative feedback, information leaks or hacking the risk of having false or misleading claims made on your social media (by your business or a customer). These claims can be subject to consumer law. For example, if a customer or fan posts misleading or deceptive information, particularly about competitor products or services, you might receive a fine. To avoid the risks, have a social media strategy with policies and procedures in place before you start. Types of social media Not all social media platforms will be right for your business. Save time and effort by choosing social media platforms that your target audience will use. Below is a brief guide to help you understand some of the options available. Social networking sites Job networking sites Blogs Micro-blog Video sharing sites Podcasts and vodcasts Social-news communities Private social network services Location-based services Create your social media strategy Doing the ground work before you start is critical to a successful social media presence. Develop your social media strategy to: create compelling content engage with your customers at the right time generate sales. A social media strategy describes how your business will use social media to achieve its communications aims. It also outlines the social platforms and tools you’ll use to achieve this. Follow your strategy and don't overwhelm your customers with unnecessary posts. Remain focused on reaching your specific goals and tailor your messages around these. For more information visit www.business.gov.au

Often businesses that are going to be sold in the near future can be identified by how motivated the seller is. Sellers that might be willing to sell, are those: Who are looking at retirement, or are ill, and need an exit. Owners that have been working in the business for a long time. Companies that are recorded in regulator notices which have poor financial performance and already have an administrator appointed. Companies that have already proceeded into liquidation. Companies or businesses looking for funding. Businesses that are going through changes, either with new leadership, new products or have just announced a  new strategy. To find a motivated seller Businesses: Look for businesses listed for sale in trading posts or magazines such as Australian Business for Sale. Speak to your accountant or lawyer they might have direct contact with motivated sellers. Network at industry events and get to know people Sharon RobsonAntler Legalwww.antlerlegal.com.au The following extract has been taken, in part, from the book, ‘Entrepreneur Know How – Mindset and Winning Steps for Buying a Business,’ written by Sharon Robson (Available through Amazon and select bookshops). See: www.entknowhow.com/the-bookstore/ 

Every ten years a new technology emerges alongside a group of strong advocates who boldly claim that it is going to change the world and radically shift the way we do business. However, the hype often leads to disappointment when adopting or scaling this new tech is revealed to be too challenging. Artificial Intelligence (AI) is one of the most talked about buzzwords in the business world today.  Many would link this to the release of ChatGPT in November 2022. The generative AI captivated and unsettled the general public due to its uncanny ability to create detailed written answers on essentially any topic, extremely quickly. While the direct commercial applications of a generative AI like ChatGPT may not be immediately apparent for franchise systems – there is a growing awareness within the franchising community that companies who successfully incorporate complex analytics and data-driven intelligence into their business have an advantage over competitors which do not invest in these capabilities.  AI represents an opportunity for franchise systems to streamline operations, improve their customer experience, and drive growth. It can also help franchisors and franchisees make better informed decisions.  Some areas where AI and machine learning can help franchise systems include:  predictive analytics  more efficient operations   increased marketing effectiveness One franchise which is notable for embarking on a significant digital modernisation journey to improve their internal processes and systems is Bakers Delight. The company moved in 2021 to adopt an AI-driven platform which would enable data to be captured and analysed more efficiently.  Through predictive analytics, Bakers Delight can more readily identify the likelihood of future outcomes based on present and historical data – thereby enabling them to make more informed decisions. Furthermore, with greater access to easy-to-understand data on the local level, franchisees can better manage their inventory, or gain insights into customer behaviour.  Another Australian company which is leveraging AI is Step One, a direct-to-consumer online men's underwear retailer. They have been using generative AI to turbocharge their marketing. Specifically, they have regularly used ChatGPT to develop dozens of iterations of copy for social media advertisements – with analytics providing real time feedback on the best performing version. The benefits of this marketing approach to a franchise system are clear.  Through these examples we can see how AI can be leveraged to improve commercial outcomes and reduce costs, however many businesses wishing to embrace this new technology are confronted with a deceptively simple question – ‘where do we start?’ First, your business needs to evaluate its current opportunities and problems. Once these are clearly understood, decision-makers must determine if AI can aid in problem solving or in seizing opportunities. AI should be used to support your business strategy, not be your business strategy. Second, internal stakeholders must be consulted so they can join your digital transformation journey. Long-term success with AI is driven by people, not technology.  Creating an organisational culture that celebrates failure as learning, promotes the acquisition of new skills, and fosters collaboration is essential. These will help create a mindset which views the embrace of new technology, such as AI, as an opportunity and not a hindrance.  Bringing franchisees on this change journey is critical. According to the Franchise Relationships Institute, the average tenure of a franchisee is roughly six years – while the average tenure of franchisor staff is only around three and a half years. As a result of this, franchisees can sometimes be wary of new initiatives from their franchisor.  This business tension must be navigated successfully if the full benefits of adopting AI are to be realised in your franchise network.  Once a decision to leverage AI has been made and stakeholders have bought in to the new direction, your business moves to the third step – implementation. True value does not come from just using a new technology. It comes from using new technology to reimagine and improve existing processes. Using new capabilities granted by AI, your business should seek to solve existing problems or to seize new opportunities.  Simply creating an AI-enabled twin of your existing processes will not drive significantly improved outcomes.  As the peak body for the $172 billion franchise business segment, which employs more than 565,000 people, the Franchise Council of Australia seeks to represent not only franchised small businesses, but successful businesses. A key part of this is ensuring that franchise systems are equipped with knowledge and skills that help ensure they are well positioned for the long-haul. AI technology is here to stay and franchise systems should actively consider leveraging this increasingly invaluable business tool. The Franchise Council of Australia is the peak industry body for the $172 billion Australian franchise sector. We represent franchisors, franchisees, business advisers and small-business owners who collectively employ more than 565,000 Australians. For more information visit Franchise Council of Australia website www.franchise.org.au

So you would like to buy a business, but don’t know how to select a business to buy?  One way to select a business is to examine the features of a business as well as your own characteristics to determine whether the business is an ideal target for you to acquire. Here are our 12 tips:   1.  Location Consider where the business is located. The business might be situated in a fabulous place where its customers reside, work or visit. Cafés, for example, are best suited where there is a large number of people to support them. Specialist doctors and surgeries are better located near hospitals.  When you are looking at the location also consider whether there is parking or customers can easy access the business.  While a business in a heavily populated area might be attractive, it might be difficult to reach if it is located on a main road with no parking or access for example.  But note, for some businesses, such as an online business which do not carry stock, the location might be irrelevant. 2.  Revenue and cash flow A business that has products, services or other revenue strategies, such as subletting the premises it is leasing, is viable, as it indicates that it has assets from which to source an income. However, the nature of that revenue source should be analyzed to ensure the income will not only continue following completion of the transaction but there is a regular cash flow which will help cover the obligations of the business after completion of the transaction.   3.  Profit A business that generates profit is viable, as it illustrates that it’s receiving more income from its revenue sources than what’s required to operate the business. Excess income can be recorded as profit and used to invest in other areas or be distributed to owners as income. However, proper  examination of the accounts should be made, given that sometimes certain amounts will not be included in the accounting records. If the owner has worked in the business for free, but if you require someone to operate the business after completion, this will reduce the profit recorded by the previous owner. 4.  Asset rich Acquiring a company or business that is asset rich, like owning property or plant and equipment, will enable you to leverage those assets, by either mortgaging the assets for a loan or selling the assets and using the cash. 5.  Skills and strengths A business that reflects your strengths, including your skills, interests, personal goals and objectives, or is in a sector that you understand, is an ideal target as might have an intuitive understanding on how to operate or direct the business and will likely be more successful compared to a business you are not interested in. 6.  Complementary and positioning A business that is complementary to any existing business that you might have, which fills any gaps in your current business and allows you to increase or change your market position is viable. A complementary business might be acquired to expand the customer list or to obtain products, services or software that enable the existing company to target alternative channels and customers. Sales can be increased by targeting similar customers and cross-selling to each company’s customer list, or by widening the range of services or products that are currently being provided. 7.  Competitive Acquiring a competitor may be a viable business as it can help reduce competition and increase market share. 8.  On-Trend A viable business should be on-trend and have a product or service that is wanted by the market. The demand must not only be current, but there should be potential demand in the future. Therefore, you will need to be aware of industry trends in the current market that can be seized upon. The product must not be at the end of its lifecycle, and there must be an ability to supply that demand. 9.  Motivated seller A business that has a motivated seller is attractive as it may be easier to negotiate terms in your favour. Look for characteristics in the seller, including age, retirement, or reasons the seller is no longer interested in the business. An owner might want to quickly dispose of their business, particularly if they are retiring, or no longer enjoy operating the business. However, just because the owner is eager to sell and might sell at a lower price, it does not mean that that business is viable. You need to understand why the current owner is selling the business. Are there any issues, like changes in legislation or demand or supply, that the owner is aware of which might impact on the business? 10.  Undervalued A business that is undervalued, but has some other upside can be attractive especially if you understand how to increase the value of the business after completion of the transaction. 11.  Distressed or in administration A business that is in administration or a distressed state may be viable providing the business has an upside. Such as being complementary to an existing business you own, or if it has valuable assets that you can utilize. The owners of a business that is in distress need to realize that in its current state, it only has minimal value. The owner may be amenable to entering into a transaction whereby you control the process, and on your terms, where the purchase price is paid in increments rather than one lump sum on completion.   However if the business is being overseen by an administrator, you might need to enter into and complete the transaction without completing as much due diligence as you would like.  It is also unlikely that the administrators will provide warranties, so you need to comfortable that there might be some unknown elements and risks in buying a distressed business. 12. Upside A business might not be profitable, but may have a combination of factors which make it a viable business. Look for a company or business to acquire, which even though it might have a negative aspect, it also has an upside.  For example: It is underperforming, but you can identify areas which can be improved. The sales are weak, but the product being sold is in a growing market. There are not many staff members to support the business, but it has robust systems that allow for automation. The business doesn’t have a strong brand presence but is situated in a good location. The business has longevity and is at least five years old. The above 12 tips identify features of a business and some of your own characteristics that may help target and narrow down your search - but deeper examination of the business is always required before you make your final purchase Sharon RobsonAntler Legalwww.antlerlegal.com.auThe following extract has been taken, in part, from the book, ‘Entrepreneur Know How – Mindset and Winning Steps for Buying a Business,’ written by Sharon Robson (Available through Amazon and select bookshops). See: www.entknowhow.com/the-bookstore/ 

Find out the common laws your new business may need to comply with, such as registrations, contracts, marketing and employment. When you start a business, you need to understand what laws apply to your new business. Consult a legal expert or business adviser to understand which laws you will need to follow. Business registrations If you conduct a business, you may need to comply with tax obligations. These could require you to register for: Australian business number (ABN) goods and Services Tax (GST) tax file number (TFN) pay as you go (PAYG) withholding. Other registrations that are optional include: Business name – if you want to trade under a particular name, you may need to register it. Trade marks - if you want exclusive rights to a business name, you need to register a trade mark. Website domains - if you set up a website, you need to register a domain name. Fair trading Fair trading laws ensure your business operates fairly and competitively. These laws also ensure that you inform and protect your customers. To make sure your business meets fair trading regulations, you need to consider: Fair trading laws Australian Consumer Law and your business Competition and Consumer Act Australian standards Codes of Conduct. When you sell products or services, you need to understand: Australia's trade measurement laws displaying prices product labelling secure card payments warranties and refunds. Contracts When you agree to do a job in exchange for money or some other benefit, you're probably entering a commercial contract. This contract is legally enforceable regardless of whether it is a ‘handshake deal’ or written agreement. Make sure you understand the contract before signing. Privacy laws If you collect and store your customers’ personal information, you must comply with privacy laws. These laws detail how a business must handle personal information, especially as it relates to direct marketing purposes. Use the Office of the Australian Information Commissioner checklist to help you determine whether you need to comply with the Australian Privacy Principles. Employment laws You have legal obligations when you employ people. Your obligations require you to: pay your employees correct wages abide by work health and safety (WHS) regulations and codes of practice ensure you have workers’ compensation insurance for each employee not act in a way that may seriously damage an employee's reputation or cause mental distress or humiliation comply with any working with vulnerable people or children requirements. Anti-bullying laws Bullying at work occurs when a person or group of people, repeatedly behave unreasonably towards a worker and put the worker's health or safety at risk. Harassment and bullying in the workplace has legal risks. If you employ people, be aware of the steps you can take to minimise your potential liability. Unfair dismissal The Small Business Fair Dismissal Code provides small businesses with a process to follow if they need to dismiss an employee. The Code applies to your business if you have less than 15 employees. Contractors You need to comply with different legal obligations when hiring a contractor or an employee. Make sure you understand the difference between a contractor and an employee. Franchising Code of Conduct All franchise businesses must comply with the mandatory industry code, Franchising Code of Conduct. Intellectual property Your business may have intellectual property (IP) it needs to protect. Before applying for your intellectual property right, you should do a comprehensive search to make sure that it isn’t already registered. You can register IP yourself or seek advice from legal professionals. Importing and exporting You must follow certain laws and permits before you import or export products. Understand your legal requirements of importing or exporting as part of your business operations. Environmental protections Federal, state and local governments jointly administer the environmental protection laws in Australia. As a business owner, you need to understand which laws apply to you. Marketing compliance You must comply with relevant regulations when marketing your products or services. These regulations ensure that you don’t mislead your customers. These regulations include laws on: advertising signage spam pricing licencing for using music in your advertising or even playing music in your business. Terms and conditions If your business operates digitally, you may need to include your policies on your website. The most common policies on websites include: Terms and conditions Privacy policy Returns policy. Terms and conditions help establish how visitors, users and customers use your website.  As your customers may not interact with you directly before purchasing a product or service, terms and conditions may act as a contract between you and the customer. For more information visit www.business.gov.au

We’re here to provide you with information to help you identify concessions you might be eligible for. There are many types of concessions available. The ones you can qualify for will depend on factors such as your company structure, the industry you’re in and your annual turnover. There’s lots to know about small business concessions; but to give you an example, you could be eligible to claim: some of the costs of setting up a new business, for example, professional services including legal and accounting and any government fees and charges you’ve paid an immediate deduction for prepaid expenses, such as your business premise lease or advertising expenses, where the payment covers a period of 12 months or less that ends in the next income year fringe benefits tax exemptions for work-related devices such as laptops and phones you provide to staff accelerated depreciation of some business assets used in primary production, such as water facilities and fencing. Capital Gains Tax (CGT) concessions allow eligible small businesses to reduce, defer or even disregard some or all capital gains from an active business asset. There are 4 kinds of CGT concessions you may be able to claim if you meet the eligibility requirements. You’ll need to keep proof in paper or electronic form for claims you make. The document format is up to you, but you may find electronic record keeping simpler and more convenient. You’ll generally need to keep documentation for 5 years. Remember, registered tax agents can help you with your tax. For more information visit www.ato.gov.au

Did you know that fuel tax credits change regularly? Here's how to get your claim right this quarter. Check you used the reduced rates that applied for fuel acquired between 30 March and 28 September 2022 (during the temporary reduction in fuel excise duty). If you didn’t use the fuel tax calculator, you may have overclaimed. For example, if you only used fuel in your heavy vehicle for travelling on public roads in this period, you weren't eligible to claim fuel tax credits. Fuel tax credit rates increased 1 February in line with fuel excise duty indexation. Apply the new rate to get more from your fuel tax credits. Remember, when you’re calculating fuel tax credits on your BAS: use our fuel tax credit calculator every time you make a claim you can easily fix errors and make adjustments on your current BAS always keep accurate records to support your claims. Registered tax and BAS agents can help you with your BAS. For more information visit www.ato.gov.au

A new year brings the possibility of doing things differently. Did you know that many small businesses are reaping the rewards of going digital? At the ATO we’re moving towards digital options for tax, super and employer systems and obligations. Here are some steps you could take now to start on your digital journey in 2023. One: Register for our online services ATO Online services allow you to access a range of tax and super services in one place. ATO online services for individuals and sole traders and Online services for business are available now. You can check due dates, lodge your activity statements and keep track of your super online. You can easily update your details and, if you are using ATO online services for individuals and sole traders, you can lodge your tax returns. Our online services are convenient, secure and available at any time. Two: Try out the ATO app Our ATO app is free and particularly helpful if you’re a sole trader. You can use our ATO app to: record your business income record and manage car trips and other expenses on the go keep track of your deductions in the myDeductions tool use the information to pre-fill your tax return send your tax return information to a tax professional. Three: Make payments electronically There are many ways to make payments to us including BPAY, debit and credit cards, through our online services and using the Government’s Easy Pay system. We’ll always work with you, but we are moving away from cheques and encourage you to pay electronically. Paying electronically saves you time and is processed on your account much faster. Four: Find out about software solutions Do you know about the options for eInvoicing or the benefits of Single Touch Payroll? To help you on your digital journey, you could also investigate how a software package could help with your business. You don’t need to change everything at once, you can start with one area that you think will most help your business. There’s software to help with many business activities, for example you can: record sales, refunds and exchanges track and manage stock and orders produce invoices and receipts manage payroll do budgets or forecast your cash flow get regular reports. Five: Check your security These days online security needs to be top of mind. We take the security and privacy of your personal information very seriously. We have systems in place to make sure your data and any online transactions with us are secure and safe. Taking your business digital can increase the risk of scams and security threats. There are steps you can take to help protect your business from cyber threats. There are many advantages to digital record keeping and business systems. A registered tax or BAS agent can advise you about tools available to help you in your business and to meet your tax, super and employer obligations safely and more efficiently. For more information visit www.ato.gov.au

Setting goals for your business can help set your business up for success. Learn how to set specific, measurable, achievable, relevant and time-bound goals for your business. Why goal setting is important Goals are an important part of running a successful business. They can give you a clear focus, motivate employees and set targets for your business to work towards. Goal setting can also provide you with a set of criteria to see if your business is succeeding. Having clear, well-defined goals can help you take control of your business’s direction and increase the chances of achieving your larger business targets. Setting SMART goals Setting specific, measurable, achievable, relevant and time bound goals can help you focus your efforts and increase the chance of successfully completing them. These aspects are important to consider when creating your goals. Example of a SMART goal Overall goal: I want to grow my gardening business. Specific: I will gain four new clients for my business. Measurable: I will measure my progress by keeping track of how many new clients I gain while maintaining my current client base. Achievable: I will gain four new clients as I currently have four available spaces in my fortnightly client scheduling diary. Relevant: Adding clients to my customer base will allow me to grow my business and increase my income. Timely: I will have four new clients within three months. SMART Goal: I will gain four new clients for my gardening business within a three month period filling my current available diary places. This will allow me to grow my business and increase my revenue. Achieving your goals Once you’ve got your list of business goals, you’ll need to get to work achieving them. Here are some things to consider when planning your strategy to achieve your business goals: Actions – describe the individual actions you will take to work towards your goal. For example, research five different ice-cream suppliers in Hobart and make a list of their pros and cons. Timeframe – set a deadline for completing your goal. Ask yourself how long you expect the task to take and set a realistic date to work towards. Resources – detail your budget, staffing requirements and any supplies you’ll need to accomplish the goal. Accountability – tell your staff, customers or a group of people you trust about your goals. These people can help you to stay on track and make sure you are working towards your goal. Review – consider how you will measure the success of your goal. Set time aside to regularly review how you are tracking towards it. Consider what actions you can take if you are not on track. For more information visit www.business.gov.au

As we increasingly use the internet to do business, it's important to make sure you have effective cyber security in place to protect your business from cyber-attacks. Cyber security Cyber security is about protecting your technology and information from: accidental or illegal access corruption theft damage You need to protect any digital information that your business creates and stores, plus any information you collect from your customers. Providing a secure system is critical to protect your business from cybercrime  and build and maintain customer trust in your business. To be effective, you need to make cyber security a part of your daily business processes. Who could be a cyber threat Cyber criminals may be an individual or a group of people. Threats to your technology or data might come from: criminals – out for money or information, to illegally access your hardware and data, or to disrupt your business clients you do business with – to compromise your information business competitors – looking to gain an advantage over your business current or former employees – who accidentally or intentionally compromise your information Ways cyber-attacks can happen Cyber criminals look for access to information and data on your business, employees and customers. They might do this by: theft or unauthorised access of hardware, computers and mobile devices infecting computers with malware (such as viruses, ransomware, and spyware) attacking your technology or website attacking third party systems spamming you with emails containing malware gaining access to your information through your employees or customers How a cyber-attack could affect your business A cyber-attack could cause you: financial loss – from theft of money, information, disruption to business business loss – damage to reputation, damage to other companies you rely on to do business costs – getting your affected systems up and running investment loss – time notifying the relevant authorities and institutions of the incident What is at risk Your money, information, technology and reputation could be at risk. This could include the destruction, exposure or corruption of the following: customer records and personal information email records financial records business plans new business ideas marketing plans intellectual property product design patent applications employee records (which could include sensitive personal identifiable information such as their date of birth) Types of online threats Some common online threats to watch out for include: phishing – fake messages to trick you into giving out your private personal, commercial or financial details. They can even pretend to be from an organisation you trust, such as a large business or government agency. malware - malicious software most commonly used by criminals to steal your confidential information, hold your system or device to ransom or install damaging programs onto your device without your knowledge. ransomware – a type of malicious software that makes your computer or files unusable unless you pay a fee to unlock them. Online scams Online scams can pretend to be from organisations, businesses or even individuals you trust to trick you into giving the scammers your money or your personal details to can steal your identity. Some common online scams to watch out for as a business include: Coronavirus (COVID-19) scams Unfortunately, scammers are taking advantage of COVID-19 to exploit and play on the fears of businesses and consumers across Australia. It is very difficult at times to know what communication is official. Cybercriminals are using websites, emails and text messages that claim to provide official information about COVID-19, but are attempts to get your personal or business information. Scammers are impersonating a range of official Australian and international organisations such as the Department of Health and the World Health Organisation, other government authorities and legitimate businesses including: financial institutions travel agents telecommunications companies Tax time scams Tax time is a popular period for scammers to target businesses. Stay one step ahead by being aware of these scams. The Australian Taxation Office (ATO) will not email you and ask for your bank details or tax file number (TFN). Watch out for scams targeting small businesses. Read about common scamming methods  on the ATO website. If you get an email, call or SMS from the ATO that asks for personal information or offers a tax refund, report it to the ATO and Scamwatch. Invoice email scam This involves scammers pretending to be legitimate suppliers advising you about changes to payment details. You may not realise until your business receives complaints from suppliers that your payments didn’t occur. Be aware of potential scamming and have checks in place to ensure you pay the right suppliers. Before paying, ensure the supplier verifies all major invoices using contact details you already have on record. Cyber security resources for small business Need more help understanding the basics of cyber security for your business? The Australian Cyber Security Centre (ACSC) leads the Australian Government’s efforts to improve cyber security. Their role is to help make Australia the safest place to connect online by providing advice and information about how to protect yourself and your business online. When there is a cyber security incident, the ACSC provides clear and timely advice to individuals, small to medium business, big business and critical infrastructure operators. See the Small Business Cyber Security Guide on the Australian Cyber Security Centre website. Find an Australian Small Business Advisory Services (ASBAS) provider for advice on a range of digital solutions including online security. For more information visit www.business.gov.au