Using websites to Maximise Business Profit

Are you a business owner interested in growing your business?

 Greg Smith, CEO of Lifestyle Money (www.lifestylemoney.com.au) was recently asked for ways in which to grow small businesses, particularly how small businesses can use their website to maximise business profits.

Greg advised "While a presence on the web is pretty much a necessity for any business these days, it may not need to be your major focus.

"First of all, you need to determine who your major customers are and how they prefer to buy your product. How you set up and use your website will be determined by whether you're going to deal directly with the public."

Greg stated "One of the temptations of the Net is to spend a lot of time and money building an elaborate website. Forget it! You can set up a nice site for less than $1000. "I hate to disappoint, but the chances of someone seeing your site without you promoting it heavily (and spending a lot of money on search engines and online advertising) is extremely low, especially from overseas, because your site is just one of 4.2 billion web pages. The web's a powerful marketing and sales tool, but if your business is primarily for Australians then forget the extra bells and whistles.

"Make your website simple to navigate, keep it updated and highlight the people who matter. This way you won't waste time and money trying to maintain a website few people will see.

"The web is just another tool you need to use wisely."

You should ensure your website is simple to navigate, updated and relevant to the people who matter. Contact your accountant if you require any clarification or advice.

 

By Justine

Education Tax Refund - What Expenditure is eligible?

Are you a parent who receives Family Tax Benefit Part A?

With the end of another tax year looming, parents are reminded to compile records of any expenditure relating to their children’s education for the Education Tax Refund [ETR]. The Education Tax Refund is designed to support parents by offering refunds for their children's eligible education expenses of up to:

a. $375 per year for primary school students; and
b. $750 per year for secondary school students.

The Following table shows the eligible and ineligible expenditure for the purposes of the Education Tax Refund:

Eligible Expenses	Ineligible Expenses
Laptop Computers	School Fees
Home Computers	School Uniforms
Printers	Musical instruments
USB flash drives	Donations
Disability aids to assist with computers	Building Levies
Computer repairs	Transport
Home internet connections	Tutoring
Educational computer software	Sporting equipment
School textbooks	School photos
Stationery	Computer games
Prescribed trade tools for secondary courses	Tuckshop expenses

Parents can claim a refund for these education expenses in their income tax returns at the end of the financial year.

Please contact us for further information or if you have any questions.

By Sophia

Announcement of an incease in the Medicare low income threshold

Are you a taxpayer on a low annual income?

Did you know that With the release of the 2009 Federal budget, the government has announced they will increase the Medicare levy low income thresholds from the 2008/09 income tax year?

The Medicare levy is a scheme designed to give Australian residents access to health care. To fund the scheme all Australian tax residents are required to pay a levy of 1.5% of taxable income. There are however, exemptions available to people earning under certain income thresholds. From the 2008/09 year, the Medicare levy low income thresholds will be increased to $17,794 for individuals and $30,025 for individuals in families. The additional amount of threshold for each dependent child or student will also increase to $2,757. Further, the government has announced they will increase the Medicare levy low income threshold for pensioners below Age Pension age to $25,299 from July 1, 2008.

For more information visit the Australian Taxation Office website at http://www.ato.gov.au .

Remember The changes to the low income threshold apply from the 2008/09 financial year.

By Sophia.