// ViewContent // Track key page views (ex: product page, landing page or article) fbq('track', 'ViewContent'); // Search // Track searches on your website (ex. product searches) fbq('track', 'Search'); // AddToCart // Track when items are added to a shopping cart (ex. click/landing page on Add to Cart button) fbq('track', 'AddToCart'); // AddToWishlist // Track when items are added to a wishlist (ex. click/landing page on Add to Wishlist button) fbq('track', 'AddToWishlist'); // InitiateCheckout // Track when people enter the checkout flow (ex. click/landing page on checkout button) fbq('track', 'InitiateCheckout'); // AddPaymentInfo // Track when payment information is added in the checkout flow (ex. click/landing page on billing info) fbq('track', 'AddPaymentInfo'); // Purchase // Track purchases or checkout flow completions (ex. landing on "Thank You" or confirmation page) fbq('track', 'Purchase', {value: '1.00', currency: 'USD'}); // Lead // Track when a user expresses interest in your offering (ex. form submission, sign up for trial, landing on pricing page) fbq('track', 'Lead'); // CompleteRegistration // Track when a registration form is completed (ex. complete subscription, sign up for a service) fbq('track', 'CompleteRegistration'); News | Smith Feutrill

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Firm News

Understanding your business to better serve your customers

Posted on October 13, 2017 by admin

Whether you have been running your business for over 20 years or just starting out, you cannot deny the importance of regularly reviewing your business’ performance. Many business owners may put off reviews in fear of the actual results, but understanding why your business is performing the way it is is crucial for growth and development. Consider these three crucial areas of your business when conducting a review: Products and services Think about the quality and delivery of your products and services. Do they solve a problem for your customer/client, fulfil a want or need, keep customers returning? Analysing trends in products and services will also help you to identify which products or services need to be altered or removed or if new ones are needed. Also, by regularly reviewing trends you may realise gaps in the market or opportunities you did not know existed. Customer base Do you have a steady flow of loyal customers or are you struggling to make sales? This is a big factor in whether or not you need to change your business model. Be sure to take into consideration external factors that may influence sales, i.e., poor consumer spending in your industry, changes in […]

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Splitting super

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When partners in an SMSF separate, there are specific legal and tax implications that should be considered. It is possible to split super benefits, i.e., transfer assets, such as property, from one super fund into another and roll money over to another fund; however, trustees need to keep the following in mind: Separating couples need to work out how they will split their super. They can choose to enter into a formal written agreement, seek Consent Orders, or if the separating couple cannot reach an agreement, they can seek a court order. It is important to have necessary documentation in the event of an ATO audit including financial and non-financial records. Due to the tax outcomes of splitting super in an SMSF, it is essential to have documentation, such as the notice for splitting the super, to show a genuine separation. There is the potential for SMSFs with property as a major form of investment to create a liquidity problem; however, this can be addressed with future contributions. Individuals will also need to be aware of the market valuation rules for real estate in SMSFs. If one member establishes a new single-member fund it is advisable to incorporate a special […]

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Protecting honest businesses

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In its effort to facilitate a fair business environment, the ATO has offered continued support for honest businesses. With an estimated $40 billion lost to the hidden economy, the need for strong diligence and continued governance over Australian businesses is essential. The Black Economy Taskforce that was established in May 2017 and various trends have since been better understood regarding strategies dishonest businesses and individuals are using to evade their tax responsibilities. Trends show that problematic areas include: The sharing economy: the money exchanged through services such as Airbnb, Airtasker and Uber are all taxable. Ensure you understand how to be compliant before engaging with these services. Cash transactions: employers paying employees in cash to avoid tax and super responsibilities costs the economy an astronomical amount, as well as contractors accepting cash payments and not accurately documenting these. Incorrect reporting: individuals and businesses failing to report their business dealings correctly are creating huge liabilities in the economy. Small reporting dishonesties by a great portion of taxpayers creates a large balance of unaccountable money; the majority of unaccountable money in relation to tax evasion.

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Transfer balance account report now available

Posted on October 5, 2017 by admin

The new transfer balance account report (TBAR) is available on the ATO’s website. Self-managed super funds can use the TBAR report to report events that affect an individual member’s transfer balance account. The option to report is available from 1 October 2017, however, SMSFs are not required to report anything until 1 July 2018. Events that affect a member’s transfer balance account will need to be reported to minimise the tax consequences of exceeding the transfer balance cap. Funds with straightforward affairs are likely to have only a few events per member to report over the life of the fund. Common events that will require reporting include: the values of any retirement phase income streams to which an SMSF member is entitled, including reversionary income streams the value of any commutation of a retirement phase income stream by an SMSF member structured settlement payments an SMSF member receives and contributes to their fund certain limited recourse borrowing repayments that give rise to a transfer balance credit as a result of recently enacted legislation.

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Reporting SMSF changes

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Self-managed super fund trustees must notify the Australian Tax Office (ATO) if there are changes to their SMSF. Trustees must provide written notice within 28 days if there are changes to: the name of the fund the address of the fund details of the contact person the membership of the fund the trustees of the fund the directors of the fund’s corporate trustees your SMSF’s bank account details and Electronic service address. The above details are used by the ATO to determine if your fund meets the definition of an SMSF. Providing incomplete or inaccurate information may make it impossible for your fund to receive rollovers or contributions. If any of these details change for your SMSF, contact our office to update your details.

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How to build a loyal tribe

Posted on September 27, 2017 by admin

Building a successful business is almost impossible without a group of motivated employees. Here are three ways to keep your employees loyal to your business: Hire right Hiring someone who doesn’t share the same vision or values as your business is detrimental. You need to hire people that fit well into your business’ culture and are willing to work hard in their roles. If staff see the job as just a paycheck, they will be more inclined to look for a job elsewhere. In the job interview, it is important to ask candidates questions regarding their personality fit and career goals. Increase skill set Employees need growth and development to stay motivated. Providing regular training and opportunities for employees to advance are great ways of achieving this. There will always be room to progress, either by increasing skill sets or responsibilities or moving to a higher position. Offer incentives or perks Financial rewards, i.e., a bonus or a gift is a great way to show your appreciation for your staff’s efforts. Although, offering non-monetary perks can be just as motivating, such as providing flexibility to work from home, opportunities for staff to volunteer or a day off as a reward […]

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Keeping your SMSF compliant while overseas

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Travelling overseas for an extended period of time is an exciting adventure. What isn’t so exciting is the prospect of breaking compliance laws in relation to your SMSF while enjoying your trip. There are specific conditions that must be met to deem the self-managed super fund ATO compliant. They are as follows: Fund recognised as an Australian fund The SMSF will be recognised as an Australian super fund provided that the setup of and initial contributions are likely to have been made and accepted by the trustee(s) in Australia or at least one of its assets is located in Australia. Management and control of the fund carried out in Australia The central management and control of the fund must ordinarily be in Australia. This means the SMSF’s strategic decisions are regularly made, and high-level duties and activities are performed in Australia. Some examples include formulating the investment strategy, reviewing the performance of the fund’s investments and determining how assets are to be used for member benefits. Generally, fund’s will meet this condition even if its central management and control is temporarily outside Australia for up to two years. If central management and control of the fund is permanently outside Australia […]

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Imported services and GST

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Under the new law introduced on 1 July 2017, Australian GST registered businesses that import services or digital products for business purposes do not have to pay GST. These businesses will need to supply their Australian business number (ABN) and a statement that they are registered for GST to the supplier at the time of purchase to ensure they are not charged GST. Overseas businesses registered under the simplified GST system for non-residents do not have an ABN and cannot issue a tax invoice. If a business believes that GST has been charged, they will need to contact the supplier and seek a refund if appropriate. However, if an Australian business is not registered for GST or their purchases are not for business use, they will need to pay GST and will not be able to claim it back.

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Choosing the best loan

Posted on September 20, 2017 by admin

Getting a good loan can save you thousands of dollars in fees and interest, so it is important to shop around for the best deal. There are many considerations when choosing a loan. After you have decided on the amount you need to borrow, the features you need and the time frame to pay it back you should consider the following: Interest rates The interest rate is most likely the first thing you will want to know when searching for a loan. You will need to decide on whether you prefer a variable or fixed rate. If you decide on a variable rate, account for potential interest rate rises. Some lenders offer ‘honeymoon’ rates for the first 1 or 2 years of your loan where the rates are low then rise after the ‘honeymoon’ period ends. If you take this option, make sure you will be able to make repayments at the higher rates. The comparison rate The comparison rate is the interest rate plus all the fees and charges you will pay on the loan. Comparison rates help you work out the true cost of a loan and can assist you in comparing the cost of different loans. In […]

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Digital marketing flaws to avoid

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One of the best ways to market your brand in today’s business climate is digitally. However, without understanding the online environment, you can lose business. Consider the following flaws to avoid: Not setting goals Failing to set goals can leave your marketing strategy without any real drive or direction. Setting goals are necessary, not only for appreciating the direction in which your marketing strategy is headed but also for understanding if you and your team are meeting the marketing goals that have been set out. Without clear goals in place, evaluating success in your marketing plan will be virtually impossible and it is difficult to allocate responsibility for how effective or ineffective the marketing strategy is. Failing to review Analysing how effective the marketing strategy is extremely important; without doing so, understanding what is working best to drive business becomes difficult. Reviewing analytics in particular for digital marketing is one of the most efficient ways to discover how strong the marketing strategy is. Platforms such as Facebook and Instagram provide business pages with an analytics tool that gives valuable information about the content you are sharing. Google Analytics is another tool that can be used to analyse how many clicks […]

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