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Earning income from the sharing economy

Posted on December 20, 2017 by admin

The holiday season is a peak time for activities in the sharing economy to increase. During this time those participating in the sharing economy must not forget their tax obligations.

The most common sharing economy activities around the festive season include:
– Providing ride-sourcing services for a fare.
– Completing jobs or errands for payment.
– Renting out a room or a whole house or unit.
– Renting out a vehicle or a car parking space.

Depending on the activity, the tax obligations vary. The ATO is reminding those that participate in the sharing economy to consider the following:
– declaring income in their tax return
– what income tax deductions and GST credits they can claim for expenses related to earning income and what they can’t claim because of personal use
– how all of their sharing economy earnings added together affect their income tax and GST obligations
– keeping records of their income and expenses to meet their tax obligations

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Things to consider before rebranding your business

Posted on February 13, 2020 by admin

Rebranding your business can seem like a daunting task, as it can involve a range of arduous tasks such as changing designs, updating clients, retraining staff and changing your marketing strategies.

However, rebranding can be an option for many businesses if:

To make the task of rebranding seem less daunting, consider these tips before starting to help you in your process.

Evaluate your need for rebranding
Make sure that the reason for your rebranding is valid and don’t act on impulse decisions. Rebranding can take a lot of time and resources and can often decrease your business if not done successfully, so it is important that you evaluate if rebranding is right for your business and outline the reasons why. It can be helpful to talk to staff about it to get ideas from people who are also invested in the success of your business.

Plan a budget
Before you rush into rebranding your business, make sure you have the funds to do so. Research and estimate how many resources will go into different areas of rebranding, e.g. marketing, website design, training staff etc. and outline a budget that can help you manage your finances through the process.

Have a strategy
Before you start rebranding, plan out a strategy that will guide you in the process and can increase the chances of success. This will help the process run more smoothly and prevent unexpected challenges that could detriment your business.

Solidify your mission and values
Having a clear understanding of the mission and values you want your business to have going forward can help you make important branding decisions and help build the foundation for your new brand. Having you and your staff on the same page with the business mission and values can improve efficiency and motivation when working on the rebrand.

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