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OMNIBUSiness June 2019

Another end of financial year is upon us and it's not uncommon to reflect, especially on how quickly and dynamically decisions are now made.

Timely example: It has been an amazing start to winter here and I went for a long walk with my wife. Whilst we were out walking around our neighbourhood I saw numerous signs for buyMyplace – this is something new, never seen them before, but I expect to see them a lot more. How quickly we see the short presence of one operator being rapidly replaced by a successor – namely the departure of Purplebricks in Australia. The real estate disrupter openly said they didn’t execute their plan well and they expanded way too quickly. The challenging market conditions seeing a lower volume of transactions hasn’t helped either.

In my view it is quite evident that we consumers have changed… not just in real estate but also across the board. Look at our addiction to online shopping and banking to the detriment of retail shopping outlets and the number of bank branches.

Whilst the fall of a major industry player in Australia is a temporary dent in the disruption currently experienced in that sector, don’t expect it to be the end. We anticipate disruption continuing across numerous industry sectors with new players changing the way we transact in business and bringing new ways to engage, especially digitally. 

My call to all business owners is to take this time at the end of the financial year to plan for something different. Take the opportunity to focus on your business because, if disruption is not already affecting your sector, then it's coming. On the other hand, if disruption is already prevalent in your industry sector, you need to fight back and embrace the challenges that are presented.

Enjoy reading OMNIBUSiness and let us know if you'd like to discuss any of the topics we cover.

Best wishes,

Justin Flavel
Managing Director
 
Removing tax deductibility of non-compliant payments
From 1 July 2019, if you don’t meet your PAYG withholding obligations for your workers, by not deducting tax from their payments and not reporting it to the ATO, you could lose your deduction. Visit ATO or call us on 08 9380 3555 to get it straight.
Small business instant asset write off
The PM announced that legislation will be introduced to change the small business instant asset write-off. This measure is expected to benefit more than 3 million eligible small businesses. Read more
Xero's Payroll Only plan
Read how Xero’s new Payroll Only plan helps our smallest employers embrace online payroll and Single Touch Payroll. Omnis Group are Xero Gold Partners so ask us about fitting out your business with an STP solution on 08 9380 3555 or visit our website. Find out if you're eligible for an STP deferral here.
The Hub Honeypot - business by design
The formation of Hub Residential was no flash in the pan. Throughout negotiations and then launching the new agency, Principal Jamie leaned on Justin Flavel not only to be his accountant, but also for sage advice around business scenarios. Read more
Simplifying and resolving tax disputes
Disputes with the ATO are stressful so the Government is creating a small business concierge service within the Australian Small Business and Family Enterprise Ombudsman’s office that will support small businesses without legal representation. Read more
National Minumum Wage increase
From the first pay period commencing on or after 1 July 2019, the National Minimum Wage will increase to $740.80 per week, or $19.49 per hour. Read what this means for employers.
NEWS: Small business continues to be paid late
The West Australian reported how large businesses that offer 30-day payment terms to their smaller business partners rarely pay on time, according to a new study. Read how we can help get your business in better debtor day shape or call us on 08 9380 3555.
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Omnis Group Pty Ltd
1 Alvan Street, Subiaco WA 6008
p. 08 9380 3555   f. 08 9380 9515

www.omnisgroup.com.au

ABN 13087542658​

The greatest compliment we receive from our clients is the referral of their friends, family and business colleagues. Thank you for your support and trust.

Disclaimer This newsletter is for information purpose only and does not constitute advice and does not take into account any of your objectives, financial situation or needs. Before you make a decision about whether to acquire a financial product, you should obtain and read the product disclosure statement. NEO Financial Solutions: AFSL 385845 ABN 64 141 607 098. Omnis Financial Planning Pty Ltd ATF OFP Unit Trust ABN 79331585748 is a Corporate Authorised Representative (ARN 1006949) of NEO Financial Solutions Pty Ltd AFSL 385845 ABN 64 141 607 098

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