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Yearly Archives: 2019

Good Partnerships Start With Good Preparation

Good Partnerships Start With Good Preparation
As Indigenous organisations manoeuvre into social enterprises, or commercial businesses, into a world that many of them do not have experience of, they take the logical step of setting up partnerships with more experienced organisations or businesses. This partnership approach has many advantages - it allows one partner to mentor the other and allow the less experienced organisation to gain experience while mitigating risk. It reduces the cost of the investment, it allows the two partner organisations to bring different strengths to the table, and it scales the business or project beyond what one organisation alone is unable to do. There is one other major advantage to the Indigenous organisation, and that is that it allows that organisation to gradually buy out the partner thus giving time to build resources and experience. However, not all partnerships end well! (more…)...
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Tax Updates for July 2019

Tax Updates for July 2019

ATO will inform certain tax agent clients their information is "Tax ready"

If tax agent clients' employers report through Single Touch Payroll (STP) and the clients are linked to ATO online services through myGov, the ATO will send them a myGov Inbox message to let them know:
  • their end of year payment summary (income statement) has been marked by their employer as "Tax ready" and can be used in their tax return;
  • if they have more than one job, their other employers may still need to provide them with a payment summary;
  • they need to include all income in their tax return;
  • they can access their income statement in ATO online services through myGov, or the tax agent can give them the information;
  • they do not need to give the tax agent their personal myGov login details to access their information.
  • If tax agent clients do not already have myGov accounts, the ATO says agents should let them know they do not need one for the agent to lodge their tax return. Tax agents can access their employment data and lodge for them...
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10 Ways To Boost Board Diversity

10 Ways To Boost Board Diversity
When I am consulting to Indigenous organisations, one of the most talked about issues is how they can create diversity in their Boards in order to better reflect their members and their activities. In fact, from the perspective of Director accountability and succession-planning, it is deserving of the spotlight. Board member renewal and the meeting of required skills matrices is a matter, not only for the Selection Committee but for the whole Board. When Board composition is at best-practice, so is the work of the Board. So what factors should you consider when your Board thinks about Board diversity and composition? (more…)...
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How To Write Your Own Business Plan

How To Write Your Own Business Plan
If you own and run a small business, you must know the feeling where you finish a hard day at work...and wonder how that could possibly have got you closer to your ultimate goal? It is frustrating because all of us started our small businesses with a clear purpose in mind. It may have been to "be our own boss" or to "invent a better mousetrap" or to "provide a balanced lifestyle for my family." But somewhere along the way, we went off track and now, all we do is go to work just to work hard! How can we get back on track on a day to day basis? (more…)...
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OTS Management