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In the world of entrepreneurship, a new breed of business leaders has emerged in the last decade: social entrepreneurs. These individuals strive to create positive social change through innovative business models, addressing pressing societal issues while also generating sustainable financial returns. One such young entrepreneur, Chris Eigeland, gained attention for his inspiring take on building social enterprises and businesses designed for impact. As a passionate advocate for social entrepreneurship, Eigeland sheds light (in his TED Talk below) on the unique opportunities available inAustralia for startups focused on creating a positive social impact.
At its core, social entrepreneurship involves using entrepreneurial principles and practices to create and sustain businesses that address social and environmental challenges. These entrepreneurs are driven by a desire to make a difference and bring about positive change in their communities and beyond. They prioritise social impact alongside financial success, harnessing business as a force for good.
In his compelling TED Talk, Eigeland shares his experiences and insights as a social entrepreneur. He emphasises the need for a mindset shift, encouraging aspiring entrepreneurs to move away from solely profit-driven ventures and instead focus on creating businesses with a purpose. Eigeland's approach centres on building sustainable, scalable enterprises that tackle societal issues head-on, ensuring a lasting impact.
What sets Eigeland apart is his holistic view of entrepreneurship. He believes that every business should have a social or environmental mission at its core. By embedding impact-driven values into theDNA of a company, entrepreneurs can create a culture that aligns with their vision of a better world. Eigeland's unique perspective challenges the notion that social enterprises are separate entities from traditional businesses, highlighting the potential for all ventures to contribute positively to society.
Australia, with its thriving startup ecosystem, provides a fertile ground for social entrepreneurs like Eigeland. The country's vibrant and supportive environment fosters innovation and encourages entrepreneurship, making it an ideal hotbed for startups focused on social impact. Australia boasts a diverse and multicultural society, with a strong sense of community and a willingness to embrace social change. These factors create an ecosystem that promotes collaboration and provides resources for entrepreneurs to develop their ideas and scale their ventures.
Moreover, Australia's progressive policies and initiatives contribute too … The government offers grants, funding, and incubation programs specifically tailored to support startups focused on solving social and environmental challenges. The availability of such resources, combined with a culture that values sustainability and social responsibility, makes Australia an ideal environment for social entrepreneurs to thrive.
Take the time to watch Chris Eigeland’s TED Talk from 2015 –although it’s been around for some years, his words hold weight today:
If you’re an entrepreneur with a social outlook and approach, we’d love to chat. The Attune team works with startups and other businesses to build successful financial strategies that help maximise impact and business success. Speak with the Attune team on 1300 866 113 or send us an email to start the conversation – you won’t regret it!
In today's globalised economy, Australian businesses are increasingly exploring opportunities to expand their operations beyond domestic borders, or you may already be doing so.
It’s true that exporting goods or services overseas can open up new markets, increase revenue streams, and foster business growth. However, it's crucial for these businesses to understand the tax implications associated with international trade, particularly in relation to the Goods and ServicesTax (GST). Here, we aim to provide insights into the tax considerations and regulations you as an Australian business should be aware of when exporting goods or services.
The Australian Taxation Office (ATO) recognises that exporting can be a complex endeavor, which is why they have provided comprehensive guidance to assist businesses in navigating the tax landscape. One crucial aspect to understand is the application of GST to export transactions.
Generally, the export of goods and certain services from Australia is considered GST-free. This means that no GST is charged on these exports, allowing Australian businesses to remain competitive in international markets.
But, to qualify for GST-free treatment, businesses must meet specific requirements outlined by the ATO…
• Firstly, the goods must physically leave Australia. Thiscan include goods transported by the business itself or by a third party onbehalf of the business
• Certain services are eligible for GST-free treatment when supplied to a non-resident entity or an Australian resident who is not in Australia at the time the service is performed.
As usual, it's important for businesses to maintain accurate records to substantiate their GST-free exports. These records should include relevant documentation, such as export invoices, shipping documentation, and evidence of payment. By maintaining thorough records, businesses can demonstrate their compliance with the ATO's requirements and ensure a smooth tax reporting process.
While the export of goods and certain services is generallyGST-free, businesses should be mindful of specific exceptions and special rules. For instance, the ATO stipulates that sales of goods to travellers departing Australia are not considered exports. Similarly, goods consumed or services rendered within the indirect tax zone (which includes certain offshore areas) may not be eligible for GST-free treatment.
Furthermore, businesses need to be aware of the various GST obligations that may still apply, even when exporting goods or services. For example, if a business engages in other taxable activities within Australia, they must continue to account for GST on those activities. Additionally, businesses must ensure they comply with other relevant tax obligations, such as income tax reporting and transfer pricing rules (the Attune team can help here).
It is worth noting that the ATO provides resources and tools to assist businesses in determining their GST obligations and eligibility forGST-free treatment. These resources include online guides, educational materials, and interactive tools to help businesses understand their tax responsibilities. Having said that, the Attune team is here to help you with ensuring you meet your requirements, so we suggest speaking with us if you are currently exporting or looking to do so in the future.
As the global business landscape evolves, it's crucial forAustralian exporters to stay informed about changes in tax regulations and compliance requirements. The ATO regularly updates its guidelines to reflect new developments and provide clarity on complex tax matters. Businesses should proactively monitor these updates and consult us as your tax professional to ensure they comply with all applicable tax regulations.
By understanding the ATO's guidelines and requirements for GST-free exports, maintaining accurate records, and staying informed about their ongoing tax obligations, businesses can navigate the tax landscape successfully while expanding their global reach and seizing new growth opportunities.
To stay on top of your tax obligations as an exporter (or future exporter) of goods and services from Australia, speak with the Attune team. We’re here to give you tailored, strategic advice that can set your business up for success.
Call us on 1300 866 113 or send us an email to get started.
For Australian businesses looking to streamline their invoicing and bill payment processes, Parakeet may be just the solution they need. Let’s be clear, we’re not advertising this, rather offering up a solution to some common problems we see businesses facing, so let’s take a closer look…
Parakeet is an integration that can be used with Xero, a popular accounting software, to automate various parts of invoicing and bill payments while also simplifying BPAY payments.
It allows businesses to set up automated payment reminders for their customers, reducing the time and effort needed to follow up on unpaid invoices. This can help businesses improve their cash flow and reduce the risk of late payments.
In addition to payment reminders, Parakeet also allows businesses to automate the invoicing process itself. The integration can automatically generate and send invoices to customers based on pre-set criteria, such as a recurring service or product order. This can save businesses significant time and effort, allowing them to focus on other important tasks.
With Parakeet, businesses can easily create and send BPAY payment requests to their customers, which can then be paid with just a few clicks. This eliminates the need for manual payment processing, which can be time-consuming and error-prone.
Parakeet also simplifies bill payments for businesses by allowing them to automate the process of paying bills. The integration can automatically retrieve bills from suppliers, match them to purchase orders or invoices, and generate payment requests. This can help businesses stay on top of their bills and avoid late payment fees.
From what we’ve seen, one of the most appealing aspects ofParakeet is its ease of use with the integration designed to be intuitive and user-friendly. It’s got a simple interface that allows businesses to quickly and easily set up and manage their automated invoicing and payment processes.Additionally, Parakeet provides extensive support and resources for users, including detailed documentation and dedicated customer support that can remove any stress around adopting new systems.
If you're looking to simplify your invoicing and payment processes, Parakeet is definitely worth considering, but if you’re looking for more tailored advice on the management of your businesses financial structure, we’d love to chat. Give the Attune team a call on 1300 866 113 or send us an email to start the conversation.
The Australian Taxation Office (ATO) has recently revealed that there is over $16 billion in unclaimed superannuation inAustralia and are urging Australians to check their superannuation accounts to ensure they are not missing out on any potential funds that may belong to them.
The ATO's data shows that there are over six million lost and unclaimed super accounts in Australia. This includes accounts where the superannuation fund has lost contact with the account holder, accounts where the account holder has changed jobs, and accounts where the account holder has passed away.
The ATO is encouraging Australians to check their superannuation accounts by logging into their MyGov account and using the ATO's online services. This will allow account holders to check if they have any lost or unclaimed super accounts and consolidate their super into one account. You can start the process (if you haven’t already) here: https://my.gov.au
The ATO has also made it easier for Australians to consolidate their superannuation accounts, with the introduction of the Super Match service. This service allows account holders to see all of their superannuation accounts in one place and choose which accounts they would like to consolidate.
Consolidating superannuation accounts is obviously beneficial, helping reduce the amount of fees you’re paying, simplifying your superannuation management, and potentially increase your retirement savings.
The ATO has stated that it is important for Australians to check their superannuation accounts regularly, as lost and unclaimed super accounts can be transferred to the ATO if they remain unclaimed for a certain period of time. Once the account is transferred to the ATO, it can become more difficult for account holders to access their superannuation funds.
If you’d like help managing yours, your employers super orSelf Managing your fund, the Attune team is here to offer tailored advice that will help you get set up for a strong financial future. Give the team a call on1300 866 113 or send us an email to start the conversation.
