What is the Poverty Mindset?

Poverty Mindset may be acting as an invisible roadblock between your businessand success. When you’ve got a poverty mentality, your mind-set is focusedon a solid belief that everything is hard to get, including a successful career, business and wealth.

How often do you say to yourself “I hate paying tax?” as an example.  At least once a month? If this is your mindset, you are actively convincing yourself on a regular basis that paying tax is a bad thing, and you may subconsciously sabotage yourself to avoid encountering or paying tax by restricting the potential of your business. The same can be related to your self-esteem mindset. If you don’t believe in your services, how can you charge what you are really worth? Or alternatively, do you drop your prices and devalue yourself for fear of losing a potential client?

So how do you banish this negative way of thinking and move towards a financially free future? Unfortunately, it takes more than financial literacy to overcome this mindset. You can however, change your mindset and re-engineer how you think.

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Avoiding disqualification from SG amnesty

The superannuation guarantee (‘SG’) amnesty ended on 7 September 2020.  Employers who disclosed unpaid SG amounts and qualified for the amnesty are reminded that they must either pay in full any outstanding amounts they owe, or set up a payment plan and meet each ongoing instalment amount so as  to avoid being disqualified and losing the benefits of the amnesty.

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Changes to STP reporting concessions from 1 July 2021

Small employers (19 or fewer employees) are currently exempt from reporting ‘closely held’ payees through Single Touch Payroll (‘STP’).  Also, a quarterly STP reporting option applies to micro employers (four or fewer employees).  These concessions will end on 30 June 2021.

The STP reporting changes that apply for these employers from 1 July 2021 are outlined below.

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Grow your business in 2021

Learn how to grow your business in 2021! Small to medium businesses were hit hard at the height of the pandemic. However, quick thinking allowed them to review their marketing strategy and significantly grow their business online.

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