Posted on 17 September '19, under web.
Following the best email marketing tips and practices can help create successful email campaigns that keep readers engaged and eager for more, but it won’t matter how optimised your emails are if you aren’t tracking the results.
When sending an email, businesses should review the purpose of their email marketing and figure out which metrics they will need to track to determine how they’re progressing toward their overall goal.
The open rate is the percentage of recipients who opened your email. By tracking this, you get an insight into how engaged your subscribers are. Your subject line is the most important factor affecting your open rate so if your open rate is particularly low you might want to re-examine your subject line strategy. Using a compelling or creative subject line will make readers want to read the content. Don’t settle for overused lines like ‘February newsletter’; use language that will engage readers to read further. Decent open rates range between 15% and 25%.
Click-through rate (CTR):
An email’s click-through rate is the percentage of email recipients who clicked on one or more links contained in an email. To calculate an email’s CTR, businesses need to divide an email’s total clicks by the number of emails delivered. CTR lets businesses quickly calculate the performance of every individual email they send. CTR is an important metric for all businesses engaging in email marketing to track, as it provides a direct insight into how many people on their email list are engaging with the email’s content and are interested in learning more.
The unsubscribe rate is the percentage of recipients who have unsubscribed from your emails. Tracking this will allow you to see how relevant your email marketing is and if it is keeping audiences engaged. A good way to discover the reasoning behind a subscriber leaving is to add a question or short survey for when people unsubscribe. This may help to improve your email marketing and reduce further people unsubscribing.
Posted on 17 September '19, under money.
Your credit score is an important number in your life as it can affect many financial aspects of your life. The three-digit number is a representation of your credit history, based on an analysis of your credit file, that helps a lender determine your credit worthiness. When an individual applies for a loan, such as a mortgage or car loan, the provider will use a credit score to help them decide whether to lend the money, the amount to lend and the interest rate.
An individual’s credit score is calculated by credit reporting agencies who collect financial and personal information and document it on a credit report. The information is then used to calculate your credit score. Areas agencies assess are;
- Your personal details; age location, etc.
- Types of credit providers previously used; bank, utility company, etc.
- The amount of credit borrowed.
- The number of credit applications and enquiries made.
- Any unpaid or overdue loans or credit.
- Any debt agreements or personal insolvency agreements relating to bankruptcy.
A credit score is rated on a five-point scale with the position of your credit score on the scale helping lenders work out how risky it is for them to lend to you. The scale goes excellent, very good, good, average and below average.
To prevent a negative credit score, individuals should try to spread applications over a larger amount of time; lower credit card limits; ensure their credit card is paid in full each month; and pay their rent, utilities and other loans on time.
Posted on 17 September '19, under business.
In Australia, there are approximately 100,000 working holiday makers employed each year. Any employer can hire working holiday makers provided they meet the requirements to do so. Employers must confirm the working holiday maker has a valid visa subclass, either 417 (Working Holiday) or 462 (Work and Holiday).
Employers will need to register to apply the 15% working holiday maker tax rate and declare they are aware of the obligations associated, including complying with the Fair Work Act 2009. Working holiday makers can’t claim the tax-free threshold and must provide their tax file number (TFN). Employers who do not register must withhold tax at 32.5% from every dollar earned up to $87,000 and foreign resident withholding rates apply to income over $87,000. Those who do not register may be subject to penalties.
Working holiday maker tax rate:
Once registered, employers can withhold 15% from every dollar that a working holiday maker earns up to $37,000. Tax rates change for amounts above this. The tax rate applies to all payments made to working holiday makers, including salary and wages, termination payments, unused leave, back payments, commissions, bonuses and similar payments.
Eligible workers are entitled to receive super payments from their employers. When leaving Australia, working holiday makers can apply to have their super paid to them as a Departing Australia Superannuation Payment (DASP). The tax on any DASP made to working holiday makers on or after 1 July 2017 is 65%.
Posted on 17 September '19, under super.
Australian employers are required to pay super to their employees when they earn $450 a week or meet specific criteria based on age or industry. Employer requirements can get confusing however when dealing with international workers or sending employees overseas. Here are the requirements employers must follow when handling super payments to workers with different visas.
Temporary residents working in Australia may be eligible to receive super from their employer. Eligibility criteria are the same as it would be for a permanent Australian resident, you must be 18 years or older and have been paid $450 or more (before tax) in a month. Working holiday makers holding a 417 (Working Holiday), 462 (Work and Holiday) or an associated bridging visa can access the super paid as a departing Australia superannuation payment (DASP).
Employees working overseas:
For an Australian employee sent to work overseas, their employer must continue to pay super contributions in Australia for them. The other country may require the employer or employee to pay super there as well if Australia does not have a bilateral agreement with that country. To gain exemption from the super payment in the other country, the employer needs to show the authorities in the other country a certificate of coverage gained from the ATO.
Posted on 17 September '19, under tax.
The taxable payment reporting system (TPRS) has extended to further businesses that provide particular services and those that pay contractors to provide the service. The extension was approved on 1 July 2019.
Road freight services, information technology services and security, surveillance and investigation services will now have to lodge taxable payments annual report (TPAR), even if those services only make up part of the business. Contractors can include subcontractors, consultants and independent contractors.
For these businesses, the first TPAR will be due on 28 August 2020. This will be for payments that have been made to contractors in the 2019–20 financial year for providing the relevant services. Business owners will now need to keep records of contractor payments made from 1 July 2019.
Exemptions from TPRS reporting obligations apply if payments received are less than 10% of the entity’s GST turnover in the following industries:
- Courier services and road freight services (combined).
- Cleaning services.
- Security, investigation or surveillance services (combined).
- IT services.
Businesses that are not required to lodge should complete a TPAR Not Required to Lodge form for the ATO to update their records, preventing any unnecessary follow up.
Posted on 9 September '19, under people.
While anxiety and stress are quite often inevitable, it can take a severe toll on the state of your mental health and quality of life if not handled properly. In Australia, 1 in 4 people are affected by anxiety, making it more common than some may think.
Those who find they have significant triggers at work should consider making a step by step plan to help identify and combat situations that cause anxiety. Those who experience more general anxiety could consider the following:
- Sleep well: poor quality or not enough sleep can significantly impact your ability to perform tasks at work. For those who struggle to sleep, don’t consume caffeine after 12 pm, avoid screens 30 minutes prior to going to bed and have a regular bedtime.
- Know everyone’s name: although seemingly small, those with anxiety can find names particularly hard. Identifying colleagues by name can improve reduce stress when interacting.
- Ask for help: when you find tasks confusing or difficult, asking for help may seem daunting but the discomfort of asking for clarification is worth it in the long run as it can decrease overall anxiety about responsibilities. Asking for help also communicates to your superiors that you genuinely care about doing a good job.
- Eat properly: take the time to eat a proper meal at breakfast and lunch as eating not only fuels you for the day, a good diet can also help you to better manage symptoms of mental health.
- Schedule: learn when during the day you are most productive and tailor your workload to align with personal peaks. When scheduling, though it is important to set honest timeframes for yourself, it is not the end of the world if you fall behind.
You are not legally required to disclose to your employer a mental health condition unless it has the potential to endanger your safety or that of your colleagues. In the event where an employer takes adverse action against their employee on the basis of their mental health, the Fair Work Act 2009 protects employees with mental health problems from unlawful workplace discrimination.
Posted on 9 September '19, under business.
An Australian business number (ABN) is a unique 11-digit number that the Australian Business Register issues to all businesses, identifying your business to the community and government whilst also making it easier to keep track of business transactions for tax purposes.
While it is compulsory for businesses with a GST turnover of $75,000 or more to have an ABN and to be registered for GST, businesses with a GST turnover of less than $75,000 can still apply for an ABN and may choose to register for GST.
You are entitled to an ABN if you are carrying on or starting an enterprise in Australia. An enterprise includes activities done in the form of a business, as well as acting as the trustee of a super fund, operating a charity and renting or leasing property. Features of a business include:
- Significant commercial activity, involving commercial sales of products or services and is of a reasonable size and scale.
- Intention to make a profit from the activity as demonstrated by a business plan and a set rate of pay.
- The activity is repeated, systematic, organised and carried on in a business-like way with records being kept.
- The activity is carried on in a similar way to that of other businesses in the same or similar industry.
- The entity has relevant knowledge or skill.
- The entity has the appropriate insurance, such as public liability and WorkCover.
Posted on 9 September '19, under super.
Contributing extra to your superannuation is a good way to boost your retirement funds. One of the ways you can add more to your super is through salary sacrificing. Salary sacrifice is an arrangement with your employer to forego part of your salary or wages in return for your employer providing benefits of a similar value, meaning your employer will redirect some of your salary or wages into your super fund instead of to you.
The salary sacrificed amounts count towards your concessional contributions cap, in addition to your employer’s compulsory contributions such as super guarantee payments and salary-sacrificed amounts sent by you to your employee’s super fund. The annual concessional contributions cap is $25,000 for everyone and these salary sacrifice contributions are taxed at a maximum rate of 15%. If you have more than one fund, all concessional contributions made to all of your funds are added together and counted towards the concessional contributions cap. Concessional contributions in excess of these caps are subject to extra tax.
Salary-sacrificed amounts are paid from pre-tax salary so they don’t count as non-concessional contributions and will not be considered a fringe benefit if the super contributions are made to a complying super fund. Individuals should also consider whether the amount sacrificed will attract Division 293 tax. This tax applies when you have an income and concessional super contributions of more than $250,000. Division 293 tax levies 15% tax on taxable contributions above this threshold.
Posted on 9 September '19, under tax.
Capital Gains Tax (CGT) events occur when an individual or company makes a capital gain or capital loss by selling or disposing of an asset they own. The timing of a CGT event is quite important, as it determines which income year an individual will report the capital gain or capital loss, and may affect how their tax liability is calculated.
CGT events can happen when:
- Selling or giving away an asset.
- The destruction or loss (voluntary or involuntary) of a CGT asset.
- Receiving compensation for the loss, destruction or compulsory acquisition of a CGT asset.
- The disposal of a depreciating asset used for non-taxable (private) purposes.
- Capital distributions to company shareholders or unitholders in a unit trust or managed fund.
- Shares or units being cancelled, surrendered, redeemed or declared worthless.
- You stop being an Australian tax resident.
- You enter into an agreement not to work in a particular industry for a set period of time
- A trustee makes a non-assessable payment to you from a managed fund or other unit trusts.
- A company makes a payment (not a dividend) to you as a shareholder.
When a CGT asset is disposed of, the CGT event usually takes place when a contract for disposal is entered into or when an individual is no longer the owner of the asset. Cases where a CGT asset is lost or destroyed, the CGT event will happen when the owner of the asset receives compensation for the loss/destruction or when the loss is discovered/when the destruction happened.
Posted on 3 September '19, under web.
Including a Frequently Asked Questions (FAQ) page on a website can be a great time saver for businesses who deal with repeatedly asked questions from customers and clients. The best approach to optimise these pages correctly is to pay closer attention to the customer’s experience with the business and ensure the page is prominent on the website.
Talk to customers about their questions:
Before you write your page, you first need to find out what your customers actually want to know. For a business to understand and include the questions and answers customers want to see on a FAQ page, the business needs to ask its customers. To receive this information directly, a business can ask customers in-store, indirectly via an online survey or talk to those who work in the customer service side or business’s sales team.
Identify keywords and patterns:
The keywords on a business’s FAQ page need to support the questions customers want to be answered, just as customer questions should support the page’s keywords. When determining what keywords to include, more information is always best. Grouping similar questions together, with large headlines for each category, can help in presenting the information in an easily understood, systematic matter.
Don’t forget to update your FAQ:
Customer trends can change so it is important that a business updates its content to ensure it continues to answer customers questions correctly. If the information is outdated or not relevant, it can’t help customers so remembering to remove the questions that aren’t relevant will help customers to receive answers to any concerns they have without having to look through things that are irrelevant.