Five Ways To Recession-Proof Your Business

Economies tend to face headwinds every ten years as the business cycle moves from periods of growth to contraction. While recessions are challenging for small and medium businesses across Australia, it doesn't mean there aren't significant opportunities to strengthen your business and come out of challenging times stronger and more profitable. In this article, we're sharing five ways you can recession proof your business. How is Australia in a recession? Firstly, it's important to understand what it means for a country to be in a recession. Since Australia's last recession in 1991, the country has had an average annual economic growth rate of 3.3 per cent. Technically speaking, a recession i

Digital payments and online banking for older Aussies

Although we’re already a predominantly cashless society*, the introduction of social distancing has further increased our reliance on digital payments and online banking. Face-to-face encounters have become less frequent in so many areas of our lives – and banking and shopping are no different. So now’s an ideal time for older Australians to start integrating more digital transactions into their everyday banking. Using these methods for the first time can be intimidating, so we’ve answered some of the key questions you might have about digital transactions and online finance. What are contactless payments? In the wake of the COVID-19 coronavirus health crisis, many shops and businesses have

Changes To Super Contribution Rules For Over 65s

The Federal Government has updated superannuation laws to allow older Australians to contribute to their super for longer. Work Test To Apply From Age 67 The government has increased the age up to which super contributions can be made without having to meet a work test from 65 to 67. The work test requires you to be in paid work for a minimum of 40 hours in any consecutive 30-day period in the financial year to make voluntary super contributions. From 1 July 2020, the work test only applies for people aged between 67 and 74. So, people aged 65 or 66 will now be allowed to make voluntary super contributions—both concessional and non-concessional—regardless of whether they are working or not.

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