Tag Archive for: Business management

Energy Efficiency Grants for Tasmanian businesses

Grants of up to $25,000 are now available to Tasmanian businesses to help improve your energy efficiency!

What is the program about? 

The Energy Efficiency Grants for Small and Medium Enterprises Round 2 program is now open to eligible Tasmanian businesses, offering grants of up to $25,000 to support your transition towards a more sustainable and cost-effective future. 

This initiative aims to empower Tasmanian businesses with resources to reduce their energy consumption and environmental impact.

By implementing eligible energy-saving measures, you can:

✅ decrease your energy bills, and

✅ contribute to a greener Tasmania.

Who is eligible to apply?

You may be eligible to apply for round 2 of the Energy Efficiency Grants if you:

  • operate a small or medium sized business in Tasmania with 1-199 employees
  • have be in operation for at least 24 months

What activities are eligible? 

While you cannot use the grant for activities such as purchasing solar panels or replacing broken equipment, here are some eligible options to consider: 

  • Feasibility studies: Unsure where to begin? Engage a Synectic adviser to help you assess the potential of energy-saving investments like equipment upgrades, building improvements, or renewable energy solutions (excluding purchase of equipment). We’ll analyse costs, savings, and return on investment, giving you a clear picture of the benefits. 
  • Equipment upgrades: Replace outdated, inefficient equipment with energy-efficient models, such as lighting systems, refrigeration units, and HVAC systems. 
  • Building improvements: Invest in insulation, ventilation upgrades, and smart building technologies to optimise energy use throughout your facility. 

What next?

Applying for Energy Efficiency Grants for Small & Medium Sized Enterprises Round 2

  • Applications open on February 27, 2024
    Funding is limited so submit your application as soon as possible
  • Applications close on April 8, 2024. 

We’re here to help!

Our team can provide guidance on navigating the application process and exploring suitable energy-saving solutions for your business. Reach out to a Synectic adviser to discuss your specific needs.

Contact us

Business Insights and Inspirations: Xerocon 2023 Recap

Xerocon 2023 was a whirlwind of innovation, insights, and inspiration for our business services team. Here’s a recap of six valuable topics shared by a huge number of speakers across the two days in Sydney.

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5 tips to avoid FBT on staff Christmas gifts and work party

Tax might not be high on the list of things you’re thinking about as Christmas approaches. But Christmas will be here in a moment, and many employers will be thinking about recognising their team’s efforts throughout the year. You may already have plans in place, but have you thought about how to manage tax and Christmas gift-giving? Especially FBT on your staff Christmas gifts and work party.

Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. FBT and associated income tax and GST pitfalls are the big ones to watch out for.

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Two great tax deductions for small businesses

Small business owners (with an annual turnover under $50 million) should consider the following tax deductions if you are planning to invest in skills and training or improving your energy efficiency. Each measure will lend a hand with an extra 20% tax deduction for relevant expenses, as outlined below.

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Streamline your bookkeeping with Synectic and Dext

We are thrilled to share some exciting news: we are now an official Dext partner! This partnership continues our commitment to providing expert advice and innovative solutions for business owners.

As a Dext partner, we can help you streamline your bookkeeping processes, allowing you to focus on what matters most – growing your business. Through our partnership, our clients can also benefit from discounted pricing on Dext Business plans.

But what exactly is Dext, and how can it transform your bookkeeping?

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Increased penalties for Privacy Act violation

In the digital world we live in, managing people’s personal information and data has never been more important. Almost half of all cyber-attacks target small-to-medium sized businesses, and half of all data breaches result from cyber-security incidents, so knowing what your legal obligations as a small business are is critical. With the Privacy Legislation Amendment Bill 2022 passed late last year, maximum penalties that can be applied for non-compliance, serious, or repeated breaches of the Privacy Act have increased. The Bill also provides the Office of Australian Information Commissioner (OAIC) with enhanced enforcement powers and strengthens the Australian Notifiable Data Breaches scheme.

Do Privacy Act obligations affect your small business?

While most small businesses are not covered by the Privacy Act 1988, some are.

A small business is one with an annual turnover of $3 million or less. Annual turnover for the purpose of the Privacy Act includes all income from all sources – it does not included assets held, capital gains or proceeds of capital sales.

However, regardless of turnover, the Privacy Act covers any business that is:

  • A health service provider
  • Trading in personal information
  • A contractor that provides services under a Commonwealth contract
  • An operator of a residential tenancy database
  • A credit reporting body
  • A reporting entity for the purposes of the Anti-Money Laundering and Counter-Terrorism Financing Act
  • Employee associations registered or recognised under the Fair Work (Registered Organisations) Act 2009
  • A business that conducts protection action ballots
  • A business accredited under the Consumer Data Right system
  • Businesses related to a business the Privacy Act covers
  • A business prescribed by the Privacy Regulation 2013
  • A business that has opted in to be covered by the Privacy Act

If the Privacy Act covers your small business, you will have to comply with the Australian Privacy Principles (APPs). As well as the APPs, the Privacy Act includes specific matters that some small businesses may be required to comply with.

Ten tips for protecting customers’ personal information

  1. Familiarise yourself with internal privacy policies, processes and procedures
  2. Know who is responsible for privacy
  3. Consider privacy during project planning
  4. Only collect the personal information you need
  5. Use and disclosure – think about it!
  6. Overseas disclosure – prepare for it!
  7. Take care when handling sensitive information
  8. Access personal information on a need-to-know basis
  9. Keep personal information secure
  10. Familiarise yourself with your data breach response plan – you should have one

Need more help?

Still unsure whether the Privacy Act applies to your small business, or need help ensuring you have appropriate systems and processes in place to comply?

A Synectic adviser can review your needs and provide advice on what you need to do to meet your obligations.

Contact us

About the author

Claire_Smith - Senior_Consultant - internal audit Tasmania
Claire Smith (FCPA)
Senior Consultant

Claire is a senior executive and accountant with almost 20 years’ experience across the private and public sectors. She is an Associate Member of the Institute of Internal Auditors, an Internal Quality Auditor, and an independent member of the Department of Treasury and Finance Audit & Risk Management Committee. Claire is passionate about business performance and has an extensive background in risk management. Contact us today and ask to speak with Claire.

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Four steps to protect your business from false invoice scams.

“False invoice scams”, or “invoice hacking”, are on the rise. Cybercriminals have become increasingly efficient and relentless and no business – regardless of size or industry – is immune.

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FBT exemption for electric vehicles in Australia

Fringe Benefits Tax (FBT) exemption for electric vehicles in Australia has now been legislated. The relevant legislation, Treasury Laws Amendment (Electric Car Discount) Bill 2022, received Royal Assent on 12 December 2022. It upholds the Government’s pre-election commitment and broader decarbonisation initiatives.

Of all the employee ‘perks’, employer-provided cars (through novated car leases or private use of company vehicles) are one of the most popular fringe benefits in Australia. As a result, FBT exemption for electronic vehicles has been keenly anticipated.

What do employers and employees need to consider?

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Building organisational resilience through audit and assurance

Why is building organisational resilience important for your business? What role do audit and assurance play?

Businesses globally are on a path of continuous change, amid extreme political, environmental and catastrophic events. At the same time, the pace of digital transformation continues to increase at record speeds, with more change expected in the next 10 years than we have ever seen in history. Building an organisation which is sustainable, and can flourish long-term, is crucial for all governing bodies and management from a business resilience and continuity perspective.

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Xerocon 2022: Synectic looks forward

Offering inspiring speakers and exhibits from a growing number of Xero app partners, Xero’s annual event is the largest accounting technology conference in Australasia. Xerocon 2022 (Sydney) certainly didn’t disappoint Synectic’s five attendees. Here are some of their highlights (believe me, it was hard for them to narrow these down!)

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