Every Day I’m Hustlin’

Setting the right price for products and services drives sales, profitability, and enables long-term growth. Here are some pricing strategies that can help unlock significant business potential. 1. Understand Costs Effective pricing is only possible with a good understanding of costs, such as: Fixed Costs: The expenses that remain constant regardless of production levels, like rent, salaries, and insurance. Variable Costs: The costs which fluctuate based on production volume, including raw materials and direct labor. Break-even Point: The minimum sales volume required to cover all costs, and a valuable baseline for pricing decisions. Accurate and frequent financial reporting is necessary in order to keep a handle on these metrics. 2. Analyse the Market Enlightened leaders study their competitors’ pricing strategies, especially what they charge and the value offered at those price points. They also carefully monitor market demand (e.g. based on seasonal or economic factors) because high demand may justify higher prices. 3. Value-Based Pricing Strategic pricing means understanding customer perception of value. Products should be priced based on perceived value in addition to the costs of production. Also, understanding the value proposition enables the seller to highlight unique features and benefits of their products. That way, they market and sell in ways that persuade customers to choose them over competitors. 4. Dynamic Pricing Different circumstances may warrant different prices. For example, adjusting prices based on real-time demand is common in industries like travel and hospitality. Promotional Pricing means offering temporary price reductions to stimulate demand, clear out inventory, or attract new customers. 5. Bundling and Packaging It can make sense to combine multiple products or services into a single package at a discounted rate. This can increase perceived value and encourage customers to purchase more. A related concept is tiered pricing, whereby different tiers of products are offered at varying price points to cater to different customer segments, such as budget-conscious and premium customers. 6. Monitor and Adjust Pricing Since market and economic conditions are constantly in flux, leaders should continuously monitor pricing strategy performance. This regular review includes gathering feedback from customers and sales teams to understand how pricing impacts sales and customer satisfaction. A small variation in price can significantly impact business profitability and growth potential. Use these strategies to unlock the full profit potential of your business!

Gone are the days when you had to keep shoeboxes full of fading paper receipts. But many individuals and business owners still wonder: do I need to keep paper receipts for tax purposes? The short answer is no—but you do need to keep records. Let’s walk through what the ATO expects, how to store your records properly, and how to make life easier at tax time. The Australian Taxation Office (ATO) does not require you to keep physical paper receipts—but it does require that your records be: Legible (easy to read) Accurate Complete Stored safely for at least 5 years That means digital copies are perfectly acceptable, if they meet the above criteria. You can store your receipts in many formats: Scanned images or PDFs Photos from your phone (if details are clear) Emails or digital invoices Files stored in cloud systems (like Google Drive, Dropbox, or OneDrive) Just make sure: The date, amount, supplier, and purpose are clearly visible. You can access the file if needed (e.g. if the ATO audits you). Here are some easy ways to stay organised and compliant: 1. Take a Photo Straight Away Got a work expense? Snap a photo of the receipt on your phone before you lose it. 2. Use Cloud Storage Create a folder for each financial year and upload scanned receipts, invoices, and bills. Bonus: no risk of fire, water damage, or faded ink. 3. Accounting Software Tools Programs like Xero, QuickBooks, and MYOB let you upload and attach receipts to specific transactions. Easy and secure. 4. Label Everything Clearly Use file names like “2025-03-01 - Bunnings - Office Shelving - $124.pdf” so it’s easy to search. How Long Should You Keep Records? For individuals and sole traders: 5 years from when you lodge your tax return. For companies and trusts: often 5–7 years, depending on your structure and obligations. If you’re claiming deductions for depreciable assets, keep records for 5 years after the asset is fully written off. What Not to Do Don’t throw away receipts until they’ve been safely saved digitally. Don’t rely on ink receipts—they fade fast! Don’t store files only on your phone—back them up in the cloud or on a secure computer.  You no longer need to keep piles of paper, but you do need to be smart about saving your receipts. With digital tools and a little organisation, you can stay ATO-compliant and reduce tax-time stress.

Buying your first home can be a daunting process, but one of my key tips would be to make yourself aware of the government incentives that are available. These include: First Home Guarantee The First Home Guarantee enables first home buyers to buy or build their new home with a 5% minimum deposit of the property value and borrow up to 95% from your lender. Housing Australia will provide a guarantee to the lender, up to 15% of the property value. Eligibility Criteria To be eligible for the first home guarantee, you need to: - Be an Australian citizen or permanent resident - Have taxable income below the individual cap of $125,000 or $200,000 combined for joint applicants - Have a minimum deposit of 5% of the property value - Be at least 18 years old - Be a first home buyer or not have owned a property in the last 10 years in Australia - The home must be owner-occupied Various types of homes can be covered under this guarantee and an eligibility tool is available here: https://www.housingaustralia.gov.au/support-buy-home/eligibility-tool First Home Owners Grant (FHOG) If you are buying or building a new home valued up to $750,000, you may be eligible for a one-off grant of $10,000. The home must not have been previously sold or occupied, rented or leased out. Eligibility Criteria To be eligible: - You must be at least 18 years of age at settlement date or at the time construction of the home is finished. - At least one applicant (you or other part owner/s) must live in the home for at least 12 months, within 12 months of settlement or completion of construction. There are exceptions to this requirement for Australian Defence Force members and there are limited circumstances where this requirement may be varied. You will not be eligible, if you and/or your spouse: - Have already received the FHOG. - Have owned another residential property in Australia prior to 1 July 2000 - Have lived in a home that either of you owned, on or after 1 July 2000 for more than 6 months There are some exceptions to these requirements, and a checklist for eligibility is available here: https://www.sro.vic.gov.au/first-home-owner/will-i-be-eligible-first-home-owner-grant#1 Land Transfer (Stamp Duty) Exemption or Concession Stamp duty is payable when you buy a home or property, or on the transfer of property. The amount you pay will depend on the dutiable value of the property, how the property is used, whether you are a foreign purchaser and if you are eligible for any exemptions or concession. The duty exemption or concession is available in addition to the FHOG, for those purchasing their first home and principal place of residence, which can be previously owned /established or new. If your new home is valued up to $600,000, you may be eligible for a duty exemption, where you will pay no stamp duty on the purchase. If your new home is valued between $600,001 to $750,000, you may be entitled the duty concession, where you will receive a reduction of stamp duty payable. The value of the property (dutiable value) is usually the contract price, however if the price you pay for the property is less than the market value, the dutiable value will be the market value. To be eligible for the exemption or concession: - Your contract of sale must be dated on or after 1 July 2017. If your contract date is prior to this date, you may be eligible for the concession only. - All the purchasers of the property must meet the same eligibility criteria as the FHOG. - You or your spouse must not have already received the exemption or concession. How much stamp duty will I pay? - A calculator is available to calculate the duty you would pay, and can be accessed here: https://www.e-business.sro.vic.gov.au/calculators/land-transfer-duty Think you have overpaid your duty? - You can apply for a reassessment for up to 5 years after the duty was paid if you were eligible for an available benefit and didn’t claim it. Visit this link: https://www.sro.vic.gov.au/land-transfer-duty/apply-for-a-duty-refund Special Circumstances and Other Eligibility: You may also be eligible for a duty exemption, concession or reduction under some of these circumstances: - Buying an off-the-plan property? You may be eligible to receive a duty concession as a first homeowner buying an off-the-plan land and building package or a refurbished lot, eligibility can be accessed here: https://www.sro.vic.gov.au/land-transfer-duty/offtheplan - Buying vacant land to build your first home? You may may be eligible for the stamp duty exemption or concession, and eligibility can be accessed here: https://www.sro.vic.gov.au/first-home-owner/exemption-concession-reduction#vacant-land - Pensioner or commonwealth concession cardholder? There may be special duty concession or exemption available, for more information, visit https://www.sro.vic.gov.au/land-transfer-duty/pensioner-and-concession-cardholder-duty-reduction - First home owner with a family? As a first homeowner with a family who bought their home on or after 1 January 2006, you may be entitled to a duty exemption or concession, eligibility can be accessed here: https://www.sro.vic.gov.au/first-home-owner-with-family-exemption-or-concession  Temporary Exemptions and Concessions: Other temporary benefits available to first home buyers, even if you don’t qualify for the first home buyer duty exemption or concession include: - Duty waiver for purchases of Victorian residential property with a dutiable value of up to $1 million for contracts signed on or after 25 November 2020 and before 1 July 2021. - Duty exemption or concession for the purchase of residential property, with a dutiable value of up to $1 million located within the City of Melbourne local government area. More information about these temporary benefits can be found here: https://www.sro.vic.gov.au/first-home-owner/exemption-concession-reduction More information for First Home Buyers For more information, visit https://www.sro.vic.gov.au/first-home-owner

It is common for businesses to make mistakes when it comes to goods and services tax (GST). As a result of those mistakes, businesses may underpay by claiming credits to which they are not entitled, or they may overpay the ATO. It is important to understand some discrepancies that may arise whilst you, as a businessperson, are reconciling your accounts. Below are some common mistakes to be aware of: 1. Not every business expense includes GST. The following purchases won’t have GST attached: - Bank fees & interest payments - Most basic food items and medical supplies - Council & Water rates - Most motor vehicle registration fees - Stamp duty - ASIC fees - Land Tax - Donations You are attempting to recoup unpaid GST if you claim credits on these expenses. Always check whether a supplier invoice includes GST before you claim a credit. 2. Claiming GST twice It is common to report the same income or expense twice. Below are some examples when this may occur: - Financed purchases: a business buys an asset (e.g., a vehicle), and claims the full GST credit up front, then later claims GST on each finance payment. Finance repayments do not include GST as this has been accounted for with the purchase of the asset. - Duplicated sales entries: a business accidentally records the same sale twice and pays double the GST it collected. These errors overstate your GST and cause the business to either pay more to the ATO than it owes or to claiming a larger refund than the business is owed. 3. Mixing Business and personal expenses - Claiming GST on personal purchases: GST credits apply only to business expenses. - Not splitting business and personal use: if you buy a laptop and use it 50% for personal use, you can only claim the 50% of GST used for business purposes. Most businesses should have a drawings / loan to director account in their software to account for personal expenditure from the business. 4. Claiming GST credits on non-registered suppliers & contractors When a business claims GST credits, it is crucial to confirm that the supplier or contractor they have paid is correctly registered for GST. - Use of the ABN lookup website ( https://abr.business.gov.au ) can confirm whether the supplier or contractor is registered for GST. - If they are registered, GST credits can be claimed on the expense. - If they are not registered, then there is no GST included in the total price and the expense must be recorded as a ‘GST-Free’ expense. How to maintain GST compliance? - Ensure your accounting software is properly configured for GST (refer to prior GTP blog articles that outline GST codes), and although an account may be GST inclusive, some transactions will need to be manually changed to GST free in line with expenses that do not attract GST. - Keep valid tax invoices for purchases (even attach these to their corresponding transactions in your software) - Separate business and personal expenditure - Reconcile GST accounts regularly - Ask for help when needed (contact your accountant)  Get in touch with your Accountant for any queries.