Are you hitting the right price point? We’ll analyse your current pricing strategy, review your prices and suggest the best way to improve your margins and profitability.

Keeping track of your inventory, the time it takes to sell and the profit made on each product is essential if you want to manage your business effectively.

Ageing is a natural part of life and just as we plan for early milestones like buying a home or the arrival of kids, it’s worth laying foundations for old age.

Yesterday, the NSW Government released its 2020/21 Budget and it is jam packed with new and continuing initiatives for our regions and businesses. Here is a breakdown of a few key announcements:

What is the difference between a contractor and an employee and whose responsibility is it to get right?

An employee

works in the business and is integral to that business

Luka Group has broken down the key items and political spin to summarise the main items and how they might affect every day Australians.

The Government has extended the JobKeeper Payment by a further six months to March 2021.

The JobKeeper Payment, which was originally due to run until 27 September 2020, will continue to be available to eligible businesses (including the self-employed) and not-for-profits until 28 March 2021. In addition, from 3 August 2020 the relevant date of employment will move from 1 March to 1 July 2020, increasing employee eligibility for the existing scheme and the extension.

Superannuation is a handy way of saving for retirement, so that you’ll have an income to live on once you’re no longer working.

Your employer must pay a portion of your earnings into your superannuation fund, which invests them on your behalf.

If you are looking to exit your business or have a future plan to do so, you need a strategy. When you sell up, you want your business to have as much inherent value as possible – so you get a good price, a great return on your investment and the best possible payout.

So, how do you take yourself ‘out of the business’ as the founder, add the best value and set up an effective and financially beneficial exit strategy?

Having a personal budget is essential to gaining control of your personal finances. Budgeting doesn’t necessarily mean restriction; it frees up your money, so you know exactly what’s available to spend.

The top 10 benefits of personal budgeting:

The COVID-19 pandemic has certainly disrupted our daily lives, forcing us to close entire industries and change our behaviour overnight.

With the lockdown directly affecting jobs and the economy, many people’s thoughts quickly turned to their finances. Whether or not your income has been affected, now is a good time to get your finances in order

Today, young people are often called the “the smashed avocado generation,” supposedly frittering away money on ‘luxury’ items rather than working hard to save for their first home or retirement nest egg.

However, despite their spendthrift reputation, most millennials are quite prudent when it comes to managing their financial affairs. Research by Afterpay found that millennials are saving more than their parents and are 30 per cent more likely to save regularly. They are also careful money managers, with more than 80 per cent of millennials having a budget, compared to two-thirds of older generations.

Covid-19 developments continued to dominate attention. There were spikes in the number of new infections in both Australia and overseas, suggesting an economic recovery may be delayed.

Share markets powered ahead, however, as investors remained convinced that governments and central banks will provide sufficient financial assistance through the crisis.

Fixed income markets also registered gains; government bond yields moved lower and credit spreads continued to tighten.

Australians enjoy one of the highest life expectancies in the world, which means you can look forward to a long and comfortable retirement.

While that's fantastic news, it also makes saving for retirement more important than ever. Indeed, the majority of Australians over age 40 who are yet to retire are concerned about not having enough money to live on, with many recognising they need professional assistance to reach their retirement goals.

When we talk about financial wellbeing, what do we mean? More than just earning an income, financial wellbeing is about having financial security and the freedom to make choices.

There are three interrelated aspects to good financial wellbeing:

Business cashflow is simply money coming in and money going out of the business. Your outgoings will include things like rent, payroll, taxes and supplies. Your income will be revenue from sales but might also include investment funds or the sale of assets.

If your small business or not-for-profit organisation has experienced a decline in turnover as a result of COVID-19, you may be eligible for a small business recovery grant of between $500 and $3000.

This grant helps small businesses meet the costs of safely reopening or up-scaling operations.

According to the Australian Taxation Office, there are three ways to claim your home office running expenses.

The Federal Government released its HomeBuilder package as a third wave of stimulus to the economy specifically supporting the construction industry. It is a time limited grant program that will be demand driven with no existing funding cap. There are 2 parts to the grant program; for the building of new homes and renovation of existing owner-occupied homes.