RetailBiz Round Up for Monday 10 March 2014 – with Patrick Avenell
Today's ASX results are here
“The end of financial year presents opportunities for business owners to reduce their tax liabilities and ensure they are in the best position for the new financial year,” said Andrew Graham from RSM Bird Cameron. As the national head of business solutions for the accountancy firm, we called on Graham to provide some concrete tips and tricks for SME retailers and he duly obliged:
Superannuation: “Super is one contribution that can’t be claimed until it is paid. Business owners need to pay the contribution in sufficient time so it is banked by the fund before 30 June to claim it in the 2014 year.” This also applies to the business owner’s personal super.
Bad debts: “Business owners should go through their debtors list and write off anything that is not collectible. These should be written off prior to 30 June to be eligible for a deduction.”
Review carrying value of assets: “If applicable write off any assets which are no longer used in the business.”
Stocktake: “A 30 June stocktake is required to determine the correct value of closing inventory and find any obsolete or damaged stock. Business owners can choose to value the stock at cost, replacement or market sale price depending on what is lower. Stock that is obsolete or damaged can be written off or reduced in value for tax purposes and claimed as a deduction.”
Bring forward expenses: “There may be some expenses, such as training, repairs, maintenance or prepaying interest (only for Small Business Entity taxpayers), that will be incurred and would be better brought forward.”
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Those who travel frequently are likely to have come across full body scanners at various airports in Australia and around the world. These scanners have been the source of some controversy because, although they are an effective way of analysing if a person is carrying anything nefarious, they are considered by some to be too intrusive and an invasion of privacy.
Well, the crafty folk at online retailer InStitchu are really interested in whether you’re packing any plastic cutlery but they have picked up a fully body scanner not too dissimilar to the airport models — and the reason? — to accurately measure prospective customers so they can confidently purchase clothes online.
“The customer simply steps into a private enclosed area to scan themselves. Their precise body measurements are then instantly captured and stored on their InStitchu profile,” said co-founder Robin McGowan.
“In their own time, they can then hop on the InStitchu website and design their perfect suit using our customisation platform.”
The first of these scanners is currently open for measuring at World Square in Sydney and a nationwide shopping centre rollout is planned for 2014.
Would-be iconic online retailer The Iconic has launched an Android app. “With the increasing normalisation of online shopping in Australia, we know that our flexibility and convenience are of vital importance,” said MD Adam Jacobs.
“Our free Android app provides this, and is the perfect complement to our widely successful iOS app. Android users now have access to over 500 brands, with our newest arrivals and latest fashion trends just a tap away.”
Melbourne based electronics retail chain The Good Guys has launched an in-house interior design service called Kitchens. “Our kitchens are delivered as fully assembled rigid cabinet construction, saving you time and money,” the company said.
“Our team of expert kitchen designers will come to your home and help you create your ideal kitchen, designed with you and just for you.”
Quote of the Day
“KFC is committed to helping our customers reduce their salt intake.”
Fritz Meyer, chief food and innovation and technology officer at KFC Australia, straight-facing at the launch of a new initiative inviting customers to request no salt on their chips. No news yet on what KFC is planning regarding our skin intake.
Image of the Day
Hmmm pizza! Eagle Boys is tempting us over to the dark side today as they launch a new promotion called 'Mad Minutes'. For five days from Wednesday 12 to Sunday 16 March 2014, Eagle Boys will be running a nightly sale on its website. Deep pan fans will have between 29 and 90 minutes to take advtantage of the offer so preparation is a must for fans of a thin crust. "It will be go-go-go," goaded head of marketing Kate Pettiford.
Video of the Day
Sticking with the fast food theme here, check out this mouth/eye watering ad (delete where appropriate) for Pizza Hut's Middle Eastern specialty: