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Working with online influencers

Influencer marketing may seem like a “buzz” term; however, the movement is providing more businesses with online opportunities to expand their customer base.

Online influencers are generally prominent individuals within an industry with large social media followings, i.e bloggers and celebrities. Small businesses can work with online influencers to promote their products and services.

One of the primary reasons businesses may choose to start a working relationship with an influencer is customer acquisition. As online influencers have a large active and engaged following, their exposure to potential target markets is expansive. Influencers tend to have a loyal social following and their followers are generally interested and trust their content.

For businesses who do choose to go down the road of influencer marketing, it is important to establish some base rules with the influencer. For instance, many social users expect influencers such as bloggers to disclose when a social post is an advertisement/paid post for a business. Creating a transparent environment is key to savouring relationships with loyal followers.

It is usually good practice to draft content for the influencer to ensure your business is portrayed in the correct manner. However, this does not mean the influencer has no creativity in the message rather it helps to make sure they understand your goals and stay on track.

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What is the transfer balance cap?

February 18, 2021

The transfer cap refers to the amount of money that can be transferred from your superannuation account to your tax-free ‘retirement phase’ account.

At the moment, the transfer balance cap is $1.6 million and all individuals have a personal transfer balance cap of $1.6 million.

Exceeding the personal transfer balance cap means that you have to:

The amount in your retirement phase account may grow over time, due to investment earnings. Although this may grow beyond the personal transfer cap, you will not exceed the cap. However, if you have already used all your personal cap, and then your retirement phase account goes down, you cannot ‘top it up’.

The rules applied to capped defined benefit income streams are different from other income streams – this is because you can’t usually transfer or commute excess amounts from other streams.