LBW & Partners Chartered Accountants. Chatswood, Sydney. Accounting services & business advisors

Working From Home Deduction Changes

Thu, 09 Mar 2023 22:08:32 GMT

Changes to claiming work from home expenses

From 1 July 2022, there will only be two methods available to individuals who wish to claim deductions for working from home expenses, the ‘fixed rate method’ and the ‘actual cost method’. In addition, substantiation requirements have changed.

The previous ‘shortcut method’, which provided an 80 cents per hour flat rate, is not available for use after 30 June 2022.

Fixed Rate Method

The new rate is set at 67 cents per hour. The fixed rate method provides a simple method of calculating a deduction for the costs associated with working from home such as:

Electricity and gas for heating, cooling, lighting and electronic items used while working from home;
Internet expenses;
Mobile and/or home telephone expenses; and
Stationary and computer consumables.

Separate deductions are available for the work-related decline in value of any depreciating assets used when working from home, as well as any other running expenses not listed above.

Record-keeping requirements

From 1 March 2023, an individual using the fixed rate method will need to keep a record of the actual hours worked from home (e.g. timesheets, rosters, time-tracking apps, logs of time spent accessing employer systems or online business systems or a diary kept contemporaneously). As the draft version of PCG2023/1 was not finalised until February 2023, the ATO is allowing individuals to keep a record which is “representative” of the total number of hours worked from home for the period 1 July 2022 to 28 February 2023.

The ATO also requires evidence in relation to each of the running expenses listed above. For energy, mobile and/or home telephone and internet expenses, one monthly or quarterly bill per item needs to be retained. If the bill is not in the taxpayer's name, additional evidence is needed to prove the taxpayer incurred the expenditure (e.g. a joint credit card statement showing payment or a lease agreement indicating that the taxpayer shares the property with others). For stationery and computer consumables, one receipt needs to be kept for each item purchased.

Actual Cost Method

This method provides individuals who have a dedicated workspace at home to make more substantial claims for additional costs incurred when working from home.

To make a claim under this method an individual needs to:

Have incurred additional costs as a result of working from home; and
Have a dedicated room or space availability to them solely, in which they use to work from home.

An individual must keep the following evidence to make a claim under this method:

Either a record of the number of actual hours they worked from home during the income year, or
A diary for a representative four-week period to show their usual pattern of working at home.

In addition, when using this method, individuals need to keep receipts or other written evidence that detail the amount incurred on:

Actual additional expenses;
Office furniture and furnishings purchased; and
The work related use of items purchased to work from home. For example, some items may only be used a portion of the time while working from home such as your computer, internet or phone.

Examples of calculating an individual’s deduction for additional costs incurred are:

Using an itemised phone or internet bill, where work related use is calculated over a 4 week representative period. The calculated percentage during the representative period is then applied to the entire year.
For other costs such as heating, cooling and lighting, additional costs incurred are calculated based on diary records.

For additional information based on your circumstances or if you have any questions, please contact our office.

Jobsaver and Micro business grant

Tue, 27 Jul 2021 04:28:54 GMT

Jobsaver and Micro business grant

>> 2021 Small and medium business Payment (JobSaver Payment)

The Commonwealth and NSW Governments will jointly fund a new Small to Medium Business Support payment to eligible (non-employing and employing) entities in NSW, including not-for-profits.

Eligibility

Entities will be eligible if they meet all of the following criteria:

Have an ABN registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for each ABN
Had an aggregated annual turnover of between $75,000 and $50 million for the year ended 30 June 2020
Have experienced a decline in turnover of 30% or more due to the Public Health Order over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June) compared to the same period in 2019
Have not applied for, or received, the Hospitality and Tourism COVID-19 Support Grant
For employing businesses, maintain their full time, part time and long-term casual staffing levels as of 13 July 2021 while continuing to receive JobSaver payments
For non-employing businesses, such as sole traders, they need to show that the business is the primary income source for the associated person.
Incurred Eligible Expenses such as utilities, wages, rent, cost of perishable goods, financial, legal advice, marketing and communications expenses etc., for which there was or is no other government support available.

Payment Amount

Eligible employing entities will receive 40% of their NSW payroll payments, at a minimum of $1,500 and a maximum of $10,000 per week
For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week

The payments will cover the period from week four of the lockdown (i.e. week commencing Sunday 18 July) until the current lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed. They will be paid fortnightly to eligible entities in arrears.

How to Apply for the Grant

Applications for the Grant can be made through the Service NSW website from 26 July 2021 until 18 October 2021.

>> 2021 Micro Business Grant

The Grant is designed to provide cashflow support to micro–businesses.

Entities will be eligible if they meet all of the following criteria:

Have an ABN registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for a single ABN
Have had aggregated annual turnover between $30,000 and $75,000 for the year ended 30 June 2020
Have experienced a decline in turnover of 30% or more due to the public health orders over a minimum 2-week period within the Greater Sydney lockdown (commenced 26 June 2021 and due to end 30 July 2021), compared to the same period in 2019
Incurred Eligible Expenses such as utilities, wages, rent, cost of perishable goods, financial, legal advice, marketing and communications expenses etc.., for which there was or is no other government support available
Have not applied for either the 2021 COVID-19 business support grant or the JobSaver payment
For employing businesses, they maintain their full time, part time and long-term casual staffing level as of 13 July 2021 while continuing to receive JobSaver payments
For non-employing businesses, such as sole traders, show that the business is the primary income source for the associated person.

Grant Amount

Eligible businesses will receive $1500 per fortnight for the duration of the Great Sydney lockdown.

How to Apply for the Grant

Applications for the Grant can be made through the Service NSW website from 26 July 2021 until 18 October 2021.

COVID-19 Lockdown Support packages announced by NSW Government

Wed, 07 Jul 2021 04:24:14 GMT

NSW Government COVID-19 Lockdown support packages

The NSW Government has announced various support packages to help businesses and individuals across the state impacted by the current COVID-19 lockdown. Summary of the packages are as follows:

Support for Business

>> Small Business COVID-19 Support Grant

Small businesses (including sole traders) and not-for-profits will be eligible for the 2021 Small Business COVID-19 Support Grant if they meet the criteria below.

Eligibility

Entities will be eligible if they meet all of the following criteria:

have an ABN registered in NSW or can demonstrate they are physically located and primarily operating in NSW as at 1 June 2021. Only one grant is available for a single ABN,
have total Australian annual wages below $10,000,000 as at 1 July 2020,
had an aggregated annual turnover of between $75,000 and $50 million for the year ended 30 June 2020,
have not applied for, or received, the Hospitality and Tourism COVID-19 Support Grant (see below),
maintain their employee headcount as at 13 July 2021 for the period of the Public Health Order (i.e. commenced on 26 June 2021) and
incurred Eligible Expenses such as utilities, wages, rent, cost of perishable goods, financial, legal advice, marketing and communications expenses etc.., for which there was or is no other government support available.

Grant Amount

Eligible businesses receiving either the Small Business Grant or the Hospitality and Tourism Grant can receive:

$15,000 for a decline in turnover of 70%, or more
$10,500 for a decline in turnover of 50%, or more
$7,500 for a decline in turnover of 30%, or more

The decline in turnover is calculated by comparing the business's turnover over a minimum two-week period from 26 June 2021 to 17 July 2021 compared to the same period in June and/or July 2019*.

In the case that the business's turnover in June/July 2019 was not representative of their usual or average turnover (e.g. due to drought or bushfires) and they can demonstrate they have been significantly impacted by the 2021 Public Health Orders, the business may still be to apply.

How to Apply for the Grant

Applications for the Grant can be made through the Service NSW website from 19 July 2021 until 13 September 2021 with payments expected to be made to eligible businesses in four days from application.

>> 2021 Small and medium business Payment (JobSaver)

The Commonwealth and NSW Governments will jointly fund a new Small to Medium Business Support payment to eligible (non-employing and employing) entities in NSW, including not-for-profits.

Eligibility

Entities will be eligible if they meet all of the following criteria:

Their turnover is 30 per cent lower than an equivalent two-week period in 2019
Their annual turnover is between $75,000 and $50 million for the year ended 30 June 2020.
They maintain their full time, part time and long-term casual staffing level as of 13 July 2021

Payment Amount

Eligible entities will receive 40% of their NSW payroll payments, at a minimum of $1,500 and a maximum of $10,000 per week
For non-employing businesses, such as sole traders, the payment will be set at $1,000 per week

The payments will cover the period from week four of the lockdown (i.e. week commencing Sunday 18 July) until the current lockdown restrictions are eased or when the Commonwealth hotspot declaration is removed. It is expected the payments will be paid fortnightly to eligible entities.

How to Apply

Businesses can register their interest from 14 July 2021 on the Service NSW website with applications open on 26 July 2021.

*Detailed information regarding the eligible employees and eligibility of businesses is not yet available. We will update this information as soon as details are released.

>> 2021 Micro business Payment

Eligibility

Entities will be eligible if they meet all of the following criteria:

Have annual turnover of between $30,000 to $75,000,
Can show a decline in turnover of at least 30%
Are the businesses that provide the primary income source for a person associated with the business.

Grant Amount

Eligible businesses will receive up to $1500 per fortnight.

How to Apply for the Grant

Applications for the Grant can be made through the Service NSW website from 26 July 2021.

Detailed information regarding business eligibility is not yet available. We will update this information as soon as details are released.

>> Payroll Tax Deferral and Relief

Businesses subject to payroll tax in NSW will be able to defer payment of their liability.

Payments due in the 2020-21 annual return may be deferred until 7 October 2021.
Payments due on July and August monthly wages may also be deferred until 7 October 2021
Interest free repayment plans for up to 12 months may also be negotiated. More information on how to establish these payment arrangements will be provided by Revenue NSW by the end of August 2021.

Payroll Tax Relief

Businesses with annual payrolls between $1.2m and $10m will be eligible for a payroll tax relief of 25% of the business' annual liability.

Eligibility

Entities will be eligible if they:

Can show a decline in turnover of 30% – calculation method to be confirmed but assumed to be linked to eligibility under the Small and Medium Business Support Payments set out above, and
Receive a payment under the Small and Medium Business Support Payments or NSW business support grants set out above.

How to apply

Payment deferrals will be automatically applied. More information on the 25 per cent reduction will be provided by Revenue NSW before the end of August.

Support for Individuals

>> Covid Disaster Payment

Eligibility

Individuals will be eligible if they are:

Australian resident or eligible working visa,
17 years of age or older,
Not in receipt of income support payments, ABSTUDY Living Allowance, Dad and Partner Pay or Parental Leave Pay and Pandemic Leave Disaster Payment,
Live in, work from or visited a Commonwealth COVID-19 hotspot,
Have liquid assets of less than $10,000 if you're claiming for the period 1 to 7 July 2021,
Cannot attend work on or after day 8 of the lockdown* and
Lost income on or after day 8 of the lockdown and don't have any appropriate paid leave entitlements

Payment Amount

Depending on eligibility dates, lockdown period and loss of hours, payments can range between the following per week:

Loss of 20 hours or more: $500-600
Loss of between 8 and 20 hours: $325-375

*Day 8 of lockdown changes depending on your area in NSW. For most of Greater Sydney it is 4 July 2021.

How to apply

If you are an Australian resident

Australian residents must claim online.

To claim online you need a myGov account linked to a Centrelink online account . If you don't have a myGov account, you can create one .

If you're an eligible working visa holder

Eligible working visa holders need to call NSW Services on the Emergency information line where they can take your claim.

Support for Landlords

>> Land Tax Relief

Land Tax relief of up to 100% of the land tax liability will be available to residential and commercial landlords that reduce rents for their tenants.

Eligibility

Landlords will be eligible is they provide relief by way of reduced lease/rent to 'financially distressed' tenants. To be eligible, the reduction must not be required to be paid back at a later date.

A landowner providing a reduction in rent to a tenant between 1 July 2021 and 31 December 2021 can receive a reduction in land tax payable for the relevant parcel of land. The land tax reduction will be the lesser of:

the amount of rent reduction provided to an eligible tenant for any period between 1 July 2021 and 31 December 2021, or
100 per cent of the land tax attributable to the parcel of land leased to that tenant.

Qualifying criteria for a 'financially distressed' tenant' are:

Commercial tenants – who has an annual turnover of up to $50 million and is eligible to be approved for the Micro-business COVID-19 Support Grant, the 2021 COVID-19 NSW Business Grant and/or the JobSaver scheme.
Residential tenants – who have had a reduction in household income of 25 per cent (or more) as a result of COVID-19 and in respect of which are not claiming the Residential Tenancy Support Payment.

How to apply

Details not yet available.

>> Grants

For residential landlords that reduce the rent for COVID-19 impacted tenants from 14 July 2021 and not liable to land tax, a grant of up to $1,500 may be available on application if qualifying criteria are met.

The amount available to each landlord will be capped at the reduction that is passed onto the tenants, or $1500, whichever is the lower.

Landlords cannot ask tenants to repay the reduced amount of rent.

How to apply

A landlord can claim either this payment or the COVID-19 land tax benefit (which is an offset of the land tax liability equal to the rent reduction granted), but not both.

Applications will need to be made online, details are not yet available.

Government's big boost to stimulus package!

Tue, 24 Mar 2020 22:00:00 GMT

Federal stimulus boost provides $66b for those on the coronavirus economic frontline

23 Mar 2020

Prime Minister Scott Morrison and Treasurer Josh Frydenberg announced an additional $66b in COVID-19 economic support. In announcing these measures, the PM stated that the priority for this stimulus remains support for small businesses, with wage subsidies of up to $100,000, and access to a further $20b in government guaranteed unsecured loans (capped at $250,000) on offer.

This newsletter outlines the federal government measures across all announcements to date.

Boosting cash flow for employers

Coronavirus SME Guarantee Scheme

Providing temporary relief for financially distressed businesses

Payments for households

Coronavirus supplement

Early release of superannuation

Superannuation minimum drawdown rates and social security deeming rates

ATO Relief for COVID-19 affected businesses

Wed, 18 Mar 2020 22:00:00 GMT

ATO COVID-19 Relief Announced

As part of the government's coronavirus response package, it has provided for the ATO to give administrative relief for some tax obligations for people affected by the coronavirus outbreak, on a case-by-case basis .

Business operatives affected by the coronavirus should contact the ATO to discuss relief options. Options include:

Employers will still need to meet their ongoing SG obligations for their employees.

COVID-19 & Government help for businesses

Sun, 15 Mar 2020 22:00:00 GMT

Australian economic stimulus package in response to coronavirus - tax and cash measures

On 12 March 2020, the Australian Government released its economic response to the coronavirus (COVID-19). The ATO also released a series of administrative concessions for taxpayers.

Tax incentives for business investment

Instant asset write-off increased

For new or second-hand assets first used or installed ready for use from 12 March until 30 June 2020, the instant asset write-off threshold will be increased from $30,000 to $150,000 for businesses with aggregated annual turnover of less than $500 million (up from the current $50 million threshold). The threshold applies on a per asset basis, so eligible businesses can immediately write-off multiple assets. The threshold will revert to $1,000 for small businesses (turnover less than $10 million) from 1 July 2020, however businesses not entitled to the instant asset write off from 1 July 2020 may be entitled to the 50% investment incentive as below.

Backing business investment incentive

The Government is introducing a time limited 15 month investment incentive (through to 30 June 2021) to support business investment and economic growth over the short term, by accelerating depreciation deductions. Businesses with aggregated annual turnover of less than $500 million per annum will be able to deduct 50 per cent of the cost of an eligible asset upon installation, provided it was acquired after 12 March 2020 and first used or installed by 30 June 2021. There is no asset value threshold for this 50% investment incentive. Existing depreciation rules applying to the balance of the asset's cost.

Cash flow assistance for businesses

Boosting cash flow for employers

Up to a $25,000 tax-free payment to small and medium-sized businesses with aggregated annual turnover of less than $50 million that employ workers, between 1 January 2020 and 30 June 2020. These eligible businesses will receive a payment equal to 50% of their PAYG withheld, delivered as a credit in their BAS from March to June 2020, with a minimum $2,000 payment and up to a cap of $25,000.

Supporting apprentices and trainees

Eligible small business employers will be able to apply for a wage subsidy of 50% of the apprentice's or trainee's (in training as at 1 March 2020) wage for up to 9 months from 1 January to 30 September 2020, up to $21,000 per apprentice. Employers can register for the subsidy from early April 2020 with final claims for payment due by 31 December 2020.

Non-tax measures

Stimulus payments

A one-off $750 payment will be available from 31 March 2020 to social security, veteran and other income support recipients and eligible concession cardholders including pensioners. There will be one payment per eligible recipient.

Assistance for severely affected regions

The Government has set aside $1 billion to support those regions and communities that have been disproportionately affected by the economic impacts of COVID-19, including those heavily reliant on industries such as tourism, agriculture and education.

ATO relief

On 12 March 2020, the Australian Taxation Office (ATO) announced a series of administrative concessions to assist businesses impacted by COVID-19, which include:

The ATO assistance is not automatic, taxpayers must first contact the ATO to request assistance, and if eligible, the ATO will 'tailor the assistance package for the relevant taxpayer.

Legislation

Legislation to give effect to these measures will be introduced into Parliament, which resumes on 23 March 2020. It is expected that it will be passed urgently. As certain incentives in the economic package will only be available for a short period of time, businesses should consider taking action as soon as practicable.

State Government assistance

State Governments are also anticipated to release their own stimulus packages in the coming weeks.

Investing for the L O N G term!

Mon, 07 Aug 2017 23:00:00 GMT

All the signs point to a future where savvy investors will increasingly use diversified multi-asset strategies, designed to efficiently capture new sources of return opportunities to help build their long-term wealth.

Download the report from our downloads page.

Super Stream Deadline Approaches

Thu, 24 Sep 2015 23:00:00 GMT

31 October Deadline...

... but only for employers with 20 or more employees

You need to be using SuperStream no later than 31 October 2015.

There's not much on the employer checklist - but you need to start!

1. Choose an option

To be SuperStream compliant you need to pay super electronically. Choose the option that suits your business and check that it's SuperStream-ready.

Large super funds have online payment services you can use. Check with your fund.

A clearing house pays super to your employees' funds for you. You make a single payment to the clearing house and they do the rest.

You can also choose from several commercial options. Your super fund may have a clearing house you can use. Talk to your fund to see what they offer.

If you use a payroll system, check with your system provider that it is SuperStream ready. You may need to update your system.

Accountant or bookkeeper services

You can also ask your bookkeeper to handle your super payments, using one of the options above.

Remember : Even though others may pay super for your employees, you're still responsible to ensure they pay it correctly.

You'll need to collect some information from your employees. Once you've got the information, enter it into your system and you're ready to start using SuperStream.

3. Use SuperStream

Start using SuperStream well before the deadline. This will allow you to enjoy the benefits sooner and ensure everything is running smoothly.

ATO hands out SMSF Penalties and disqualifications!

Sun, 02 Aug 2015 23:00:00 GMT

Under its new penalty powers, the ATO has also handed out approximately 54 education directions and 27 rectification directions, Ms Simmons said.

The powers, introduced in July last year, allow the ATO to impose administrative penalties on trustees for certain SIS Act breaches. In addition, the powers allow the ATO to direct SMSF trustees to fix a breach and direct trustees to undergo education in the event of a breach.

"We haven't seen the penalties themselves cause a significant shift in what contraventions are being reported or the number of contraventions themselves that are being reported," Ms Simmons told delegates at the SMSF Association's state technical conference in Sydney this week.

"That could also be just a function of timing. When you think that penalties apply to contraventions from 1 July 2014, and the reporting timelines, and when most SMSFs would lodge – we are still waiting on a lot of that intel to come through."

Discussing administration penalties, Ms Simmons noted that from 31 July this year, there will be an increase in the penalty units from $170 to $180. This new figure will apply to all contraventions that take place after 31 July this year. The figure will also be indexed every three years from 1 July this year.

In light of recent confusion, Ms Simmons also stressed that the lodgement of an auditor contravention report does not automatically result in a penalty for a trustee or member.

GBU of Debt (The Good, Bad, and the Ugly)

Thu, 23 Jul 2015 23:00:00 GMT

Debt, like with most things, can be good for you if taken in moderation. But not all debt is the same, and some debt can be very bad for you in deed. But what is good debt and how do you avoid the bad?

In general, good debt carries a few simple traits - low interest rate and/or tax deductibility. Lowering the rate of interest can be achieved by either using some of your assets/property as security (as in most home loans) or by improving your credit score (more applicable to businesses and homeowners in the US). Being able to claim tax deductibility on most occasions comes down to what the loan was used to pay for - i.e. the loan needs to pay for an asset that has the the main purpose of deriving you an income.

Bad debt on the other hand usually has neither of these qualities (higher rate of interest and not tax-deductible).

Ranking of Debt (for illustration purposes only)

ATO targets SMSF loan arrangements

Sun, 15 Mar 2015 13:00:00 GMT

The ATO updated its website last week saying that it understands some individuals and organisations are promoting arrangements where SMSF monies are deposited into unit trusts or pooled investment trusts less a management fee. This money is then used to obtain a personal or business related mortgage which results in the SMSF assets being used to provide members with current-day benefits.

The ATO says it is closely scrutinising these lending arrangements on the following weblink . The ATO says such arrangements would breach the sole purpose test as the SMSF is being used for a purpose other than providing retirement benefits for members. According to the ATO, the primary purpose of such arrangements is to enable individuals and any associates to use their super savings, rather than assets held outside the fund to provide assistance to members or relatives.

Christmas Cheer with no FBT fear

Sun, 08 Mar 2015 13:00:00 GMT

As with any benefit that a business provides to staff, the question of whether it is a (taxable) fringe benefit or not needs to be considered.

The Australian Tax Office states that there are no different FBT rules that apply to Christmas parties (entertainment) than to any other entertainment. The good news is that these parties may come under the "minor benefits" umbrella. A minor benefit will be FBT-exempt where, broadly, the benefit is less than $300 per person and provided on an infrequent and irregular basis.

The FBT law allows however (perhaps getting into the spirit of the season) for the minor benefits threshold to apply to each benefit provided, not to a total value of "associated benefits".

So if, as a generous employer, you put on a barbecue and hand out gifts, the meal and the gift are considered separately for FBT purposes. If each is less than $300, they are both generally FBT-free.

Exemption Negates Deduction

It is worth noting however that as such minor benefits are exempt from FBT, sadly a business cannot then claim the expenses as a tax deduction, nor can claims be made for any GST credits.

Where Do Taxis Stand?

For an employer thinking of paying for this travel option for staff, the important consideration in regard to this will be venue. If the taxi travel is from home to an entertainment venue (that is not the workplace) and home again, the Tax Office will include the cost of the ride as part of the entertainment and deem that it is to be included in the cost-per-head total (that is, it counts towards the $300 minor benefit limit).

But if the cab trip is from home to a function held at the workplace, and/or from the workplace back to home after the festivities, the taxi fare is exempt from FBT.

Spreading the Joy

The safest option FBT-wise would be to hold the Christmas party on the business premises on a working day, as providing the food and drinks will be FBT free; if it's only employees who attend. If spouses or partners are invited (the law refers to them as "associates") the cost will still be FBT free if less than $300. And if bona fide clients attend there is no FBT in respect of them. If the party is held off-premise, at say a restaurant or pub, the $300 limit applies to both employees and associates.

Some canny business operators have taken the convivial, and tax effective, approach of holding more than one social event over the year. Rather than have just one large bash at Christmas, a business may decide to spread the entertainment budget out to, say, an end-of-financial-year function in winter.

Dividing the party purse into two events can reduce the value of the entertainment each employee enjoys below the minor benefits limit of $300, and keeps the FBT liability of an employer to a happy minimum. It should be remembered however that to be a minor benefit it is necessary that the particular benefit (or similar benefits) be provided irregularly and infrequently.

3 Big Rocks

Sun, 01 Mar 2015 13:00:00 GMT

Some of you may already be familiar with the following object lesson, which goes something like this:

The lesson is quite simple. If you start with the sand and finish with the rocks, you will not be able to fit it all in and you risk the big rocks falling out. You need to start with the big rocks first.

So what are your big rocks? And have you prioritised them appropriately? Have you put first things first?

Though it would be great to satisfy all our needs and wants, as most of us know, the latter can be a long and never ending list. By focussing your financial planning on your major short-term and long-term goals (your big rocks), you are likely to have more success in securing your financial future and minimising unwanted surprises

Twitter

Thu, 26 Feb 2015 13:00:00 GMT

Well, we've entered the world of Twitter! And now we can Tweet.....what has Twitter done for your business?