How to build a business you can sell
Many entrepreneurs start their business with the goal of earning an income for themselves, but they often think of the business only in terms of them running it. In truth, there is a huge benefit to starting a business either with the goal of selling it or at least setting it up so it can […]
Ways to Make a Difference While Making Money
Gone are the days when an entrepreneur was expected to be entirely focused on making a profit. Obviously, earning money is important to being sustainable and therefore staying in business, but it’s possible to both earn a profit and make a positive difference in the world around you, too. There are great reasons for doing […]
Benefits of Tax Planning
Tax planning is legal when you do it within the intent of the law. However, the Australian Taxation Office (‘ATO’) imposes harsh penalties for those businesses that undertake tax minimisation schemes outside the spirit of the law. The ATO refers to these schemes as tax avoidance schemes or arrangements. Australians have seen significant changes in […]
End of JobKeeper
The Australia Government’s JobKeeper Scheme has been of great support to businesses nationwide during the pandemic. The JobKeeper Scheme was a supportive measure put in place during the start of the COVID-19 pandemic. The scheme provided substantial cash and employment support to impacted businesses across Australia through 2020. From 28 March 2021, the JobKeeper Scheme […]
Tax tips for new business owners
Want to avoid paying more than you should come tax time? Or a frantic last minute search for missing financial records? New business owners have a lot on their plate, and can easily lose track of an approaching tax deadline or financial data needed to submit their return. Organization is key when preparing for tax […]
Still Doing Your Own Payroll? Here’s 3 Reasons Why You Should Stop
At face value, it seems like a great idea. If you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and […]
Tax Planning, More Important than you First Think
Tax. When the topic rears it’s ugly head in most arenas (from the dinner table to the boardroom), the image of tax returns and possibly financial statements looms large, together with a massive yawn then panic about what needs to be paid. But tax itself is a much larger and far wider reaching topic than […]
Ways to benchmark your business
For many business owners, determining the success of a business comes down to how much profit the company makes. Of course, finances are an important measure of an company’s overall success. If you don’t bring in more than you spend you won’t be in business for long. Profit, however, isn’t the only important benchmark by […]
The Power of Budgeting
Budgeting. Not exactly the sexiest topic on the planet, and I must say the one thing many businesses overlook, but it should be done and updated…annually. Persuading a business of the need to prepare a budget each year is nigh-on impossible, but every entity from the government (May every year), through listed entities, right down […]
The Ins and Outs of the Loss Carry Back Measures
So I’m going to caveat today’s article by saying, I normally shy away from making articles too technical, let’s face it, they’re boring. Today though I’m sailing a little into the wind with it. The provisions I will cover may be extremely useful to some and possibly make the difference between continuing their business and […]