Signs You’re Undercharging for Your Work
When it comes to the overall success of your business, one of the most important decisions you’ll face is how to price for the work you do. Charge too much and you could scare away potential customers. Charge too little and you could run yourself out of business. Figuring out how much to charge is […]
Three tips for managing construction industry cashflow
Owning a small business in the construction industry can be incredibly stressful. In addition to the long days and difficult working conditions, you have to worry about cash flow issues. It can take a long time to collect on payment from your clients or contractors who hired your business, and in the meantime you have […]
A Beginner’s Guide to Cash Flow Forecasting
Nobody wants their business to fail. Although it’s impossible to predict the future with 100% accuracy, a cash flow forecast is a tool that will help you prepare for different possible scenarios in the future. In a nutshell, cash flow forecasting involves estimating how much cash will be coming in and out of your business […]
Tax Ruling 2020/1 and what it means for Work Related Expenses
Who thought a tax ruling could stir up quite as much controversy as this one has but if any topic is going to do it, work-related expenditure is the one. This new tax ruling has made a lot of people unhappy and as we would expect, have been questioning the ATO. This isn’t anything new, […]
Implications of the Increase to the Small Business Turnover Test
With the implications of the increase to the small business turnover test and the circulation of Fringe Benefit Tax (‘FBT’) being called out date and old fashioned, we all wonder how long FBT will be around for. The increase of the small business entity turnover threshold has been increased from $10 million to $50 million […]
Bankruptcy
Nobody can deny the last twelve months has not been easy for anyone, least of business operators. With the associated significant business disruption, we are seeing more and more people file for bankruptcy. For the uninitiated, bankruptcy is the legal process whereby you are legally declared insolvent that is, unable to service your debts as […]
Three finance options for your business
Most entrepreneurs find a time in their business when they need to access financing. It may be in the early stages of their business, when start-up costs for offices, equipment and employees must be covered. Or it may be later on, when they have to relocate, purchase more inventory or equipment, or market their business […]
Early Warning Signs of Insolvency to Watch Out For
Running a business isn’t exactly a walk in the park. It is definitely hard work, but a rewarding journey at the same time and you can probably attest to this yourself. Sometimes, things also don’t go as planned and you may find your business under financial distress. Suddenly you find yourself falling behind on due […]
Foreign Income Taxed as an Australian Resident
The treatment of foreign income by deemed Australian tax residents can often be confusing. Below is a basic guide to navigating through these murky waters. Firstly you need to know whether you are a resident of Australia for tax purposed as it is not necessarily the same as being an Australian resident for other purposes. […]
Tips and Tricks to Help with Record Keeping
Technology has made our lives easier to keep records and it has proven how necessary it is by how we coped in the midst of the pandemic. As you are aware Venta is a paperless office and we pride ourselves on how we can help the environment to minimise paper waste, using high quantity recycled […]