Below you'll find a list of all posts that have been tagged as “Small Business”
December is usually the busiest time of the year for retail and hospitality businesses. But businesses in other sectors often find that their sales slow down and their customers stop paying them for a few months. So cash flow dries up. Whether your business is large or small, well-established or in start-up mode, you need to take a planned approach …
So you want to know how to start a business? That’s awesome! There’s a lot to learn, but there’s plenty of information around to help. This guide from Xero is a great place to start. Starting your own business is a process, not an event People talk about ‘taking the plunge’ into small business like it’s an adrenaline sport. And there …
Company Tax Rate Cut Small companies with an annual turnover up to $10 million will receive a tax cut this financial year with the tax rate decreasing from 30% to 27.5%. This will be followed by tax cuts for companies turning over up to $25 million in 2017-18, and up to $50 million in 2018-19. The tax cut announcement is …
Small business owners can benefit by using the Tax Office’s small business benchmarks to compare their business performance with industry averages. What are Small Business Benchmarks? The small business benchmarks are financial ratios that have been extracted from more than a million lodged income tax and BAS returns. What are Small Business Benchmarks used for? The benchmark data is used …
A simple definition of a trust is: “A relationship in which one person (the trustee) holds assets (money, property, a business) for the benefit of another (the beneficiary).” Other parties in a trust structure include a “settlor” who contributes the initial trust asset (which may be anything, including a nominal $10 cash or even a house) to bring the trust …
Here are a few quick tips to help you minimise your tax. Bad Debts Review your debtors and write off the bad debts before 30 June to get the deduction. Consumables Buy any necessary loose tools, stationery, printer toners, paper, water etc before 30 June. Defer Income Delay issuing the last week of June bills to customers until 1 July. Employee Bonus Consider committing …
Research shows businesses that are good at meeting their GST and activity statement obligations tend to run more successful businesses. This can be because the systems and processes they use to keep financial records and manage their tax affairs also help them keep track of their business performance and make sound business decisions. By maintaining proper records of dates, sales, …
