How do your invoices in order without ruffling the feathers of your customers and suppliers? Here are some tips: Know your customers You can easily get information from credit reporting agencies to analyse payment problems in keeping with historic trends. This way you can adapt your approach as necessary. For example, when the information tells […]
Succession involves making sure the success of your business continues through a timed change of ownership and control. Who will take over the business, when will they take over and how they will they take over the business should be outlined clearly in a succession plan. Many owners feel daunted by the idea of handing […]
People look at some business loans in a negative way. Many borrowers in the past have been victimised because they are normally easy to access and carry high interest rates. However, a business loan may be the best option when compared side by side with traditional financing products and taking into account the short term […]
Small business owners should be wary of filing the wrong work-related tax claims, as the Australian Tax Office (ATO) has introduced real-time checks for online tax returns for 2016. Revenue adjustments of over $1.1 billion in income tax followed as a result of the ATO conducting about 450,000 reviews and audits of individual taxpayers in […]
At some point, every business owner will decide to exit their business. There are various reasons why this happens. These include declining profits, growing competition, shift in life goals or health, retirement, or handing over the business to family members. Some may even exit their business because they can’t keep up with its growth. Exiting […]
Many changes for Australian small and medium businesses come on 1 July each year. With the new financial year now underway, there are a host of tax and legal changes that SMEs need to know about. Here are the changes that SMEs need to know about: Rise in minimum wage Effective 1 July 2016, the […]
To get your business ready for sale, there a few important things you need to consider. Because of this, it is no wonder that almost 80 per cent of Australian businesses are not attractive to buyers in their present conditions and 96 per cent of business owners have not drafted a plan for generation transfer. […]
The Tax Office is setting its sights on the $500 million sharing economy, which consists of various platforms that let hundreds of thousands of Australian earn a bit of cash on the side by renting their spare rooms and parking spaces, lending their cars and driving people around the city. In 2015, the ATO hit […]
The Australian government has passed a law allowing small businesses to amend their legal structure without making them liable for capital gains tax (CGT). According to Small Business and Assistant Treasurer Kelly O’Dwyer, small businesses that discover that their current legal structure no longer suits them don’t have to be stuck with it. With this […]
Because of the relentless increase in property prices, many prospective home buyers could be excused for thinking that the only way they could own a home is through inheritance. What occurs when you find out you’ve inherited property. In Australia, unlike in other countries, there are no death duties or inheritance tax. However, it does […]