Small business owners usually lack the money on hand to buy business assets outright without tightening their cash flow. On the other hand, ownership can also be appealing. So, what’s the right option for you: lease or buy? Financing choices There may be times when you can’t get a hold of cash to purchase business […]
The Australian government announced some major changes as part of 2015’s federal budget. These changes, presented in May 2015, indicate huge benefits and incentives for small businesses. Here are some notable changes in small business tax: An immediate write-off of $20,000 Up to $20,000 for asset purchased can be claimed by small businesses. Though the […]
To save on fees, superannuation members are advised to consolidate their accounts. However, doubling up may sometimes be advantageous. Utilising two or more funds could benefit some in relation to tax, estate planning and insurance. And there is no rule saying that it is not legal to have more than one fund. A number of […]
The Australian Business Register will be revoking the Australian Business Numbers (ABNs) of inactive trusts starting February 2016. Those that will be targeted are entities with tax records showing that they have ceased to operate a business, meaning they have no filings of business activity statements (BAS) and/or income tax returns over the last two […]
It is important for business owners to know about their tax obligations. The Structure of your Business You probably have already chosen the structure by which to operate your business, whether as a sole trader, a partnership, a trust or a company. You may have already applied for and received your ABN with the Australian […]
There is no doubt that cash flow is very important. However, how much power does it actually have? Well, cash flow problems kill businesses. According to studies, nine out of 10 small businesses fail because of their failure to manage cash flow properly. Cash flow management is not complicated. Basically, it means making sure money […]
Property investors are aware of the various specialised tax breaks they are entitled to, but are also liable for some taxes that the majority of non-investor property owners are not, including land tax and capital gains tax (CGT). In this article, we will talk about allowable tax deductions, CGT and purchasing property using a self-managed […]
When the economy improves, interest rates tend to rise over time. While interest rates have been on hold at low record levels for many months, this will not be the case forever. For small business owners, an increase in interest rates means securing their sources of capital earlier rather than later. This would allow them […]
On the subject of retirement planning, the most typical answers among small business owners are: “I don’t intend to retire” or “my business is my retirement fund.” However, the reality is that slowing down or retiring is in the cards sometime in the future, or you will have no choice but to do so due […]
If you’re considering applying for a bank loan to fund the growth of your business, increase your chances of getting your loan application approved by being prepared. Banks present 5 key tests to their loan applicants. Passing these tests improves the likelihood of you being successful in your loan application. These tests are referred to […]