Sourcing the right funding for your business can be the first step in achieving your growth goals, or the helping hand you need when you’re in a cash flow hole. Cash is king when it comes to funding your growth plan. But with the funding market now bursting with a huge choice of traditional and alternative finance providers, knowing what type of finance to opt for, and from which provider, can be a complex decision. Choosing the right finance for your business The
The structure of your new business has repercussions in terms of tax, costs and the protection of your assets. When you decide on what structure you’ll use, keep in mind your future plans, because this may impact your decision. There are three main structures you could consider. Sole trader: If you’re operating on your own, this may seem an obvious choice. It’s a quick one to set up and incurs minimal costs. Bear in mind that a sole trading business can be trickier
The Government’s proposed Superannuation Guarantee (SG) Amnesty will not proceed. To recap, the SG amnesty was to be available for the 12-month period from 24 May 2018 to 23 May 2019. To get the benefits of the Amnesty (set out below) employers must have during this 12-month period voluntarily disclosed any SG underpayments that existed in the past (going as far back to when SG commenced in 1992). For an employer, the tax benefits of the amnesty were: The administration
Get on top of your record keeping early and be better prepared for lodging your BAS ‒ it can help manage your cash flow and get you your refund faster. Keep your business on track with these GST and BAS tips: Keep all of the records you use to prepare your BAS. Generally, these records must be kept for five years.Only claim GST credits for business purchases that include GST in the sale price from suppliers that are registered for GST.Make sure
In the Budget on Tuesday, the Government announced that it would increase the instant asset write-off threshold to $30,000 and extend it to medium sized businesses with annual turnover of less than $50 million. The amendments mean there will be three tiers in the 2018/2019 financial year: 1. $20,000 threshold for depreciable assets that are acquired and installed ready for use before 29 January 2019. Only available for businesses with an aggregated turnover less than $10 million.2. $25,000 threshold for assets first
When meeting with accountant or sending us in your tax information here are some questions for you to consider when declaring income. Did you: receive any cash payments?earn income through coupons, vouchers or gift cards?receive income from other activities such as rent from business assets?receive bank interest or money from other investments?receive directors’ fees, dividends or franking credits?deposit any income into a mortgage or private bank account?have other accounts that business income is paid into, like PayPal?sell or transfer any business assets? Make
Your staff are the backbone of your business, and their success is going to help your business succeed. An important, but often-overlooked part of this is holding regular performance reviews. Rather than being an administrative drag, or something that you or your staff members dread, performance reviews can be a really valuable and constructive process. They can enhance your relationships with employees and the performance of your organisation. Here’s what you need to know: They need to happen on a schedule Whether they
A globalised and digitally connected world means that your business isn’t restricted to one country. Expanding your business overseas gives you access to new audiences and a little protection should anything happen to destabilise your home market. But, as with all things in business, proceed with caution. While the saying ‘no risk, no reward’ holds true, it’s important to fully understand what’s at stake before making the decision. What you need to consider: Tax implications It’s essential that you understand the tax implications of
When you’re running a business, it’s easy to get caught up in the day-to-day activity and lose sight of the big picture. Taking stock of the health of your business is important. Knowing where you’re allows for more effective planning, early warning about any issues, and the chance to better chart a course for success. There are some quick ratios that will help you in order to gauge the health of your business. We can help you to assess your business
For many of us, the internet is not just an intrinsic part of our lives, it’s integral to how we do business. It enables businesses to connect to global markets and complete transactions in minutes. As we take advantage of the opportunities the internet has to offer, online security becomes a priority. This means being vigilant about keeping sensitive data and information secure from hackers and cybercriminals – just as you’d keep your home or your car safe by locking it. Statistics
