While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.
In the recent Federal Budget the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000. This has now been written into law and applies from the 2015 Budget night (7.30pm, May 12) to June 30, 2017.
The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation by businesses of an employee as a contractor.
The mischief from the Tax Office’s point of view is the avoidance of employer obligations relating to the Superannuation Guarantee (SG) and Pay As You Go (PAYG) withholding.
While technology can streamline business processes, it can also create major problems. Technology and working-life website, Lifehacker, has come up with what it says are 10 of the most common mistakes, in no particular order, that small businesses make in IT. Thankfully, it also suggests how to avoid them!
If you are an employer registered for GST you may be entitled to claim credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.
Credit reporting and receivables management company, Dun & Bradstreet (D&B), has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted.
Here are some common mistakes that D&B says too many business owners make when developing a business plan; and they are turning potential investors away.
The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios.
Employers in the building and construction industry need to be aware of a significant change in reporting requirements for your ‘taxable payments annual report’.