Blog
In tough economic times, small businesses can struggle. Big multinational chains often have the scale to undercut local competitors and survive even when times get tough. What can small businesses do to retain and attract customers in a competitive market? Identify your business’s advantages Think about what your business can offer that a multinational operator […]
From 1 July 2023, the ATO commenced an activity statement lodgment reminder program wherein 3,000 employers will be randomly selected for a compliance test. Even if they don’t lodge their activity statements in or on time, the PAYG withholding amounts reported through STP will be automatically added to their integrated client account balance when they […]
Putting important company policies in writing makes good sense. It compels you to think about how you want your workplace to run and the things you want to emphasise, and it makes these rules and guidelines official so your employees know what you expect from them and what they can expect from the business. […]
The ATO has shifted its focus from providing assistance with tax through the pandemic to now re-establishing the culture of businesses paying their tax debts on time. Beginning from July 2023, The ATO has issued notices of intent to disclose business tax debts of more than 22,000 businesses with a tax debt of at […]
Your business plan is the sat-nav that keeps the company moving in the right direction. Having that guidance can be a massive benefit to your success as a business. But what elements should you include, and what are the main considerations to think about? A detailed business plan will generally include A clear direction for […]
The rapid technological advancements we’re seeing are a double-edged sword for many business owners, presenting both great opportunities and potential challenges. Adopting and integrating these new technologies is essential if you want to remain competitive, but it requires careful navigation and a clear strategic plan for your tech stack. 5 key steps for […]
Payroll tax audits and court cases during 2023 have brought the issue of payroll tax for medical practices into focus. Until recently, medical practices largely excluded contractors from calculations on the basis that the contractor operates their own business out of rooms rented from a medical practice. Payroll tax is a state-administered tax with different […]
Develop a Cash Flow Forecast Improved cash flow management begins with creating a cash flow forecast. If your business is struggling, it needs to be quite detailed. Start by projecting future income and expenses and identifying when cash is expected to be received or spent. This identifies potential cash shortfalls, and you can plan accordingly. […]
Understanding your Business Environment: Australia’s small and medium business (SMB) sector is pivotal to its economy, contributing significantly to employment and GDP. However, the competitive business landscape, regulatory environment, and economic fluctuations means that SMBs need a strategic approach to wealth management. 1. Financial Planning and Budgeting Begin with a comprehensive financial plan aligned […]