As a business owner, you’re busy with the day to day running of your business, let alone adding in GST, PAYG, company taxes, fringe benefits tax and personal income tax into the mix. Understanding your real-time cash position, ability to identify fluctuations, plan for tax payments and major expenses will keep your business running smoothly.
As a small business owner, you’re busy enough with the day to day running of your business, making sure your customers are happy and paying all the bills. It’s understandable that your focus is there, however, a big part of business is making sure you stay in business. All sorts of things can and do go wrong and a little bit of insurance planning can go a long way to ensure you stay afloat.
While savvy Australian’s look at ways to cut their expenses, tax is often overlooked. Tax is actually one of your highest yearly expenses, and the truth is most don’t look at ways to cut their taxes. You might think that there aren’t many ways tax can be reduced, but the truth is, it can – and it’s quite easy! A little bit of knowledge and professional advice is all you need.
Your balance sheet gives you an insight into your business and its operations. You should know how to create, read and interpret this key information for your small business.
If you’re an Australian sole trader or business, have an Aussie made product and export into foreign markets, the Export Market Development Grant (EMDG) grant may help you grow your business with a much needed cash injection.
Due to the fast release of State and Federal Covid-19 grants and payments, there has been some confusion if the payments are classified as assessable income or non-assessable income.