The Australian Government recently introduced new legislation in a bid to maintain its budget surplus. It has extended its Director Penalty Notices (DPN) issued by the Australian Taxation Office (ATO) to also include unpaid taxes included in your BAS Returns such as Goods and Services Tax (GST), Luxury Car Tax (LCT) and Wine Equalisation Tax (WET). These taxes join PAYG Withholding and Superannuation which are currently subject to DPN’s.
There’s a new way to access online government services.
The way you access government services for both business and personal matters is changing this month. myGovID and Relationship Authorisation Manager (RAM) will replace AUSkey at the end of March 2020.
No matter how much money you currently have in the bank, it’s a good idea to consult with a financial planner sooner than later. There’s no better way to start mapping out strategies for investing – and saving – so you can meet your short and long term financial goals.
Very few business owners have the means to operate without borrowing at start up, or later on when it’s time to invest in growth.
Without knowing your break-even point, you can’t make informed business decisions.
To cover the costs of your business you need to sell enough goods or services to reach your break-even point. Knowing where that point is, and how long it will take you to reach it, can be fundamental to your success. This especially true if you’re thinking about starting or buying a business.
Rising interest on debt can be a curse when running a small business. However, there are some quick and easy policies you can start using to combat interest rate rises.
Individually, small steps can add some value to a business, but when combined they can make significant differences. Think of your business like a car in development. Improved aerodynamics, fuel injection and weight loss might separately increase fuel economy, but used together they could make the car a market-leader.
Here are three easy tips you can implement in your business to combat the effect that rising interest might have on your bottom line.
If you’ve borrowed money from anyone other than a good friend or a family member, there’s a good chance you’re paying him or her interest. You may even be paying your friend or family member interest, depending on how long you’re borrowing for and how much they loaned you. That interest that you’re paying may or may not be deductible: a lot depends on what you’re using the money for. Let’s take a closer look at what makes the interest on the money you’ve borrowed eligible for a deduction.
In Australia, the number of insolvencies continues to rise every year. The causes most frequently cited include issues with cash flow, poor strategic management and trading loss. For each of these, there would have been warning signs for the business in the lead up to the failure. That is, if you knew where to look and utilise a credit score.
Depending on the current state of your finances, financial freedom might seem a long way away. For many people, financial freedom—when you don’t have to worry about how to pay the bills and your money is invested and making money for you—is a far off dream. What they don’t understand is how close financial planning can get them to that dream.
Taking out a business loan may be your first plan of action for financing business growth. But there are excellent reasons to consider other options for finding capital to expand your business.