You might not have thought about it, but ABN cancellations could be a distinct possibility for businesses, especially after the last few years of considerable business fluctuations. As a resident of Australia, you are entitled to an ABN if you’re: carrying on or starting an enterprise in Australia making supplies connected with Australia’s indirect tax…
There are critical differences between having a hobby and running a business, and they mostly have to do with your tax, insurance and legal obligations. Understanding the characteristics of businesses and hobbies is essential to ensure you correctly determine your activities. Are You In Business? While there is no single, defining factor that determines whether…
One of the outcomes that business owners and staff alike want to achieve is an efficient workplace. An efficient workplace not only saves time and money but can also improve overall productivity and morale. With the challenges facing companies in today’s business environment, technological innovation and adaptability are critical to ensuring efficiency and productivity do…
Raising capital is essential when aiming to grow or finance your business with new ideas. While it certainly isn’t easy to do, there are a few tips you can keep in mind. Build A Strong Company Identity: In order to attract general interest from potential investors and partners, it is recommended that you form an…
Throughout the financial year, there may be periods where your business finds itself facing a recurring problem with its cashflow. Small businesses with cash flow issues may find themselves more at risk of failing or suffering significant financial hardship – during these critical times in the business landscape, this is not an ideal situation. Cash…
As businesses grow, you will inevitably need to create new roles and hire new staff. Adding a new member to your team is always challenging; when hiring someone to fill a new position, there is even more pressure to make the right call. Business owners who can allocate workplace responsibilities efficiently and logically stand to…
A casual worker with fixed hours can become a compliance nightmare for payroll, mainly if awards and rates are not applied correctly, especially given the legal definition of the type of employment. Four factors must be taken into account to determine if an employee is in a casual position: Choice: An employer can elect to…
One of the most important decisions you must make before starting a business is in what structure your business will be operating under. This will be reflected in all facets of your business, so you should spend time understanding the implications of each structure before making a decision. Sole Proprietorship A sole proprietorship business structure…
The end of the financial year is the best time to work out the potential debts your business may incur or have already incurred. Businesses can go into two kinds of debt – good debt and bad debt. Determining the type of debt is highly dependent on how the debt has been used for your…
With the end of the financial year approaching, now is the perfect time to conduct a business ‘health check’ so that you can come out at the start of the new financial year greatly improved and ready to go. Clients And Customers Client and customer loyalty is something all businesses should aim for, but if…