Income inequality is increasing in Australia: the wealthy are getting richer and the poorest 50 per cent of the population are increasingly struggling– a trend that has continued for nearly 30 years.
If you’re like most small business owners, you’ll have just powered through the dreaded end of financial year – filing tax returns, business activity statements and everything in between. In true crunch time fashion, most people leave everything until the last minute, taking time and resources away from what’s really important: running their business. The…
Complying with Australia’s GST rules is costing small businesses big time – more than $13.7 billion a year, according to new research recently released by accounting software provider, MYOB. Based on a survey of 1026 SME owners and managers, the research uncovered the true cost of the GST burden on the men and women running…
Quality talent is attracted to SMEs by far more than an attractive salary; we human beings like to be more than numbers to a company. Opportunities such as travel, entertainment or further education and training not only give a career its wings but stimulate innovation and original thinking which is critical to keeping the business’…
It’s that time of year again. Where did the past 11.5 months go? Yes, it’s the end of financial year (EOFY). Again. The Institute of Public Accountants (IPA) and MYOB surveyed their members, who are some of Australia’s leading EOFY experts, to discover the biggest mistakes the businesses make at this time of year. The…
‘Failing to plan is planning to fail.’ Alan Lakein If this is your first financial ‘year end’ in business there are four time critical actions that need attention to ensure your close out is planned with no nasty surprises. Here they are: 1. Seek advice Seek advice from your accounting adviser before the end of…
Are you an entrepreneur? Does this sound familiar? “Hey buddy, have you heard about this new clever tactic of squeezing more out of your expense claims? Here, let me show you…” There is a bunch of long-held tax myths out there that continue to plague Australian small businesses, exposing many to substantial tax penalties. How…
Last week, Federal Treasure Wayne Swan handed down his 6th budget. You surely heard. In fact, you’re probably already completely sick to death of hearing about it. But, before you get back to the important work of actually building the economy (of actually contributing to Australia’s taxable revenue and creating new industries), take a moment…
Many businesses have no idea that using an unregistered practitioner could be to their own peril and may result in hefty penalties. TASA is here to protect the public from risks associated with dealing with unqualified or unskilled BAS providers.
Only a few actually realise how small businesses can have a piece of this pie… a sweet one at that! In fact, most businesses are just starting to realise how lucrative this strategy can be, especially if you are low on capital and limited in resources. The truth is that despite the ever-looming potential setbacks, outsourcing will work wonders for any businesses, regardless of its nature and size, only and only if well managed.
Directors of struggling companies will have to act earlier on unpaid super and PAYG if they are to avoid tough new personal liability penalties, warns an insolvency expert. Don’t say we did not warn you.
EOFY — end of financial year — is never fun, certainly not as much as a night out. But despair not. If you start now — and do all the smart things — your next EOFY could be a walk in the park. To set you on the right track, here are top 10 tips from MYOB:
End of content
End of content
GET THIS AMAZEBALLS THING!
Click the button to get it now
