It’s okay to dream and have stars in your eyes about the benefits of owning a small business, so long as you are more aware of the realities. Underestimation of expenses, lack of discipline, and not having some expert backing are only a few of the reasons the businesses fail to launch. So what can you do?
We have all come to the end of the month and looked at our bank balance with horror. WHERE has the money gone? You might have unconsciously been spending more than you realised. Have you given thought to any of the below?
Happy EOFY! People not in the accounting trade will add the ‘S’ at the end, signifying the glorious time when prices on normally unattainable goods get slashed drastically. For accountants and business owners though, this isn’t a time to leaf through shopping catalogues. We knuckle down and start getting returns together. If you are concerned about doing yours, read through the tips below.
You’re so busy with life in general that all you want to do is get your tax return done as soon as possible. But your haste can cause you to lose money. Don’t forget to claim these in your next submission.
If you fail to plan, you plan to fail as the saying goes. The fact you’re reading this means you aren’t in the former category. Hundreds of small businesses attempt to get off the ground every year, but the failure to follow crucial steps like the ones below makes starting successfully that much harder.
Some people were taught to save since the cradle and passing over their credit card is painful. Others have no trouble spending their paycheck. Small business owners commonly fit in the former group. However, maximising savings doesn’t necessarily equal success. The term ‘you need to spend money to make money’ is true to life, and we have a few suggestions on what to spend your on to help your business grow.
From time to time we receive phone calls from clients informing us that somebody called them claiming that they were from the Australian Taxation Office. The caller proceeds to inform the client that they have committed tax evasion and that a warrant will be issued for their arrest. It is obvious that the caller is not from the ATO and the sole purpose of the call is to scam the client.
Increasingly, criminals are trying to scam unsuspecting people by posing as another person or organisation through emails. From a quick glance, these emails appear to be legitimate, however, with a little digging, you will find that they are not genuine at all.
STP has been introduced by the Australian Government and it will affect the way in which wage information is reported to the ATO.
[Read more…] about Single Touch Payroll (STP) is coming – What you need to know
Ah, savings. Almost impossible to build in a world where we can’t go without our avocado toast and extra coffees. There are ways to help that bank balance go up instead of down, and you might have heard of them before. Sometimes, though, good advice has to be repeated.