4 key areas to evaluate in your business budget
With the potential for business life to return to something resembling normal, it’s a good idea to take a look at your budget and see where you may need to shift some of your priorities. Pay attention to how your spending over the past few years affected your business and either helped you achieve, or took you away from, your overall goals. Considering how your business and your employees functioned in recent years can help you predict upcoming trends–which will enable you to plan for adjustments. Here are some key areas to evaluate in your budget, so you can determine …
How cash flow forecasts can help you
Managing cash flow is a vital part of running a successful business. Some business owners think managing cash flow simply means keeping track of how much money enters and leaves their business, but there’s actually more that goes into it. Cash flow forecasting, for example, is an incredibly valuable tool that helps you anticipate cash flow issues, plan for days when your cash flow is limited, and show the bank that you are prepared. It’s an important process that you shouldn’t ignore. Here are some ways cash flow forecasts help entrepreneurs. They help identify cash flow issues before they happen …
Do you know your break-even point?
All business owners need to be aware of their break-even point — that is, the number of units they need to sell in order to cover their operating costs. Once you’ve reached your break-even point, it’s time to celebrate: your business is no longer in the red, and you are officially earning a profit. This article will show you how to calculate your break-even point so you can make wise business decisions that support greater growth. Why your break-even point matters Entrepreneurs who attempt to run a business without knowing whether or when they’ll be profitable probably won’t be in …
6 Essential Accounting Terms for Small Businesses
Hiring an accountant is widely considered best practice for small business owners. But delegating financial analysis and reporting doesn’t mean completely checking out of the process each month or quarter. On the contrary, it’s recommended that business owners work closely with their accountants throughout the year to better understand their financial position, and make smart plans for future growth. Want to increase your accounting knowledge so you can have more informed, insightful discussions with your account this quarter? Start right now, with this list of 6 essential accounting terms for small business owners. Cash Flow Do you have more cash …
ECONOMICS POLITICS AND THE FUTURE
This weekend saw the political landscape change forever! Liberal seats fell like pins in a bowling alley, not by Labor Party candidates but by a tsunami of teal independents. Even the Labor Party suffered at the hands of the Australian people’s disappointment, with the two major parties disconnected from their constituents and only winning just 31.8% of the primary vote! All said and done it looks like, the Prime Minister Elect, Mr. Anthony Albanese, will form a majority Labor government, the first in over a decade. The Labor government will come to power inheriting a Trillion AUD$ debt at a …
Regional Grants & Funding offered by NSW Government
There are numerous Government Grants & Funding available to Businesses located in Regional NSW with many closing soon. Below is a list of grants currently available. Primary Industry Support Package (Opens soon) Property Assessment and Demolition (PAD) Program (Now open) Electric Vehicle Destination Charging Grants (Opens 23 May 2022) 2022 Flavours of NSW subsidy ($5,000 subsidy to exhibit at Fine Food Australia 2022, applications close 20 May) 2022 Annual Liquor Licence Fee Waiver (Lodge the application form by 23 September 2022) NSW Regional Business Event Development Fund (Closes 1 June 2022) Australian Renewable Energy Agency – various programs now available Boosting Female Founders …
What You Need to Know About 2022 Fringe Benefits Tax
On 31 March 2022, the Fringe Benefits Tax (FBT) year ends. With the ever increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it, and that they are paying the right amount. To help you meet your FBT obligations, we’ve put together a list of essentials every employer needs to know about FBT and review every year, such as: Should I be registered for FBT? Should you lodge a FBT Return even if no FBT is payable? Key things you MUST do on 31 March 2022 …
New ATO ruling on Trusts
Have a family trust? You could be affected by a new ATO ruling The Australian Tax Office (ATO) have just released four tax rulings that will stop commonly used trust distributions to related entities like family members. It’s one of the most significant developments for the taxation of trusts in over two decades. The key impact from these ATO rulings on your trust are: The ability to spread trust income across family members with a lower tax rates will be limited if not totally denied, consequently A family group’s overall tax payable will probably increase We need to let you …
Commercial Landlord Hardship Grant – Eligibility Criteria
The protections under the Retail and Other Commercial Leases (COVID-19) Regulation 2021 (the Regulation) for small retail and commercial tenants will be extended for an additional two months, until 13 March 2022. Grants of up to $3,000 per month (GST inclusive), per property, are available for eligible landlords who have provided rental relief waivers to affected tenants. Rent relief waived must comprise at least half of any rental reduction provided. The program is expanded in 2022 to landlords who claimed the 2021 land tax relief. The Regulation prohibits certain actions by landlords (such as lock out or eviction) unless they …
