As the 2016-2017 financial year comes to an end, businesses are hastily tying up loose ends in preparation for the new financial year. Often employers can put themselves at risk when pressuring their employees to work extensive overtime to finalise projects, meet deadlines and finish annual reports before the end of the financial year. Employers […]
Getting paid: one of the toughest issues every small business owner faces. As if building a great reputation, creating a stellar client list and securing sales isn’t hard enough – sometimes weeks go by and business owners are still waiting to see the money in the bank. Last year, data from MarketInvoice highlighted Australia as one of the […]
Are you across all of the changes and how they will affect your business before this financial year ends? As an owner of an SME, the onus is on you to make sure that your business is prepared. Here are my top tips to ensure you end the year on a positive note, rather than […]
The phrase ‘tax time’ can all too easily translate to feelings of boredom, dread and uncertainty for the small business owner. There’s the income tax return, BAS, payroll tax, super, and more. However, instead of viewing the annual marker as a time-sapping and difficult box-checking exercise, it should be seen as a spring board to […]
It’s nearing that time of year that all business owners dread, as the June 30th deadline approaches, SMEs are forced to get their last year of financials in order and prepare for tax time. As we close in on the end of the financial year, here are some top tips and expert advice for Australian […]
Small business operators are working weekends and nights to organize the paperwork necessary to meet their EOFY obligations, according to the latest MYOB Business Monitor – a bi-annual national survey of over 1,000 SME owners. “Many operators are making significant personal sacrifices over and above running their day-to-day business, making EOFY not only stressful but […]
Many of Australia’s small businesses might be missing out on potentially valuable tax deductions by not consulting with a financial expert, according to research highlighted by finance and tax software developer Intuit. Conducted with Galaxy Research, the study involved a survey of 400 small business owners in May, this year. The researchers found that, as the countdown to EOFY […]
The end of a financial year is just a date in a calendar. We use this date to draw a line in the sand and say to ourselves – this is how my business has performed. We then report that data to the relevant stakeholders and measure our performance, pay our tax, meet our banking covenants […]
The end of the financial year can be a stressful time for small businesses, especially if your finances aren’t completely in order. Unfortunately, that’s an all-too-common situation. A recent Xero survey found that three-quarters of Australian small businesses still store their receipts in shoeboxes. With the average Australian business churning through 100 receipts and invoices […]
“Embrace your tax audit” are the last words you’d expect to drop from the lips of a financial advisor, but that’s exactly what the head bean-counter from First Class Accounts is asking us to do. Clive Barrett, Executive Chairman of First Class Accounts, said the very idea of a tax audit struck fear into the […]
