Got a Good Grasp on Your Finances?
As a business owner, it’s never been more crucial to have a good grasp on your finances. For many businesses, priorities have changed, customer behaviors have mutated. As a result, revenue streams have had to evolve and pivot in order to create a viable business model. To track, monitor, and drive your financial performance in […]
Supply Chain Crisis: Possible Business Opportunity?
The ongoing supply chain crisis is slowing down production and pushing up prices. But there might be a way to turn this business challenge to your advantage. If you’re a business-to-business (B2B) supplier, this could be a golden opportunity to become a supply chain saviour. If a competitor is struggling to supply customers, can you […]
GST on Overseas Business Purchases
Does your business purchase products and services from overseas suppliers? If so, you may be charged GST on those overseas purchases – but not always! Overseas businesses must register for GST in Australia if they have a turnover of more than $75,000 for sales connected with Australia. Many large online retailers are registered and charge […]
Selling Your Business?
There are two key components in selling a business; structuring the transaction and positioning the business to the market. Both elements are important and can significantly impact your result. Structuring the transaction covers areas such as; pricing the business, the terms and conditions attached to the sale, key terms in the contract, and ensuring the […]
Business Tips: Add business value before an exit
Generally speaking, an exit strategy will be put in place years before your planned exit date. This gives you time to work on your sale plan and deal with any succession issues. But more importantly, it gives you the time needed to add additional value to the business prior to an exit. Every business has […]
ATO Debt Recovery and Director Penalty Notices
The ATO has increased its activity around recovering unpaid business debts. During the pandemic, it paused debt recovery but has now resumed its pursuit of debts. Since April 2022, the ATO has sent tens of thousands of letters to directors notifying them about impending action. Director penalty notices (DPNs) have been issued to directors who […]
Business Tips: Set Goals for a Business Exit
Every business has a finite lifespan. Some may last for decades, and others may only last a few years. As a business owner, your business’s life is likely to be strongly aligned with your own life goals and personal plans for the future. When it comes time to sell up, it’s important to know your […]
When to Register Your Business for GST
Should you register your business for GST? Many business owners register their businesses from day one, regardless of income. Others, for example, many sole traders, choose not to register for GST until it is mandatory. However, it is common that new businesses don’t realise they have exceeded the income threshold at which they must register! […]
