Small business owners with a business tax debt are encouraged to work with the Australian Taxation Office (ATO) to help manage it through a mutually acceptable plan. Dealing with financial stress while running a business can be difficult, and a tax debt notification from the ATO can be something you’d prefer to ignore. While it is often tempting to...
Invoicing - something every business owner needs to know how to do, but are you getting it right? As a business owner, you’re required to provide proof of purchase within seven days and a tax invoice within 28 days of it being requested or having supplied goods and/or services.. Getting your invoicing right will not only save time, but will also...
Have you found yourself in a situation where you’ve finished a job only to discover you’ve only just broken even or perhaps actually lost money due to underquoting? First of all, don’t beat yourself up. Most small business owners discover at some point, particularly when starting out, that they have underquoted. Here are some tips to help you avoid...
Using the Personal Property Securities Register (PPSR) can protect you when you’re buying, selling, leasing or hiring business assets.
If your business is involved in some kind of a dispute, you’re not alone – and help is available. Here are some of the most common disputes in small business, followed by what you can do about them. Contractual disputes A common example of a contractual dispute is when you may have paid upfront for services that you haven’t yet received, such as a...
Being aware of the early warning signs that your business may be in trouble will provide you with the best opportunity to take action and turn things around.
While some businesses have their peak season over the Christmas and New Year period, other businesses experience a lull or schedule a shutdown. If December and January are usually quiet for your business, you can plan ahead to make the most of your downtime. At the end of a busy year, it’s important to take some time to relax and recharge when...
On a national and local front, there are strong signs of economic and business recovery as we head towards the end of a challenging year. Two publications released over the past month report very positive signs of recovery for our small business sector in WA. On a national level, the Small Business Counts report was released by the Australian Small...
If you supply goods or services for less than $1 million to the WA Government, new guidelines mean you will now receive payment within 20 days. From 1 October 2020, WA State Government agencies must ensure that all payments of less than $1 million for goods or services, excluding construction works, are made within 20 calendar days of: receiving a...
Are you finding it hard to work out how much you should be charging for your services? One of the most common questions we’re asked by new business owners is how much should they be charging per hour for their services. There are a number of factors to consider when setting an hourly rate. Here are our top tips if you are running a service-based...
As you dive into the new year in small business, it’s important to take stock of your achievements during the past 12 months and to set your business goals for 2025. We have put together a few tips to help ensure smooth sailing in the year ahead. Get on top of your finances Take some time to put your finances in order by reviewing your financial...
