Withholding retention payments in construction can affect subcontractors’ cash flow and profitability. Often used in the construction industry, retention is a fixed percentage of the total payment due for a contract, withheld for a period after the work is completed. It’s there to make sure that the contractor or subcontractor properly completes...
Find out more about the pros and cons of short term leases and one could be right for your business.
The Australian Taxation Office (ATO) has recently announced changes to how your employees can calculate tax deductions if they work from home. Here’s your guide to the changes. Millions of Australians work from home for some or all of their working week. If your business is structured to have your employees working from home at some stage, they...
There’s a fine line between being a business contractor with an Australian Business Number (ABN) and being an employee. If you’re a contractor with your own ABN, read these tips to help make sure you’re being treated fairly and meeting your obligations. In some industries, for example in the construction industry, it’s common for businesses to...
Tax time can be a stressful time for many business owners. It can be confusing keeping on top of deadlines, changing rules and deductions. The best place to start with your taxes is by enlisting the help of a tax professional to make sure you’re on track with your deductions and tax obligations. You don’t want to claim for deductions you later find...
If your rent is due to increase based on the consumer price index, here’s your guide to how it works and the calculations which could be used to work out your rent. The consumer price index (CPI) is a measure of how much the average costs of a fixed basket of goods changes over time. It is calculated quarterly and published by the Australian Bureau...
Made a purchase for your business that doesn’t work? Here’s what to do. In small business every dollar counts, and making smart purchasing decisions is crucial to keeping your business running smoothly and profitably. However, even with the best intentions, problems can arise with products or services you've purchased. We outline how to address any...
Being authentic and true to oneself has been Michelle Rimmer’s mantra since the launch of her business, Hills Massage, 20 years ago. Reflecting on her business journey, Michelle said she would tell the younger version of herself that consistency is the key to success. “You have to be consistent in the quality of your or product, your communication...
A false sense of urgency, manipulative tactics or any kind of aggression should be red flags when someone is trying to sell you something. Learn more about high pressure sales tactics and how you can avoid issues within your small business. Some sales training can involve not taking “no” for an answer, overcoming all objections or creating a sense...
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...
Great news! You don’t need to provide an on-site video arcade, unlimited holidays or free pet-sitting to be an employer of choice. With these simple ideas, you could create the kind of workplace and culture your team will love. You might spend a lot of time and effort attracting customers to your business – but how much have you invested in...
New laws designed to create greater flexibility for companies to either restructure their operations to survive, or liquidate their company in a more orderly and less costly way, have now become law.
