Planning to give end of year gifts to your clients? Here is a rundown on what you can and can’t claim back as a deduction at tax time.
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...
Like many businesses in our current environment, you may be expecting a downturn in your turnover for the next financial year. We’ve put together some tips on how to prepare from a tax perspective. From staffing challenges and supplier constraints to customer behaviours and global events, there are many reasons your business might be preparing for...
If you’re expecting a surge in business in the 2024-25 financial year that will boost your taxable income, now is the time to plan ahead to make sure you meet your obligations and maximise your cashflow. Take a look at your expected taxable income for the current financial year (2023-24) - that’s the assessable income for your business minus any...
Every business should be fully aware of the current Sex Discrimination Act 1984, but from 12 December 2023 it will move from being just a complaint-based system to one where businesses will have a pro-active obligation or ‘Positive Duty’ as well. What has changed? The changes will not replace the current legal components under the Act but...
There can often be confusion and disputes when you’re exiting a commercial lease and need to meet a number of ‘make good’ obligations. The make good clause in your lease will outline the condition the building must be in when the lease comes to an end. Here is a summary of the top make good obligations that most often lead to a dispute, and some...
Are you considering producing beverages, such as craft beer or juices, as a business? The Western Australian Planning Commission has produced new guidance to help navigate land use planning considerations for beverage production in WA. We’ve put together a summary to help you. What is beverage production? The term beverage production covers...
How can you impact your profit as a small business owner? For most small businesses, making a profit is one of the most important goals. Profitability relies on a simple accounting equation: Income – Expenditure = Net Profit In other words, net profit is your business's profit after all business expenses have been deducted from your revenue...
If you’re like many business owners at the end of a busy year, you might find yourself putting off certain tasks, actions or decisions until after the festive break. However, sometimes there’s no time like the (Christmas) present to wrap up properly and ‘sleigh’ the end of the year. We asked our business adviser, Marie, for her thoughts on what...
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...
On 1 July 2024, Business Local became SBDC Regional. While the name has changed, we’re still here providing you with free business advice and support in your area. Find your SBDC Regional provider . Making the decision to quit his fly-in, fly-out mining job to help care for his young son after a bout of surgery, Jordan Wilson knew he needed to...
Landing a big client is generally cause for celebration as a small business owner. If you’re signing a contract to supply a client with your products or services, you might be asked to commit to an exclusivity clause. An exclusivity clause means you are being asked to restrict your supply of products to just that client, industry or geographical...
