Artificial intelligence ("AI") has been around for a while. In fact for the last 30 years it has fuelled most science fiction novels and movies. But it is now becoming more approachable for every day people and many people whether they realise it or not are using it already in their home and office. The rapid growth of ‘smart home’ devices such as Google Home and Amazon’s Alexa demonstrates the consumers appetite for such products. So where does this leave small business?
The 2018-2019 tax year is well under way. Small business owners know that cash flow is often a major worry and stress. Living on tight margins, every penny counts. So make sure you aren’t paying more tax than you need to!
Ever wondered what your business is worth? If you aren’t planning on selling in the near future you may not have even thought about it. However, we think it's important to always understand the value of your business and outline 5 compelling reasons why!
We all know that the number one reason for companies to fail is inadequate or poor cashflow. However, have you ever stopped to wonder what the other main reasons for company failure are? According to the Australian Securities and Investments Commission (ASIC) the other reasons are poor strategic management of the business, and poor financial control including lack of records.
When setting up a business there are hundreds if not thousands of tasks of varying size that need to be done or considered. When you haven’t even got a client yet it is hard to consider that you need good terms and conditions. Many entrepreneurs think those sorts of things can wait till later.
Small business owners need to be aware of tax concessions. While you need to check your eligibility, here are a few concessions may apply:
The news is littered with articles about the powerful banks taking advantage of the small business man. Because of some of these stories many people feel that they are powerless against the banks and their bank holds all the cards. However, the latest Scottish Pacific SME Growth Index highlights some opportunities for SMEs to take greater control over the banking and show that they actually have more control than they thought.
Small businesses are the lifeblood of this country. Making up 99% of businesses and employing over 50% of the workforce yet they seem to mystify the banks. Despite their strong hold on the Australian economy most banks struggle to generate strong returns and therefore don’t always have a great relationship with them.
Small businesses need to manage a lot of ‘balls in the air’ and one of them is tax. Between their own income tax as an individual, company tax, GST and tax withheld for employees there is a lot of money that needs to be accounted for. In fact small businesses account for more than 60% of the total debt owning to the ATO. So if you have a tax debt here is what you need to know. #news #ATO #taxdebt
If you own a business that employs people then you need to know about payroll tax. This is a self-assessed State and Territory based tax imposed on businesses in Australia. The tax is payable when the total wages paid or owed to employees exceeds a threshold.