The time to report and lodge your annual tax return for your business is fast approaching. Remember, what you must report will depend upon the type of business entity you have. Sole traders As a sole trader, you are required to lodge a tax return even if your income is below the tax-free threshold. This…
The Tax Office is reminding individuals winding up a self-managed super fund (SMSF) that before lodging your final SMSF annual return, you must first have an audit completed by an approved SMSF auditor. When lodging your SMSF annual return, answer Question 9 in Section A: ‘Was the fund wound up during the income year?’. You…
There is no weakness in a leader who asks for help. Maintaining success in your small business requires you to seek advice from your employees on a range of matters. However, it is important to ask for help in the right way, so your team does not lose confidence in your leadership ability. You need…
Working capital is the money needed for day-to-day business operations and is often a measure of a business’s liquidity, efficiency and financial health. To ensure your business has adequate working capital, the working capital cycle should be applied. The working capital cycle is the length of time from the purchase of inventory to the receipt…
Focusing on your employees’ development is one of the best long-term investments you can make for your small business. How well they perform and grow in their roles will not only increase efficiency in your business but also improve your employees’ engagement levels in the workplace. Ways to help enhance your employees’ development include: Provide…
It is essential to understand what your legal rights and responsibilities as a franchisee entail before buying a franchise. The franchise agreement is a legal document that includes the rights and responsibilities of the franchisee and the franchisor. Before signing the franchise agreement ensure the franchisor has provided you with relevant information about the franchise…
