Producing regular management information is one way to help improve your business decision-making. But looking at historical numbers can only tell you so much. In business, you want to know what the future holds. And to make truly informed decisions about your future strategy, it’s important to use forecasting tools to project your data
If you want to stabilise your finances and grow the business, working to strict budgets becomes a necessity. Managing the cashflow twists and turns of a project can be hard work. But it’s easier to do when you have an agreed budget and can track your spending and performance. So, what’s the best way
Small business budgets are empowering. They give you the knowledge and insight to eliminate wasteful spending and get to profitability faster. When setting a business budget, you need good numbers. Don’t guess at what’s coming in and what’s going out. You could be making assumptions that just aren’t true. Take the time to look
In a release last 21 June 2022, the ATO said it will be focusing on small business tax returns for 2021-22. In particular, the ATO is concerned about: deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for taxpayers running a home-based business);
If your business buys or sells stock, you may need to do a stocktake for tax purposes. All businesses are required to do a stocktake as close as possible to the end of each income year. A stocktake involves counting and checking all products, goods or inventory in your business to make sure your
With a Federal Election due in the next 8 weeks, the Morrison Government has just made its bid for re-election with the following headline announcements in its Federal Budget released on Tuesday 29 March 2022: Petrol tax slashed by 22 cents per litre for 6 months from Budget night. 10 million low and middle-income
The Queensland Government has now released details for the 2021 COVID-19 Business Support Grant to assist business affected by the most recent lockdowns. The initial grant will be $5,000 (excluding GST) which can be used for business expenses. Under the joint Queensland and Australian Government support package recently announced 13 August 2021, an additional
As you may have heard the NSW Government announced a number of relief measures on 13 July 2021, including a number of measures to assist NSW businesses. The key business relief measures are summarised as follows: • Business Grants Program – Grants of between $7,500 - $15,000 for businesses: a) with wages of up
The Superannuation Guarantee, or SG for short, is an employer’s regular payment to an employee’s super fund. It is currently set at 9.5% of ordinary earnings. The minimum percentage that businesses must pay will gradually grow, with the next increase to 10% coming into effect on 1 July 2021. This will affect all payruns
