GST on Overseas Business Purchases
GST on Overseas Business Purchases Does your business purchase products and services from overseas suppliers? If so, you may be charged GST on those overseas purchases – but not always! Overseas businesses must register for GST in Australia if they have a turnover of more than $75,000 for sales connected with Australia. Many large online […]
Business Tips: Adding Value Before an Exit
Business Tips: Add Business Value Before an Exit Generally speaking, an exit strategy will be put in place years before your planned exit date. This gives you time to work on your sale plan and deal with any succession issues. But more importantly, it gives you the time needed to add additional value to the […]
Business Tips: Set Goals for a Business Exit
Business Tips: Set Goals for a Business Exit Every business has a finite lifespan. Some may last for decades, and others may only last a few years. As a business owner, your business’s life is likely to be strongly aligned with your own life goals and personal plans for the future. When it comes time […]
When to Register Your Business for GST
When to Register Your Business for GST Should you register your business for GST? Many business owners register their businesses from day one, regardless of income. Others, for example, many sole traders, choose not to register for GST until it is mandatory. However, it is common that new businesses don’t realise they have exceeded the […]
Do You Understand Your Balance Sheet?
Do You Understand Your Balance Sheet? To understand the financial position of a business at a specific point in time, look at the balance sheet. The balance sheet may also be called the statement of financial position. Together with the Profit and Loss Statement, and possibly other reports such as the Statement of Cash-flow, these […]
Business Tips: What Do Your Customers Want?
Business Tips: What Do Your Customers Want? The increase in digital business systems has opened up forensic ways of understanding your customer base. That’s a huge bonus when you aim to build better connections, relationships, and experiences with your audience. And knowing what your customers want is fundamental for any successful business to get to […]
Business Tips: Build a Competitive Advantage
Business Tips: Build a Competitive Advantage In a crowded marketplace, making your products and services stand out clearly from the competition can be difficult. A key way to do this is to focus on building brand awareness. Then turn your existing customers and targets into advocates for your brand. Sounds simple, doesn’t it? Creating that […]
Taxing Wages: Australia vs Other Countries
Taxing Wages: Australia vs Other Countries The OECD recently released its latest Taxing Wages 2023 report, and it’s interesting to see where Australia falls compared to other developed nations when it comes to tax. One of the purposes of this particular paper was to look at the impact of Covid-19 on how workers were taxed […]