Your ABN: Is it Still Active?
Is your ABN still active? The ATO has brought in an automated cancellation notification service for potentially inactive Australian Business Numbers (ABNs). Suppose you haven’t had any business activity or are behind in getting your activity statements lodged. In that case, the ATO will review your ABN. Then they will send a message asking you […]
FBT Return – To Lodge or not to Lodge?
What is Fringe Benefit Tax (FBT)? Fringe benefits tax (FBT) is completely separate from income tax. It is paid on certain benefits provided to employees or their associates (generally family members), including directors or beneficiaries of a trust, working in the business. Examples of fringe benefits include: Similarly to any other tax returns, you as a business […]
New Startup? Marketing and Promoting Your Business
Even with the best products and services in the world, you won’t make many sales if your intended customers don’t know about your business. To raise awareness of your brand and kickstart your sales process, you need to start marketing and promoting the business. Sales and marketing don’t have to be complicated. It is important […]
New Startup? Establish a Mission Statement
You’ve had your initial business idea and written a plan. But do you know WHY you’re creating this business or HOW you’ll deliver your end product/service? What will the company’s underlying purpose be, and how will your core values drive the business? To get these crucial elements ironed out, it’s a good idea to write […]
New Startup? Define Your Business Idea
Having that Eureka moment when you cook up a great startup business idea is a great moment. You’ll be full of ambition and eager to begin building your startup. But once you’ve had that initial rough idea, how do you assess and plan out your business idea to make sure that it has legs? Defining […]
New Startup? Need Funding?
A great business idea is an excellent starting point for a company. But without startup funding to provide the necessary capital, your business idea could be dead before it’s even begun. To quote a well-worn phrase, ‘Cash is King’ means it’s critical to start thinking about funding as early as possible. Think about how much […]
Compliance: Setting up the right foundations
To trade as a business, you need to meet the right compliance requirements. It’s certainly not the most exciting part of creating a business. Still, setting up the right compliance foundations ensures that you’re doing everything by the letter of the law. Let’s look at the main steps to think about when setting up compliance […]
Are You Suffering from Business Burnout?
The last two years have been demanding and exhausting for many business owners. Are you one of them? Could you be suffering from business burnout? The challenges have been relentless, and we know many small business owners have had to navigate unprecedented demands because of the pandemic and related government regulations. Burnout results from long-term […]
E-invoicing: How can it protect you?
Is your business using e-invoicing? It’s a fantastic way to protect yourself and your customers from invoice scams. It can also help you get paid faster. E-invoices replace emailed PDF invoices or links to online invoices. Instead, e-invoices are delivered securely to your clients, even across different accounting systems. Preventing invoice fraud Invoice scams are […]
How to Improve your Procurement Spending
One of your most significant areas of business expenditure will be buying the goods and services needed for the company to operate. Whether these are raw materials, wholesale goods, or cloud services, you need someone to control this procurement process. Managing your procurement spending is vital for keeping the business cost-effective and competitive in the […]