New small business owners to get compliance support by the ATO
The Australian Taxation Office (ATO) has launched its Ready for Business campaign, aimed at providing support to ABN holders through a series of informative emails over the coming months. These updates will offer practical tips on ABN compliance, business restructures, GST registration, and employer responsibilities. According to the ATO, small businesses that seek advice from […]
“Stock Systems Will Save Me Time” – The Myth of ‘Set and Forget’
It’s common to believe that introducing a new stock control system will instantly save time and simplify your operations. This can certainly be the case if you’re moving away from spreadsheets, manual records, or an outdated system. A well-implemented stock system centralises data, reduces duplication, and removes guesswork from ordering processes. However, if you’re starting […]
What makes a business expense tax deductible?
As a business owner, it’s natural to incur various expenses in the day-to-day running of your operations — from fuelling your vehicle to entertaining clients and purchasing office supplies such as printer toner. But the important question is: Are these expenses tax-deductible? The Australian Taxation Office (ATO) recently published examples of inappropriate claims made by […]
Keeping your business cash liquid – the difference between cashflow and profit
The primary objective of any business is to generate a profit. As a business owner, achieving sufficient sales at a healthy margin to yield a profit is a fundamental financial goal. However, it is essential to understand how profit differs from cashflow—and why effective cashflow management is critical to the ongoing viability of your business. […]
The importance of having a business coach
Running a business can be highly rewarding, but it also presents significant challenges — particularly for owner-managers. With ultimate responsibility for financial outcomes, staff management, business direction and overall performance, it’s not uncommon to feel isolated at the top. One practical way to alleviate this pressure is through business coaching. A coach offers a professional, […]
Reducing the uncertainty: performance monitoring and analysis
In today’s unpredictable economic climate, small businesses are facing increasing difficulty in planning for the future. Global financial developments can impact local markets overnight, creating considerable uncertainty and making it harder to maintain stability. Despite these challenges, business owners can take proactive steps to regain financial control. By closely monitoring key performance data and leveraging […]
Setting goals and measuring performance
Setting clear, measurable goals is crucial to driving the long-term success of your business. By agreeing on specific targets and continuously measuring progress through key performance indicators (KPIs), you gain a precise understanding of where your business is headed and how well it is performing. Utilising KPIs to track your goals will highlight areas where […]
Electricity prices are on the rise: how can you minimise your costs?
Small businesses located along Australia’s East Coast may experience an increase in electricity costs ranging from 4.2% to 8.2% in the near future, according to the Australian Energy Regulator’s (AER) draft determination for electricity pricing in the 2025–26 financial year. Electricity remains a significant overhead for most small businesses. As such, a notable increase in […]
Business credit: the importance of a good business credit score
Securing additional finance is often essential for business investment and growth. However, lenders rely heavily on your business credit score when assessing your suitability for credit. Maintaining a strong credit profile is therefore vital. Understanding Business Credit Scores: A business credit score is a numerical indicator of your company’s creditworthiness. It assesses the risk associated […]
Your upcoming tax calendar for May and June 2025
As we approach the end of the 2024–25 financial year, it is important to begin preparations for year-end compliance. This typically involves finalising your general ledger accounts and ensuring all statutory obligations are met in a timely manner. It can, however, be a busy period where key deadlines are inadvertently overlooked – such as lodgement […]