Business Update – 11 October 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ‘No rate cuts’: Horror call on Aussie economy Since the Reserve Bank Australia (RBA) first began raising interest rates in May of last year, the volume of commentary on when they would be cut has become greater with each passing month. With mortgage rates having risen to the largest and fastest…  Read more

Decoding the language of financial ratios

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As a small business owner, you’re likely already wearing many hats. But the hat of a financial analyst might seem a little oversized, particularly if your background isn’t in finance or accounting. However, understanding financial ratios can be a game-changer for your business, helping you assess your business’s financial health and make informed decisions. Financial ratios: what are they? Think of financial ratios as a thermometer for your business’s financial…  Read more

Business Update – 4 October 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australian house prices smash records, fully reversing 2022 lows Home buyers and sellers have expressed confidence in Australia’s housing market, leading to the full reversal of the most rapid decline in house prices in recent history. Five key changes to welfare and work rules in Labor’s employment white paper…  Read more

Practice Update – October 2023

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Taxpayers need to get their ‘rental right’ The ATO reminds rental property owners and their tax agents to take care when lodging their tax returns this tax time.  When preparing their tax returns, taxpayers should make sure all rental income is included, including income from short-term rental arrangements, renting part of a home, and other rental-related income. Rental income must be reported in the year the tenant pays, rather than…  Read more

The ultimate guide to improving business cash flow

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In the business world, cash flow remains the lifeblood that keeps your operations running smoothly. Whether you’re a start-up finding your feet or a seasoned business, maintaining a steady cash flow can be quite a challenge. But a few small changes can make a world of difference to your cash flow and overall revenue. So, let’s dive into some practical strategies you can implement to boost your cash flow. Get…  Read more

Business Update – 27 September 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. ATO cracking down on tradies dodging the fringe benefits tax The Australian Tax Office is cracking down on tradies who are wrongly not paying fringe tax benefits for their vehicles. Treasurer Jim Chalmers gets to work on fresh jobs plan The government is set to get to work on…  Read more

5 essential steps to crafting a solid business plan

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Creating a robust business plan is crucial to the success of any startup. It not just provides a roadmap for your business, but also helps to attract potential investors. Here’s a practical guide to help you put together your business plan. Gather Relevant Information Start by collecting all the necessary information about your business. This includes understanding who will run the business, who will advise you, and a thorough analysis…  Read more

Apply now for the Xero Beautiful Business Fund!

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Xero Beautiful Business Fund applications are now open! Xero recently announced the launch of the Xero Beautiful Business Fund. Itʼs their new initiative, backing small businesses for the future. What does this mean? Xero is offering more than NZ$750,000 in funding to Xero small business customers across Australia, Canada (excluding Quebec), New Zealand, Singapore, South Africa, the UK and the US. Applications for the fund are open til Oct 6…  Read more

Navigating financial pressure: a guide to asset liquidation for your business

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Every business encounters financial challenges at one point or another. But when the going gets tough, just remember that you’re not without options. One practical strategy that can help you weather the storm is asset liquidation. Asset liquidation is a process of converting your business’s tangible or intangible assets into cash, providing you with the vital liquidity to bridge financial gaps until your business recuperates. However, this strategy demands careful…  Read more

Business Update – 20 September 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. The dream of business ownership is drifting out of reach for young Aussies In the past, starting a business was a young person’s golden ticket to financial independence. Today, however, for many young Australians, this dream is drifting out of reach. August unemployment rate remains firm at 3.7% The…  Read more

Business Update – 13 September 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Consumers opt for convenience and money-saving technologies amidst higher cost of living Budget-conscious Australians are redirecting funds towards essential goods and services or savings, and changing their shopping and spending habits in response to cost of living pressures, a new CommBank survey shows. Rethinking taxation for Australia’s future A…  Read more

Validate your new business idea with market research

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Assessing the viability of your new idea is an essential part of market research. While seeking input from friends and family is common, gathering information from the market itself can provide more accurate insights. Here are 4 effective research tactics to collect accurate information about your business idea: Harness the power of the internet Leverage the power of the internet to explore your chosen market. Investigate your main competitors, their…  Read more

P r a c t i c e  U p d a t e – September 2023

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Appointing an SMSF suditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the trustees lodge their SMSF annual return, as the trustees will need some information from the audit report to complete the annual return. An SMSF’s auditor is…  Read more

Business Update – 6 September 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s inflation rate eased to 4.9% in July, down from 5.4% in June Australia’s inflation rate eased last month to its lowest level in 17 months, led by falling prices for fresh produce and automotive fuel, reducing the likelihood the Reserve Bank will need to raise interest rates again.…  Read more

The pros and cons of selling your business to an employee

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As a business owner, the thought of selling your company can be quite daunting. You’ve poured your heart and soul into building it, and it’s crucial the company continues to grow even after your departure. An attractive option is selling your business to your employees, those who know your business inside and out and have a vested interest in its success. The upside of employee acquisition Selling your business to…  Read more

10 concepts every small business owner needs to understand

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Even if you have outsourced your financial functions, as a small business owner, it is crucial to have a solid understanding of key financial concepts to work with your advisor and ‘speak their language”. This article outlines several important concepts that every small business owner should be familiar with. Basics of income and expenses As a small business owner, it’s important for you to understand how you generate and spend…  Read more

Business Update – 30 August 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy. Australia’s nervous watch for any great fall of China Economic troubles in China could hit Australian jobs and growth. Treasurer Jim Chalmers said the slump in China’s economy painted a worrying picture. Intergenerational report 2023: six key points for Australian businesses The latest Intergenerational Report has arrived, projecting what the…  Read more

How can social media help grow your business?

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As a business owner, it’s crucial to understand the power of social media marketing. Social media platforms provide an opportunity for businesses, no matter the size, to reach a larger audience, engage with potential customers, and drive sales. So, you’ve heard that your company needs to be on social media. Although this is true, it doesn’t mean your business is going to go from 0 to 100 overnight. Using social…  Read more

Launching a business? Ask these 9 questions before you start

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Starting a new business can be incredibly exciting, but it’s important to thoroughly evaluate your business idea before taking the plunge to ensure you’re creating a sustainable and successful venture. To get started, here are 9 questions to consider as part of an overall evaluation process. Save yourself money, time, and heartache down the line by investing a little time now. What customer problem does your business solve? Your business…  Read more

Debt management tips for small business owners

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For a small business owner, managing finances can be a daunting task. Keeping track of expenses, payments, and cash flow can be overwhelming, especially if you’re dealing with debt too. A business loan, line of credit or a business credit card can help your company hire new employees, purchase inventory, purchase equipment, and finance growth, but too much debt can become an unsustainable expense. Debt management is vital to the…  Read more

How to safeguard your business from employee expense fraud

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As a small business owner, you always look to keep your business running efficiently. Expense reimbursement fraud is the last thing you want to face. Not only can it hurt your bottom line, but it can also damage your company’s reputation. Here we discuss what is employee expense fraud, reasons behind it, and most importantly, how to prevent it from happening to your business. What is expense fraud? Expense fraud…  Read more