Most people think that starting a business is the hardest part of the process. However, the real challenge lies in coming up with the ideal business development strategies to help with business expansion. As an entrepreneur, you might feel financially constrained, which might bar you from hiring strategists and other business development specialists. However, some business expenses will do more to help with business growth than what you will pay for their services.
5 January 2021
If you are an overseas citizen or entity and want to conduct some business in Australia, you need to ensure that you conform with the various (and often complicated) tax laws. Some of these regulations are designed to clamp down on loopholes that may have been exploited by foreign firms in the past. Consequently, you need to be particularly careful to determine whether your operation can be classified as a 'permanent establishment' or not.
25 September 2020
Most people set up a small business because they are particularly good at one thing. They want to bring this product or service to the marketplace, provide great value for money and earn a nice living in return. This theory is fine, but in practice, running a small business can be especially challenging in the early days. The small business owner will quickly find that they need to master several other areas as well, simply to ensure that the business can operate as it should.
4 February 2019
The Internet has certainly grown exponentially since it emerged a few decades ago. It's now an integral part of most Australian lives. A huge portion of the population has a Facebook account and is actively involved in social media, while an increasing number of people have opted to use the World Wide Web to develop their business interests. Many people have grown a hobby into a commercial enterprise and some without even knowing it.
23 May 2018
If you have been told that you need to diversify your investment strategy, you may have decided to purchase a holiday home and put it on the rental market for additional income. This can be a great way to make some money and boost your portfolio, so long as you approach it correctly and specifically, are careful when accounting for tax. Should you be worried that the ATO may look at this critically, in light of recent developments?
13 November 2017
Uber is such an easy, flexible opportunity to make some money on the side that it is tempting to jump in, start earning and leave finances for later. But tax time will inevitably come, and it will be less stressful if you plan for it from the start. Get an Australian Business Number (ABN) and register for Goods and Services Tax (GST) If you are an Uber driver, you are not an Uber employee; you are running your own business, which you need to register.
6 March 2017
If you are trying to keep costs down, it can often be tempting to do the majority of your administration in-house. However, when it comes to the bookkeeping, it can often be much better to outsource your accounting services to a qualified accountant. Here are some ways that outsourcing bank reconciliations can save you money in the long term. Correct allocation of items to lines If you are in a rush, it can be easy to make mistakes in the process of reconciling your accounts.
13 September 2016