Last night Labor handed down its latest (and quite possibly last) federal budget. Here’s a look at some of the highlights and lowlights it contains for start-ups.
The ATO are very strict towards collecting their debts and enforcing late payments and lodgements. In saying this, they are not monsters and deal with each situation case by case.
There is no substitute for doing your homework before you decide to pursue a business opportunity.
Because it's easier to lose a client than it is to lose a job, you should start looking for more customers.
Unless you’re in the toy industry, you should prepare for the Christmas cashflow crunch by planning your expenses early.
Your fit-out, furniture, signage costs and rent are just the beginning of your office expenses. However, you can limit them by following one simple rule.
If you’re planning to offset your business losses against your regular income, the ATO have some very strict rules that you must follow.
Would you marry someone, move in together and join bank accounts without really knowing them? If you wouldn’t do it with a life partner, why do it with a business partner?
The ATO looks for businesses operating outside sector averages. If you order $100,000 worth of goods and only record $10,000 in sales, expect the taxman to ask questions.
Writing one business plan is a big enough task within itself – there is no need for two.
The threshold for GST registration is $75,000. If your business earns less than this threshold, there are some critical things you must be aware of.
Tax time will be a lot easier if you follow this simple organisational trick.
It is always vital to do your research, forecast your cashflow and test your assumptions before you invest.
The set-up stage will require you to spend a lot of time to making sure you have everything in order. After that, get a good accountant.
If your mentor's advice has boosted your start-up, then you should definitely consider offering them an equity share.
Unfortunately, the finance market is very tight. As one business banker recently told me, it is like they have turned the tap off.
The real question here is how much will an investor give you towards your business?
One thing you need to become a master at is debtor management. Here's how to chase tardy customers.
Finding someone you can trust and rely on to handle your books is not a decision you should make lightly.
Estimating future growth is one of the hardest exercises for a new business owner to grasp.