The Australian government has acknowledged that extended payment time is one of the causes of poor cash flow especially for small businesses. In the earthmoving industry, for example, companies have difficulty chasing bad debts because payment terms are extended until 90 days when industry-standard is only between 30 and 45 days. The 90-day payment time is not
Australia is a nation of small businesses. According to accounting software firm, Xero’s Boss Insight 2020 report, there were 2.2 million business owners in Australia in late 2019, a spike of 700,000 in 1991. Of these, more than 1.4 million businesses are sole traders, while 600,000 are micro businesses with up to four staff. The numbers
Family businesses account for 70% of all businesses in Australia. Family businesses also employ around half of the country’s workforce. In a way, family enterprises are one of those who carry the weight of the Australian economy. One of the strengths of a family business is the preservation of wealth across generations. A family business
Unforeseen circumstances often lead to unforeseen business losses. When faced with significant drop in revenues and profits, a company’s often first instinct is to lay off workers to cut costs. Businesses should weigh this decision carefully because, while firing employees can indeed cut business costs, it can also lead to low employee morale and put
A federal court in Australia recently issued a ruling that would affect how small businesses can avail of the new capital gains tax (CGT) concessions. The business owner used an adjacent property as a shed to house tools and equipment he uses in his bricklaying business. When the owner sold the property, he claimed CGT
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