Taxes are the so-called lifeblood of the government. The government needs to collect taxes to continue to provide the services that they are obliged to give to their constituents. Taxes then are necessary business expenses. In most jurisdictions in the world, taxes are overhead expenses that must be paid otherwise
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Crabtree & Evelyn, Jeanswest, Bardot, Topshot, Ed Harry — these are among the famous retailers in Australia who collapsed and closed shop. The trend started with J. Crew, the first high profile retailer to collapse amidst the Covid-19 pandemic. Even before the pandemic hit U.S. shores, the 73-year old retailer
A payment transparency law will be rolled out in January. The Australian government has acknowledged that extended payment time causes poor cash flow especially for small businesses. In the earthmoving industry, for example, companies have difficulty chasing bad debts because extended payment terms. In fact, payments get delayed up 90 days when industry-standard is
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
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