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Federal Government to Roll Out Payment Transparency Law in January

Federal Government to Roll Out Payment Transparency Law in January

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 …

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Small Business Tips: How to Get Customers and Retain Them

Small Business Tips: How to Get Customers and Retain Them

Small business dominates Australian economy. 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.  …

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How to Cut Business Costs, Not Labour

How to Cut Business Costs, Not Labour

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 …

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Court Ruling on CGT Concession Affects Small Businesses

Court Ruling on CGT Concession Affects Small Businesses

A federal court in Australia recently issued a ruling that would affect how small businesses can avail of the new capital gains tax or CGT concession.  The business owner used an adjacent property as a shed to house tools and equipment. The business owner uses the tools and equipment in his bricklaying …

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