Is It a Hobby or a Business?

Sometimes the distinction between a hobby and a business can be confusing when you want to determine the nature of your income-generating activities. It is important to establish whether you have a hobby or a business as each classification has different regulatory and tax implications. What might have started as a hobby can turn intoRead more…

Business Insurances – Saving Your Business When You Can’t Work

As a business owner, you insure your premises, vehicles, and products yet you may overlook insurance for yourself, your business partner and key staff against injuries, illness, and death. Have you ever thought about how your business would cope without you? How would you cope without income protection? What would happen to your business if youRead more…

Starting an Online Business

Many people believe that running an online business is much easier than a physical one. There are plenty of stories of people getting rich fast from an online business with zero inventory, and next to no cost – and this creates unrealistic expectations. Setting up and running a successful e-commerce site takes time and effort.Read more…

Negotiate a Better Lease on Your Commercial Property

Negotiating a fair lease is critical to the success of your business. It is much more than just agreeing on the rental amount you’ll be paying for the next few years. A lease needs to be beneficial to you as a business owner, as well as to the landlord. A well negotiated lease will provideRead more…

Minimising Your Business Operating Costs

Minimising your business overheads is one way to increase the profitability of your business and put more money back into your pocket. A better understanding of your overheads can give you an insight into your business and help you make better decisions. You will be more able to price your products and services appropriately andRead more…

12 Ways to Improve Cash Flow in Your Business

It is essential for business owners to understand what cash flow is, and how to manage it. Profit and cash flow is not the same thing. Some businesses might be profitable yet have poor cash flow because they cannot collect payments from their customers. When there are extended periods of negative cash flow, even profitableRead more…

Small business prepayments

Prepay Your Small Business Expenses and Save Tax

As a small business owner, you know the hard work that goes into building your business to create the lifestyle that you want. Every dollar you save on tax brings you one step closer to achieving your financial goals. Prepaying your business expenses can be an effective tax reduction strategy. In simple terms, it’s spendingRead more…

Small Business Tax Benefits

New Concessional Depreciation Rules If you’re earning less than a grouped $2m in your business you may benefit from the new concessional depreciation rules for small to medium businesses. On assets that cost less than $20,000 you can claim an immediate deduction provided you start to use, or install to use, the asset between 12Read more…