There are significant income tax rate changes for the coming year (2021) aim to support businesses through these tough times. The major changes as follows provide significant planning opportunities for Perth Businesses:
The Australian Banking Association and the Big Four Banks have announced that interest and principal repayments on both Small Business loans and Home Loans can be deferred for up to 6 Months.There are a lot of questions being asked on exactly how this will work, and what is the best course of action.
Are you concerned the coronavirus may affect your business? Well, Scott Morrison has unveiled his $23 billion stimulus package which will be released over this and next financial year, with a focus on keeping Australians employed and businesses open.
With the rollout of Simplified Touch Payroll process being adopted by most businesses from this year onward, the end of year payroll process is certainly a whole lot more faster and efficient than ever before.
Cutting costs can be a quick and easy way to improve the profitability of your business. Introducing cost-control measures can bring immediate savings and ensure you remain profitable in the long term.
Most business owners immediately think of the bank or loans when they’re short of money. But there are many more resources you can tap before you ask for that expensive overdraft or for an overdraft extension.
If you’re buying or selling a small business, it’s critical to know what the business is worth. The challenge is that what you think a business is worth, and what the person on the other side of the fence thinks it is worth, are usually two different figures.
Like beauty, value is in the eye of the beholder. Your business is worth what the highest bidder thinks it is worth – unless you can convince them otherwise. Consider what most buyers will be looking for.
At some point in its lifetime, every small business suffers from cash flow problems. The trick is to think ahead and figure out when these problems are going to arise so you don’t have to unexpectedly postpone a purchase or hurriedly seek out additional finance.
A number of service providers simply pitch their price somewhere near the middle of the prevailing market rate. But it makes sense to calculate your overhead costs and hourly rate to work out what price you should charge to ensure the income from your business meets your expectations.
There are a number of ways to arrive at the price to charge customers. Regardless of which method you use for pricing your product, you’ll need to know what it costs to supply your product to be sure you’re able to operate at a profit.
So you have a great business idea and are convinced you can make it work, but you don’t have much capital to get your business off the ground. Juggling existing financial commitments such as a mortgage or bank loans could put a squeeze on your business plans.
Setting prices can be tricky for even the most seasoned business owners – after all, the prices you charge for your products or service have a dramatic effect on sales, customer perception, and profits.
A profit improvement plan segments key influences on your profits into smaller, more manageable areas in which you can make small, incremental improvements that add up to deliver a big result.
April 23, 2019
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