While it can be tempting for business owners to sweep certain tasks under the rug over the financial year, like bookkeeping or organising tax receipts, scrambling to get everything sorted when June hits isn’t fun - it’s usually just extra stress!
With two thirds of small business owners claiming they want to reduce their tax bill, a huge majority of them aren’t taking the steps to do so.
The banking Royal Commission and resulting credit squeeze has made property even harder to come by for young Australians. And according to a new report from MYOB Business Monitor, this has worsened the situation for young business owners trying to secure business financing.
Prime Minister Scott Morrison’s $1 billion Business Growth Fund was supposed to be a boon to Australian small businesses. But it appears some of the major banks and superannuation funds are less than eager to throw their support behind the initiative.
After conducting a recent analysis on business loans, our Mozo experts found that the average Big 4 Bank business loan rate was 88 basis points higher than the average rate of challenger banks. Mozo data also revealed that this difference in interest rates means staying with a Big 4 bank could cost you an extra $6,007 in interest on a $250,000 business loan over 5 years*.
Most business owners will tell you that stress and uncertainty are just a part of the job. But thanks to big bank, NAB, making an international money transfer just became a little more stress-free.
As a business owner, there are a number of reasons why you might want to take out a loan. Not only can it help you ride out periods where cash flow is low, it can propel your business to greater heights by providing funding for new equipment, renovations, and extra staff.
A date is still yet to be announced, but the looming federal election - likely to be in May - is already having an impact on the decisions of Australian small businesses new research from Westpac has revealed.
Emerging Australian businesses and industries are being held back when it comes securing the business funding they need to grow.
As any small business which has needed extra funding in the form of a loan may already know, wading through the jargon and costs associated with a small business loan can be seriously headache-inducing.