Australian businesses that fail to cooperate with the Australian Tax Office (ATO) in paying back substantial tax debt could have their information shared with credit reporting agencies under new reforms proposed by the Federal Government.
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So, you’ve finally decided to take the plunge and turn your side hustle into a business, except, now you’re stuck trying to come up with the cash to get the ball rolling. Before you throw in the towel and go running back to your nine to five, have you considered taking out a business loan?
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Aside from thoughts of taxes, the start of the new financial year doesn’t tend to mean a whole lot for many Aussies, but for Australian businesses it’s an opportunity to reassess goals and plan for the year ahead.
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As any small business owner will know, finding the time to manage day-to-day operations, let alone grow their business, can be difficult.
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A lower company tax rate and an increase in the instant asset write-off - the new financial year has brought with it some seriously good news for Australian businesses big and small.
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With the financial year well and truly here, many small business owners may be gearing up for the next 12 months by jotting down a new set of financial goals and targets.
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The Australian Banking Association (ABA), together with a number of Australia’s largest banks, has launched a new set of guidelines aimed at restoring faith among banking customers following the Banking Royal Commission.
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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!
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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.
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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.
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