Small businesses beware! 10,000 small businesses are set to be targeted by the ATO as part of their ongoing crackdown on the Black Economy. This is an increase from the 9,000 businesses targeted last year. So it's now more important then ever to make sure you're doing the right thing and getting the right advice!
There was a time in business where Cash was King, sadly that time is coming to an end as the Government looks to introduce new measures that could potentially see criminal penalties for cash payments or receipts above $10,000.
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.
Sales and profit are two very different things – as a business owner, you can find yourself without the cash to pay bills despite making sales you knew were profitable. You may also be startled to discover that strong cash flows from sales deliver little profit.
No business owner looks forward to a letter from the taxman requesting a closer look at the books. If you’ve received an audit letter – an official request by the tax authority to review your accounts and confirm your taxes have been paid to date – don’t panic. Prepare.
Growing a business is one of the most fundamental goals for all small business owners. Successful businesses are those that are always looking for opportunities to grow and making the most of them.
Not all tax agents are created equal. Just like in every industry there are the good ones and the not so good ones and you as the taxpayer could be placed at an unnecessary risk because of the risk rating of your Tax Agent.