Many business owners fall into the same tax traps, leading to unnecessary costs during the critical early stages of your business journey. In this article, we’ve outlined five of the most common types of tax mistakes that small business owners make and the steps you can take to avoid them.
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Starting a new business is a dream come true for many aspiring entrepreneurs. Being your own boss offers the potential for financial freedom and increased earning potential. However, it's important to keep in mind that the rewards of owning a business come with their own set of challenges.
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Any business owner must keep track of their finances in order to maintain ongoing financial health and the success of their business. Accounting is no less important for tradies, particularly in an economic climate of rising supply costs and tighter cash flow pressures.
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Unlike income tax which is relatively straightforward for employees, tax for businesses is a much more complicated world to navigate. As a small business owner in Australia, you must ensure these tax obligations are met.
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Whether you’re buying, selling or exiting a business, accurate business valuation skills are incredibly important to have. In essence, business valuation determines its current worth by using objective measures and evaluating all aspects of the business.
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Keeping clean financial records is crucial when it comes to maintaining healthy cash flow, satisfying your tax requirements and tracking the success of your small business. Unfortunately, the process of bookkeeping as a small business owner can be overwhelming and difficult to understand, especially if you have no background in accounting.
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Hiring your first employee is a scary experience as a small business owner. The people bring on board early on in your journey will play a big role in shaping the future and direction of your business. To make sure you nail the hiring process and leave a good impression on your first employee, follow our simple eight-step guide.
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Around the world, businesses have been suffering the effects of rising costs. Inflation, the pandemic and the war in Ukraine have mounted pressure on the economy, shifting the bottom line for businesses in all industries.
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Prioritising your taxes until too late can mean you end up missing out on substantial deductions at tax time. For small business, tax planning is an essential part of managing your cash flow and limiting unnecessary expenditure.
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Effective cash flow management requires constant focus and organisation. Whilst your business may succeed at earning a profit, you can easily find yourself struggling to pay off necessary business costs.
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Small business is an emotional rollercoaster, especially when you’re starting out. Your day-to-day work life can change on a whim. One day your calendar is booked out, the next you’re looking for something to do.
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The first month of starting a business is often the hardest. There is so much to do, so many decisions to make and whatever income you make is dwarfed by your mounting expenses.
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Many business owners experience times when they struggle to stay afloat. Running a business, particularly in its early days, can weigh you down with an endless stream of responsibilities and problems that require your undivided attention.
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Getting your pricing right is an essential part of running a profitable business. But over time there are many factors that can change the conditions of the market you operate in.
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Accounting is never anyone’s favourite part of running a business. Luckily for business owners, the quality of online tools now available has meant that managing your accounting is far less painful than it used to be.
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