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The Australian Tax Office (ATO) is homing in on small businesses failing to comply with guidelines regarding appropriate record keeping.
Findings from the ATO’s Protecting Honest Business campaign indicate that one of the leading factors for small business failure is poor record keeping practices. Small business owners are required... more
Business owners have the advantage of claiming a credit for any GST included in the price of goods and services purchased for their business. However, many businesses fail to claim their credits correctly.
The vast majority of mistakes are avoidable and relate to claiming credits for ineligible items or including GST-free... more
Business values, much like personal values, influence behaviour and provide a set of rules or guidelines to follow. However, in a business context, values are often set and ignored.
To avoid this, business leaders need to create values that can lead to action and align with the business’ overall mission. Consider the following
Although small businesses do not have corporate social responsibility (CSR) programs in place as large companies do, they do have just as much opportunity to contribute to sustainable business.
Businesses that adopt socially responsible business practices benefit by saving money on costs, attracting better quality candidates, improving... more
Business owners are faced with making decisions every day. And although the degree of severity differs, some decisions can make or break a business.
Fine-tuning your decision-making skills will help to make more informed decisions. Consider the following tips:
Keeping the business in the family when you decide it’s time to retire is a common decision for many business owners. However, ensuring the change of hand is carried out effectively is seldom done right.
If you plan on handing your business over to your child/children or any other family member, there are specific precautions... more
When it comes to public holidays, business owners have the responsibility of getting it right. Consider the following:
National public holidays
Under the National Employment Standards (NES), the following days are national public holidays:
- 1 January (New Year’s Day)
Creating an efficient workplace is desirable for both staff and business owners alike. Not only does it save money and time, it can also improve productivity and morale.
Here are five ways to improve efficiency in your business:
Examine what is and isn’t working
Identifying your business’... more
Paying super is compulsory for all employers, regardless of whether their staff are employed part-time, full-time or contracted.
With regular changes being introduced in regards to super contributions, it can become overwhelming for employers to remain compliant. Employers are required by law to pay all employees super, provided their... more
There’s no better time than the new year to transform your office into an ecological, environmentally- friendly space.
While there are initial up-front costs of switching to green, the long-term savings will be substantial and you will also be reducing your carbon footprint which is great for everyone!
Consider implementing... more