All over the world, we celebrate New Year’s Day as the time for making resolutions to change things in our lives. With a new financial year starting on 1 July, perhaps we should begin a new tradition by using this date as an opportunity to make financial resolutions. For business owners, it could serve as a “reboot” to existing plans that have lapsed or an incentive to start this financial year in better shape than the last one. Strategic Focus

There is no shortage of entrepreneurs in Australia who have a great idea or product, and the ability to create a “start-up” business to bring their creation to the market. According to a recent survey however, many of these fledgling businesses will not exist beyond 1 to 2 years, largely because their owners lack basic financial knowledge. Early Stage Business Failures due to Lack of Financial Understanding The survey also found that this lack of knowledge differed across a demographic

As the end of the financial year looms closer, business owners and managers should be gearing up for the extra tasks involved in getting their accounts in order, ready to present to their accountants. However, they should also have been working with their accountants to develop a tax plan, well before this part of the year. Tax planning is a process with the potential to reduce a tax liability legally, but only if it is approached in a proactive, purposeful