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Start Getting in Shape for the New Financial Year Now!

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

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Basic Financial Skills Essential for a Business Owner

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

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Will You Have a Tax Plan in Place Before 30 June?

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

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Preparation Is the Key to a Compliant Business Return

For the average worker with a regular income and no complicated deductions it has never been easier to prepare your own tax return. The ATO (Australian Taxation Office) has free software on their website with instructions on how to use it, and information from your employer, bank and any government agencies you have dealt with is already prefilled. Preparing Business Tax Returns a Complex Process If you are running a business, however, the process is more complex and the possibility

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How Inadequate Cash Flow Can Strangle Your Business

11/11/2016 by Lavina Webb Many new businesses start out well with a great product line, some working capital and a business plan for growth. Sales are brisk, interest is high and money begins to flow. Initial future projections look set to be quickly reached, and are optimistically extended with increased sales figures. What happens next is an all-too-familiar scenario and, in fact, the ABS (Australian Bureau of Statistics) advises that up to 60% of small businesses fail within three years

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Living Without Debt – Is It Possible in Our Modern Society?

It seems that our modern electronic age has delivered us an instant solution for almost every problem. If we need information, Google has it at our fingertips; if we are looking for love there is an app for that; we make appointments without speaking to a real person and shop for groceries without leaving home. If the financial experts and economists are to be believed, however, while we might be clever at using our smart phones and devices for everything,

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