The new tax year is off and running and we’ve found a new online tool being offered by the Australian Taxation Office (ATO) which could make life so much easier for small business owners in regards to organising their tax obligations for the year ahead.
If you’re sick of not knowing when everything for your business is due for lodgement with ATO, take a look at the ATO’s new Small Business Tax Calendar. It’s a program that allows you to input the start dates and frequency of your tax obligations. It also asks a number of questions about the nature of your business. Read the rest…
Contributed by
Lynette Palmen.
Lynette Palmen AM is the Founder and Managing Director or Women's Network Australia. She started WNA 20 years ago to offer support, inspiration and services that would inspire women to succeed in their career and business endeavours. WNA is now the Nation's premier networking organisation for business and professional women. T: 1800 052 476.
Well the Federal Budget has now been handed down and the most significant aspect for women in business is the 50% Tax Allowance for the purchase of business assets. So if you need any additional goods/equipment or want to replace existing assets, now is the time to bite the bullet and make your purchase. Read the rest…
Ask any business owner to nominate the most frustrating thing about running their business and cashflow quickly comes up in the conversation. Running any business successfully entails maintaining a positive cashflow. Even in the most buoyant economy, let alone one that’s floundering, cashflow can be a challenge. Considering the poor current financial climate we asked debt collection expert MICHAEL TODD to share his tips on creating positive cashflow.
Collecting overdue accounts can be a major issue for small to medium businesses but the impacts of not staying on top of debtors can be devastating. As a small business operator you are under no obligation to extend credit. After all, payment is expected at the time when an airline flight or a hotel room is booked and if any small business chooses they can do likewise. There is no need in the current economic climate to be exposed to the risk of bad debts. But if you are extending credit and chasing slow payers you will find these tips very helpful. Read the rest…
I have received hundreds of emails agreeing with my lack of enthusiasm for the Government’s proposed stimulus package. The consensus of opinion is that one off bonuses are not the way to go, but rather a combination of infrastructure projects, tax cuts and one off payments going only to those crippled by the economic fallout. In other words, much stricter means testing. There’s a definite trend unfolding and this is that we’ve had it with Governments who can only see as far as the next election.
You don’t need to be an economist to know that sinking money into infrastructure will create jobs and bring life back to many of the regional areas currently hurting. I know I want a Government who’s willing to take responsibility for the next 20 – 30 years, not just the next 3 months. Any bonuses handed out by Governments should only be given to those in most need. I just find it hard to comprehend that many of the people I know will, at the minimum, each receive at least $950 – whilst on any given Saturday evening dining out in the city they will pass homeless people sleeping in the streets. Read the rest…
The only consistency at the moment seems to be upheaval and change. Women are relaying to me about their unexpected job losses, business closures and the effect the sudden down turn in trade is having on them both business wise and personally.
For many the increased emotional strain and constant fear of what the future holds is almost too much. It’s during these times that the networks we build become our only safety net. For those facing change it’s really important to remain confident and know that there are people who care about you personally and what’s happening in your corner. Just talking through how you’re feeling about changes happening in your life can be helpful.
But last week across my desk came a great resource that I thought was worth a mention. It’s a user-friendly booklet produced by Beyond Blue in response to the current economic downturn - ‘Taking Care of Yourself After Retrenchment or Financial Loss’. The book is FREE but more importantly it’s an excellent tool for helping women dust off, pick up the pieces and move on to bigger and better things. Share your knowledge of the book with others.
Lynette Palmen AM, Founder and Managing Director, Women’s Network Australia speaks to, for and about women and their business issues.
Who won’t be glad to see this year tick over? The never ending financial doom and gloom portrayed by the media is enough to put anyone off having fun. For many business owners life is proving to be very tough and if the pundits have it right not much is going to improve in the next year. But I encourage you to also see the brighter side of things.
There’s a multitude of positive aspects that aren’t getting the air play they deserve. Like petrol prices! They’re currently sitting at prices like we haven’t seen for years and what about interest rates? They make the idea of jumping back into the property market extremely attractive. But make sure you have employment stability before doing so. And first home buyers – our children have never had it so good currently being able to access up to $21,000 to purchase their first home.
But on another note, we can’t forget those worst hit by all of this mess – those who are close to retirement. They’re wearing the brunt of the financial crisis with their superannuation savings disappearing overnight and with no luxury of time to recover lost gains, many have now become the new poor. Read the rest…
