How to make your Business a Lean Mean Fighting Machine (Part 2)

In Part 2 of our series to a Lean Mean Fighting Machine Business we look at ways to Keep the Cashflowing in your Business. Margins You must try to maintain margins as much as possible – not just through more sales but by good cost management.  Competitors may falter which may give an opportunity to…

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How to make your Business a Lean Mean Fighting Machine (Part 1)

Small businesses often have a multitude of contributing factors that can affect their bottom line.  Rising costs and excess stock contribute drastically with cash flow and over purchasing. In Part 1 of our 3 part series we give a few tips on how to go about turning your high overhead business turn into a Lean…

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Bookkeeping Terms

Want to have some insightful, informed conversations with your bookkeeper?  Do you want to increase your bookkeeping knowledge? Hiring a registered bookkeeper is considered good business practice in many industry circles.  But just because you delegate your bookkeeping doesn’t mean that you should not be involved in the running of your business.  On the Contrary,…

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TPAR – Is your Industry Required to Lodge?

Total Payment Annual Reporting (TPAR) informs ATO about payments made to contractors for providing services. Contractors can include sub-contractors, consultants and independent contractors. They can be operating as sole traders (individuals), companies, partnerships or trusts. Details you need to report are found on the invoice you should have received from them. This includes: their Australian…

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What is the Best Accounting Software?

  Question?  What is the Best Accounting Software? Answer       How long is a piece of string?. When you first start out in business, you may not be dealing with many transactions which you might be able to keep organised via a spreadsheet. As time goes on however, for various reasons, you might need to look…

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AUSkey Fraud

  30 January 2017   AUSkey fraud alert Cases of identity thieves obtaining AUSkeys linked to legitimate businesses has recently been detected by ATO. Once an fraudulent Auskey has been allocated, access is gained to the Business Portal. Fraudulent BAS can be lodged and bank details updated to accounts that are not controlled by the…

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Downloadable TFN Forms

TFN declaration forms can now be downloaded   21 June 2016 We know there’s a lot of paperwork to complete when you hire new employees. ATO has listened to you and developed a fillable TFN declaration form which is available on their website. You no longer need to order the form and wait for it…

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Basic tax explained for startups & small business

If you’re planning to start a business or about to start one, welcome to the world of business taxes. Here in this world, your new best friends will be called GST, BAS and PAYG. Say hello to them: GST: Goods and Services Tax With GST comes the BAS: Business Activity Statement IAS: Instalment Activity Statement…

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