Tradies spend a lot of time getting work done on various projects for clients with the goal of business growth and profitability. Business growth and profitability are closely related, on the one hand, growth requires a tradie to be in control or have oversight of the various business functions and profitability on the other hand, is as a result of sound financial management principles.
From 1 July 2019, tax and super information needs to be sent to the ATO each time payroll is run and employees are paid. The new reporting requirement is called Single Touch Payroll (STP) and is currently available through most payroll, accounting and business software.
Boosting profit should be the main aim of a business owner. Whether you have a trade business or you operate in another industry, you should have the goal of boosting the profit of your business. In too many businesses, especially with turnover between 1 and 5 million, the net profit margin is far too low or even non-existent. The main trap the owner or the entrepreneur falls into, is to think that growing revenue and boosting sales will help them get to this magic profit target. In actual fact, usually this method of approach does not work and only compounds to the problems of an unprofitable business.