As we fast approach the end of the financial year, do you know if your trade business is eligible for the instant asset write off? Also, what other tax deductions are you entitled to claim to reduce your taxable income?
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.
You have started receiving calls from potential clients that are interested in your service, soon you are busy getting work done and the money starts coming in and you are set for life! Well, not quite. As your Trade business grows, there are certain obligations such as tax, licensing and employment laws that come with it.
It is a plan to:
1. Control your finances
2. Enable you to make confident financial decisions and meet your objectives
3. Ensure you have enough money for your future projects
There is so much to organise to be ready to close up shop over the holidays. Planning and scheduling now can save you a lot of headaches on your return and save you disruptions throughout your break.
16 Jul 2018 – Issue PAYG withholding payment summaries to employees
Looking over your cash flow, you’ll notice one expense popping up over and over again, and it’s a big number. Without it your business can’t grow and you can’t get a break! Whether you pay wages weekly, fortnightly or monthly, if you are not truly aware of where these dollars are going, it can hit your back pocket hard.
There is no “One Way” to design a sales process. There are many options, however considering that most businesses have no process at all, take on the one below as a starting point. The 8-step process below has proved to be successful in hundreds of businesses. You can then fine tune and tweak it to make it work for your business.
Risk is a part of everyday life. There are many types of risk that will be encountered in business. Some will have a minimal impact and can be managed easily; others may threaten the longevity of a business. Understanding the principles and processes for effective risk management will help a business owner make the decisions necessary to ensure the best possible outcome for the business.