Introduction G’day, Let’s talk about everyone’s favourite topic: taxes! Now, I know what you’re thinking: taxes are about as exciting as watching paint dry!” But fear not, because I’m not here to bore you to death but rather give you some great tips to help you save a few bob and keep the taxman scratching …
When it comes to running a small business in Australia, understanding the intricacies of the tax system and implementing savvy tax planning strategies can make all the difference in building wealth and maximising profits. In this comprehensive guide, Terry Sofra, an experienced tax expert with over 30 years of experience, will share valuable insights and …
The Australian Tax Office has provided some excellent information on protecting your business fro illegal phoenix activity. Illegal phoenix activity is when a new company is created to continue the business of an existing company that has been deliberately liquidated to avoid paying its debts, including taxes, creditors and employee entitlements. To find out more visit …
An essential part to any business plan is the Cash Flow Budget.
This involves planning out the income and expenses you’re expecting from your business; it’s really important because you need to have a guide or something that you can work to. Also, when you’re providing business plans to banks and other financial institutions, they would like to see how you’re actually going to make money, and if it’s going to work out with business. Now, it’s important when doing a cash flow budget that you are realistic — it’s very easy to overestimate your income and underestimate your expenses — so one key thing is to be realistic.
Tracey Sofra was announced as the Financial Planner of the year in the 2017 Women in Financial Services Award. This award looks to recognise an outstanding female professional working in financial planning.
We are seeing a growing trend experienced by our SME clients whom provide services to large companies, this is the large corporations are pushing out their payment terms. We have seen one that now pays in 60 day terms and another that has switched its terms form 30 Calendar days to 30 Business Days. This …
You’re going into business. Now you have to figure out how you’re going to pay for it. Why? Well, because you have foregone the security of your job and employment to take a risk and try and improve your financial position. Now, let’s be realistic. You’re probably not going to be making millions straight upfront, but you need to make sure you’re covering your expenses and that you’re effectively paying yourself a wage. Otherwise, you may as well stay working for somebody else.
There’s never been a better time to start a small business. Advances in technology over the last few years have really given small businesses a lot of tools to leverage their business.
There are tools not only for managing your business and day-to-day financials, but also other tools which are specific to your industry and what you need to run your business.
Because investments can go up and down in value over a short period of time, this can make most investors nervous. Some investors will try to figure out the best time to buy an investment (this is commonly referred to as “timing the market”), then worry that they bought it too early or too late. A better investment strategy is Dollar Cost Averaging.
When you’re starting your business, one of the things you must do is to choose your business structure. It’s a little dry, but it’s key and doing it upfront is important. You can change your business structure down the path, but that can be costly with changes in admin, branding, and so on. Getting your …