The government has released the 2015 Budget and there is some good news for small business. About time right? There are tax cuts for incorporated businesses, accelerated depreciation on purchased assets and expanded FBT exemptions for work-related portable electronic devices. Find out more here.
Some really great tips for small business owners with the impending tax season fast approaching.
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For many small business owners, working with their accountant is something that only happens sporadically. Often, this contact will only involve the accountant providing an owner with a balance sheet for the business and a profit and loss statement. Read more here.
Dale Cavanagh – Principal of CAV Consulting & Analytical Services warns that whilst business growth shows a demand for your product or service, the impact of this growth may result in wide-spread consequences if you are not able to manage this growth effectively.
“If your business is facing a growth phase here a few key things to consider:
- how will growth impact other areas of your business, e.g. cash flow, staffing levels, location or premises, distribution etc. This can be a very long list
- undertaking scenario analysis. This will help you assess the financial implications of your plans before you implement them. It is very useful when weighing up different plans/options to assist you in choosing the best course of action.
- talking to your banker. It is always a good idea to review banking arrangements and products earlier rather than later. Your banker should be happy to be part of the process when it comes to planning for growth.
- peak to your accountant, their input can extend well beyond tax planning and they can help you identify financial implications you may not be aware of”.
If these aspects are not considered when growing your business, the likelihood of your business remaining sustainable is not great. As your business grows, risks change and may become more complex. The continuing success of your business requires constant monitoring of all aspects and a willingness to consider alternative management and mitigation of risks.
Planning is the most important part of your business; don’t leave work without doing it!
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Nikki Tervo Designs (Brandy Gully)
Give your creativity a boost by visiting Nikki Tervo Designs at their recently opened country style studio shop situated only minutes from Brisbane in the Bayside area. How she found us: Nikki wanted to feel confident her business bookkeeping and accounting would be managed professionally by a trustworthy company. She researched bookkeepers and accountants in the 2011 Yellow Pages and called several numbers, and the rest is history. In this day and age of social media
Nikki Tervo Designs stock a unique & creative range of Handmade Ceramic Novelty Buttons and Embellishments, each individually painted.
Brandy Gully also has a wonderful range of patterns that include quilting, sewing, stitching, patchwork, cross stitch and lots more. Most of the patterns include buttons to finish off your project.
As you enter the shop everywhere you look you are greeted with the most intricately detailed buttons (thousands of them) or beautifully created quilting or patchwork pieces – one visit will definitely not be enough!
So go and see Nikki, grab a cuppa and take a wander through all the shop, browse the buttons and patterns, read up on Nikki’s ‘Tips’ to make your stitching easier, join the FREE newsletter to keep up with all the goings on, and of course grab a copy of the FREE pattern before you leave.
178 Chelsea Road, Ransome Q 4154
Ph: (07) 3245 1300 Fax: (07) 3245 5757
Open Monday to Friday 9am to 5pm