Entering into a business partnership can come with conflicts and misunderstandings between you and your new associate. This is why having a written agreement that clearly outlines your rights and responsibilities is important for maintaining a healthy business relationship between partners. Here are some key areas to include in your partnership agreement: Name of partnership:…
Entering into a business partnership can come with conflicts and misunderstandings between you and your new associate. This is why having a written agreement that clearly outlines your rights and responsibilities is important for maintaining a healthy business relationship between partners. Here are some key areas to include in your partnership agreement: Name of partnership:…
For taxpayers wishing to access the small business capital gains tax (CGT) concessions for shares in a company or interests in a trust, they must first meet the standard requirements as well as further conditions in place for such entities. A taxpayer can apply for small business CGT concessions to lower or dismiss their capital…
Running a business is hard enough without having to chase up payments from your customers. Here are some measures you can take to prevent yourself from having to deal with the profitability imbalance, negative client relation, and legal ordeals that come with chasing up owed debt. Research the customer:Before you enter into an agreement with…
In order to keep up with the growing demands of digital accessibility and convenience, many businesses decide to partially or completely move their business online. This can help with extending customer reach beyond the geographical boundaries of a physical business, offering customers easy access to your products or services, scaling and growth, and reducing costs…
The ATO has announced that in October 2019, they will be focusing on the bulk Australian business number (ABN) cancellation program. This program will be cancelling ABNs that the ATO is confident are inactive in an attempt to create cohesion within the Australian Business Register (ABR). There are a few areas the ATO looks into…
Contractors bring with them different obligations that business owners need to comply with. Employers that incorrectly classify employees and contractors can face hefty penalties and charges as well as claims for entitlements and superannuation contributions. It must be established whether they are employees or contractors to get tax and super requirements right. When hiring an…
Businesses looking to improve their profitability may need to consider cutting under-performing products and services. How a product contributes to growth strategy, brand management and production efforts can help you determine whether you should discontinue it. Underperforming products can drain the company’s resources and finances that could be used to profit elsewhere. It might be…
An employment contract establishes the terms and expectations of an employee before they start work. It outlines everything the employee has to know about working for you, including employee rights, working hours and performance expectations in the role. Each employment type has different entitlements and obligations that must be met by both the employer and…
Promoting your business can seem tricky to navigate and expensive, especially when there are budget and staff restrictions to think about. However, there are a number of ways to promote your business easily and cost-effectively. Blog content:Posting well-written and relevant blog content on your website can help boost website traffic while capturing the trust and…