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Touch Payroll (STP)
‘Calm before the storm’: Government proposes 12-month SG amnesty
Government intensifies cash payments crackdown - Kelly O'Dwyer
Passive investment companies tax rate still 30%
Cryptocurrency audits tipped to increase this EOFY
Australia by numbers – Update
$2.4m lost to tax scams, ACCC reports
No GST on digital currency
Federal Budget 2018 - Overview
Your Budget
4 components of our 2018 Federal Budget
Resources to help understand and implement Single Touch Payroll (STP)
New rules capture SMSFs trading big with cryptocurrency
New passive income test for lower corporate tax rate
Tools to help you manage your financial position are available on our site.
‘A simple mistake can attract our attention’: ATO reminder about FBT slips-ups
Australia by numbers – Update
Beware residency rules if moving overseas
Meaningful tax reform in high demand
Working holidaymakers and tax returns
Single Touch Payroll – 1 April 2018 Action
Property investors on notice after ATO spots false claims
ATO issues update on cryptocurrency compliance traps
Australia's vital statistics
Accountants spy elder abuse spike as mortgage stress sets in
Tax office releases fresh guidance on SMSFs
Labor's tax plans could favour the rich, analysis shows
FBT Reminder – Odometer Reading
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Articles

Christmas Parties - FBT & Income Tax
FBT - Christmas Parties and Taxi Fares
Superannuation Funds Allowed to Give Guidance
Plan for the Tough Times
Significant GST Benefit for Some Property Developers
Super Fund Binding Nominations - Maybe Not

Property Trusts Redemption Suspension

Would you want to be a Car Retailer?

Record Keeping in the Electronic Environment
Always lodge your Activity Statement - even if nil
Activity Statement Variations?  Act Now
Plan for the Tough Times
Some small business people have only known good times - and that's a potential problem

Australia came out of recession in the early 1990s and the country has enjoyed solid economic growth for most of the past 15 years, but now is the time to start thinking about how your business would fare in a tougher environment.

The many warnings include interest rate rises, fallout from the sub-prime mortgage market, slowing of Australia's mineral exports, labour and fuel increases.

None of this necessarily means a privately held business should assume the worst.  It does mean you should start weather proofing your business.

In good times businesses become slack about controllable costs, because the penalty for errors is reduced by the easy sale.

The response of many businesses during the last recession was to curtail their marketing budgets.

It was not considered critical and the benefits, if any, were sometime in the future (if at all).

When the economy picked up those businesses quickly discovered they had lost ground to their competitors because they had stopped promoting their business.

Could you hire casuals instead of permanent staff, until you get a feel for where the economy is going?

Major capital expenditure and pruning of stock levels is worth considering particularly if funding it with debt.

Debt reduction is worth consideration.

Good cash management is critical to small business, and early planning in tougher times is the key to good cash management.

 

 

 



21st-November-2008