The Flexibility and Responsibility of Being a Contractor Being a contractor offers flexibility, choice and more control over your own schedule. It also means that you have different responsibilities from other employees that you may have to fulfil. Employer Alert: Understanding Contractor vs. Employee For employers, knowing the difference between a contractor and an employee…
Contracts, sales, or purchases are bound to be canceled with financial uncertainty plaguing the economy. To help you get through this, the ATO recommends making a goods and services tax (GST) adjustment when cancellations do occur. In the event of contracts, sales, or purchase cancellation, you can make a GST-decreasing adjustment. A GST decreasing adjustment…
From 1 November 2021, minimum wages in 21 awards were increased. If you are not paying your employees this new rate of pay, you may find yourself facing significant penalties for failure to comply with the Fair Work Ombudsman. This increase is to be applied to anyone who is paid the minimum award wages or…
Did you know that there are 31 different business registers that a business or company may need to be registered with that are a part of ASIC? Some of these registers are being brought together, in what will be known as the Australian Business Registry Services (ABRS). The Commissioner of Taxation was appointed in April…
Innovation is one of the pinnacles of good business practice. However, sometimes innovation isn’t a process that can be achieved by one person alone. In business, some of the best ideas and practices that your business might achieve could occur through collaboration. Most businesses will have understood the impact and importance of internal collaboration between…
With the demanding conditions that have plagued the retail industry over the past twelve months, business owners need to be aware of all the restructuring options available before it is too late. COVID-19 has unfortunately resulted in reduced foot traffic, store closures, the accumulation of legacy creditors and significant deteriorations in working capital positions. Even…
Making decisions as the owner of a business can be a world of difficult choices, but none so much as deciding that your business requires a partner. It’s a critical, strategic decision for the business that you won’t want to get wrong. Approach your search for the right business partner to suit your business as…
If you’re looking to go into business with someone, the chances are that you might be looking at using a business structure known as a partnership. A partnership is a type of business structure that is made up of two or more people who distribute income or losses between themselves and is a fairly popular…
Sometimes you might want to set up a structure where you will share in the spoils with everyone that deals with that structure. There is a specific type of structure for this and it is known as a Co-Operative. A co-operative business structure (or co-op) is a legally incorporated business entity that is designed to…
More and more Australians bought local products during the past year and rallied behind smaller businesses, which buoyed many shops that may have otherwise struggled to stay afloat. To create this kind of loyalty and support it’s crucial to develop and maintain a strong connection with your customers. If you are a small business, this…