Great accounting software for SMBs
Tony Kabrovski What's the best accounting software for small businesses?
At a loss about losses
Scott Treatt Can business owners claim an initial investment as a capital loss?
When should you earn a profit?
Simon James When is it the right time to pull a profit out of a business?
Claiming a capital loss
John Ross Q: When can we claim capital loss in a unit trust which was listed on the ASX, but has now been delisted and is being wound up?
Do I need to be based in the market I'm selling to?
Mark Gustowski Q: My friend and I are based in Japan and we're keen to start up an online retail store. There are several product niches we're considering but need to clarify something. If we're based in ...
How do I chase an overdue bill?
David Young Pitcher Partners' David Young explains how to chase an invoice.
BUSINESS MAXIMS
Passing the tests to claim GST
MAX NEWNHAM There are many regulations with which small business owners must contend. There's income tax, employee superannuation guarantee contributions, payroll tax, WorkCover insurance and GST. A business with income of less than $75,000 a year does not need to register for GST.
BUSINESS MAXIMS
How soon can I claim for buying a business?
MAX NEWNHAM For income tax purposes there are two types of income: ordinary income and capital gains income. Small business owners receive concessions when they make a capital gain.
BUSINESS MAXIMS
Maximise your tax deductions on car expenses
MAX NEWNHAM There are many ways to claim a tax deduction for car expenses. Some require little to no record-keeping, while others mean keeping a detailed log book for 12 weeks.
BUSINESS MAXIMS
What would voluntary bankruptcy mean for us?
MAX NEWNHAM There are many attributes a person needs to own and run a small business. One of them is an almost overpowering desire to own and run a business. Sometimes, as a result of this desire, owners ignore the warning signs and continue in a business that is making losses to the point of their financial ruin.
BUSINESS MAXIMS
How taxing is contract work?
MAX NEWNHAM When GST was introduced, many other changes were made to income tax legislation that affected small business owners.
BUSINESS MAXIMS
Do the homework on home work
MAX NEWNHAM There are very few concessions when it comes to capital gains tax. The most well-known is the exemption on their home for people who work from home. But working out what you can and can't claim can be a tricky business.
It's all about the people
Guy Ward Do I have to employ people full-time if they're not interested in a long-term position?
BUSINESS MAXIMS
Several wins, one loss
MAX NEWNHAM If you're buying a motor vehicle for your business this year, you're in luck.
ASK OUR EXPERTS
Getting the numbers right
Guy Ward I am looking at starting a fast casual/fast food retailer in Australia.
Success in business is a love game
MAX NEWNHAM Some would be surprised at the many similarities between tennis and running a business.
Rarely do employees get equity
Ian Stewart How do I go about asking for equity in the company I work for?
ASK OUR EXPERTS
Signing up for an after-hours business
Graeme Sayer We want to set up a small sign shop after-hours. Do we have to register as a business?
ASK OUR EXPERTS
Getting found on Google
Guy Ward What I should look for when selecting an SEO expert?
How to find new franchisees
Michael Paul Q. Where is the best place to source 'qualified' leads for franchise sales?
ASK OUR EXPERTS
Plan to succeed
Mark Bouris Q. I've been doing a tonne of research on writing a good business plan. What's your advice?
TAX TIPS
Forget fair and reasonable: it's the law
MAX NEWNHAM Q. We would like to purchase a car to promote our website. Can we claim all kilometres as business use?
ASK OUR EXPERTS
Turning an idea into an app
Ben Dalton Q. I have an idea for an app. I don't have the programming skills, and am wondering how can I get an honest person to make and market the idea?
Will I end up with a post-party tax bill?
MAX NEWNHAM Business owners who are unaware of their Fringe Benefits Tax obligations can end up with a nasty surprise.
Research reduces risks of new business
Mark Bouris I'm thinking of taking the plunge and finally starting my own personal training business.
TAX TIPS
Registering an overseas business
MAX NEWNHAM Q. I want to open a small business in Whistler, Canada. How will I be taxed?
Get clients to vouch for you
Mark Bouris Prospective clients often want to see examples of work done by my consultancy.
Mark Bouris
Pre-ordering can help spread costs
Mark Bouris Q. I run a jewellery business on a lean budget. How do I know how many materials to buy when orders are not steady?
Get it right from the start
MAX NEWNHAM Q. I'm starting a cleaning business. What do I need to do to register it?
Managing for the lean times
Mark Bouris Q. We make more than 50 per cent of our income within three months. How can we spread our cash flow?
Seeking small business jobs
Guy Ward Q. We run a mature age job board. How can we best connect with the small business market?
Getting periods of notice right
MAX NEWNHAM Q. My employee has just given me one week's notice. Can I force her to work four weeks' notice instead?
How do we get a trade account?
Mark Bouris We are an Australian online-only sports retailer, but local wholesalers are refusing to give us a trade account because we don't have a bricks-and-mortar store.
Making sure the price is right
Michael Todd Q. How do we price our product, taking into account time and overheads?
The big step - will quitting your job pay off?
MAX NEWNHAM The drive to be your own boss can sometimes result in a business that leaves the owner worse off.
Before a revamp, check the numbers
Mark Bouris What steps can we take to ensure we are not overcapitalising and know a revamp will pay off?
How to tap into the world of apps
Steve Fanale Steve Fanale gives his tips on how to make money from applications for smartphones or digital tablets.
Economy's health is a market telltale
Mark Bouris When rates go down, it seems to be good news for homeowners and bad for those with savings accounts.
How to get a product from idea to marketplace
Guy Ward Q. I have an idea for a food product, but have no idea where to begin.
Work from home? Beware a nasty tax shock
MAX NEWNHAM Home-based small businesses can face some serious tax liabilities.
Insurance in a new business is a job for a broker
Mark Bouris Mark Bouris answers your questions on business insurance and moving from working at home to having an external office.
Keeping a numbers man accountable
MAX NEWNHAM My wife runs a small business and hoped that her accountant was keeping an eye on everything.
Sick leave needn't be a headache
Mark Bouris I run a beauty business and need to take some time off for an operation.
We can't get a loan to grow
Guy Ward Q. Our business has been thriving for a decade, but without a premise to mortgage against it seems impossible to get the right loan to grow.
Make the right impression with your website
Geoff Silk Q. I have been working on my online fashion label for a few years and now want to crank things up without spending too much money. But how?
Protecting your livelihood is vital
MAX NEWNHAM One of the most undervalued resources of small business owners is their time.
Q&A
Students can often help solve staffing problems
Mark Bouris Mark answers questions on staffing and how to defend first-mover advantage.
How to handle staff in a booming business
Guy Ward Q. Our graphic design business is really taking off. Should we hire an extra staff member or stick with freelancers?
Claiming expenses for a nomadic business
Narelle McClelland I'm an Australian freelance writer, but I live in a different country each year. How do I claim expenses?
My business is struggling
BUSINESS MAXIMS Q. I have started a small business that hasn't been doing very well. I have only earned $45 - do I need to claim it on tax?
Getting paid on time can require a balancing act
Mark Bouris Don't be shy about your repayment rights, people will take advantage where they can.
Franchising can be risky business
Guy Ward I'm an accountant but want to buy a franchise. What do I need to look out for?
Allocating income to your partner
Ray Cummings Q. Once my business is running, is it a better idea to put my income on my wife's tax return?
Should I register for GST when buying a car?
MAX NEWNHAM Q. I degistered for GST as my income was too low. Now I'm making a profit and need to buy a new work vehicle.
Finding the right business partner
Mark Bouris How can I find an IT-savvy business partner/investor who would handle the day-to-day operations?
What price can I put on my clients?
Mark Bouris The best way to value a client-based business is by using an earnings multiple.
Spinning off an existing product
Guy Ward Q. I have a great business idea that would involve using somebody else's existing product/technology in a novel application.
Starting a business on the side
MAX NEWNHAM Q. I am currently working full-time in the construction industry and wish to start a business on the side after hours.
Confidence shaky as people smarten up
Mark Bouris Why do you think the economic state of Australia appears to be so robust on paper and yet many sectors are so apprehensive to spend their money?
Looking to grow so we don't go down the drain
Mark Bouris We are riding a boom in our mining town. With potential tough times ahead, how can we make sure we have something to do when things slow down?
