With Baby Boomers extending their careers and Generation Z entering the workplace, the workforce now comprises five generations for the first time in history. Small and medium-sized businesses are finding themselves managing teams that span generations.
Preparing your business tax return as a small business owner may feel daunting and complex, but it doesn’t have to be! By properly using your business tax return to reduce your tax burden, you may have more to reinvest in your business, fuelling future growth.
Here are our top tips to help you optimise your financial returns during tax time.
If you run a small business in Australia, tapping into available grants may help give you a financial boost and create new growth possibilities. With options ranging from federal to state and even industry-specific grants, there may be a grant you’re eligible for.
Ongoing inflation data has increased the chances of a move in August.
Whether the RBA does move will depend crucially upon the Q2 CPI data.
At a minimum, the higher inflation numbers are increasing the chances that the first-rate reduction will be later in 2025.
The growth in actual hours worked has been notably slower than for usual working hours.
·This largely reflects ongoing high levels of annual and sick leave that has been taken post-COVID.
Being able to manage your business’s cash flow is essential given its role in helping you pay your staff and your bills on time.
This year’s auction market is not only busy but also breaking previous records, with new listings in February up 16.6% compared to February 2023.
In 2022, the Australian Bureau of Statistics forecasted that the country’s population of 26 million was set to reach between 34.3 and 45.9 million by 2071.
There has been a decline in the proportion of businesses reporting productivity improvements over the last decade.
This trend occurred across most industries and business sizes.
Productivity improvements are more likely to occur in large businesses.
Productivity outcomes differ across sectors.
Robust cybersecurity is now a must-have for small businesses grappling with the wave of digital threats that may risk data, finances, and hard-earned customer trust.
Recent statistics from the Department of Home Affairs shows an average loss of $46,000 for each cyber-attack on a small business. Beyond the immediate financial strain, these attacks can also chip away at customer trust and can seriously damage a business’s reputation. While these costs are more difficult to quantify, they are nonetheless devastating in their long-term impact.
As inflation presents ongoing challenges, small businesses have the opportunity to adapt and thrive by taking a proactive approach to enhancing operational efficiency and innovation. Rising costs prompt a strategic focus on ensuring sustainability and resilience, and by proactively adjusting their approaches, businesses can navigate economic fluctuations with resilience.
For personalised service, the very best financial products and exceptional customer service where you really matter, look no further than the professional team at Mainland Finance
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