Business failures are at their highest rates since January 2021 as low levels of consumer spending, high inflation and interest rate increases put companies under increasing pressure, according to CreditorWatch. Considering 97.2% (2.59 million) of Australia’s businesses are classified as small businesses, it stands to reason that they are most at risk. The commercial credit reporting bureau’s August […]
Cash flow and profit are financial terms often used interchangeably by small business owners but measure very different parts of a company’s financial health. Let’s take a closer look. What is cash flow? Cash flow is the movement of money in and out of a business. There are three main types of cash flow: operating, […]
As a small business owner, it can be a challenge to set aside time for meetings not connected to your day-to-day work. But, preparing thoroughly for a meeting with your accountant can actually save you time, not to mention money and stress. Proper preparation means you will get the most out of the meeting. Here’s […]
At Omnia Business Solutions, we believe in giving back to the community that supports us. We’re proud to continue our partnership with the Parramatta Junior Rugby League (PJRL) in 2024, reinforcing our commitment to nurturing local talent and promoting healthy lifestyles through sport. In a recent interview, our Managing Director, David Gava, shared his personal […]
Did you know that the Australian Taxation Office (ATO) has the authority to disclose business tax debts to credit reporting bureaus if they remain unpaid. This means your unpaid tax debt could impact your credit record and therefore your ability to access finance and secure loans. When can the ATO disclose your tax debt? In […]
As financial year-end approaches at the end of June, it’s time to start preparing. With some clever organisation, you can navigate the year-end easily. Here are some tips to help you effectively prepare: 1. Gather your paperwork Spend the next few weeks gathering what you’ll need, including: Financial records showing your income statements as well […]
Running a small business is a rewarding endeavour but tax compliance can bring unique challenges. There are a number of common mistakes that small business owners often make that can have significant financial implications. To help you avoid these, here are the top five tax mistakes Australian small business owners make with strategies for how […]
As a small business owner, you can take advantage of one of four capital gains tax (CGT) concessions offered by the Australian Tax Office. These allow you to reduce, disregard or defer some capital gain from an active asset used in your small business. Eligibility These concessions become available when you dispose of an active […]
As we start a new year, what were the best and worst economic events in 2023? CreditorWatch has compiled the list and given us an idea of what we can expect for 2024. Best economic trends 1. Declining inflation: While higher interest rates proved difficult for households and businesses, they did help lower inflation. Unfortunately, […]
Your self-managed superannuation fund (SMSF) must be run for the sole purpose of saving money for retirement. For this reason, there are strict rules for accessing the funds. As a trustee of your fund, it’s important that you understand the rules that apply. Preservation age Access to your super funds typically begins when you reach […]