Lockdown Lifted, Changes to Disaster Payments and Support for Apprentices

Spending Increases as Lockdowns are Lifted As COVID-19 restrictions ease across the country, spending tracked 20% higher than the corresponding week of 2019, according to the weekly credit and debit card spending data from the Commonwealth Bank. National spending is on track to hit the growth levels seen earlier in 2021, which averaged at 22% above pre-pandemic figures in late April and early May 2019. Job ads increase 6.2% in…  Read more

4 Things to Consider Before Expanding Your Service Offerings

If you’re looking to grow your business, you might consider expanding your service offerings. Adding additional services is a good way to increase your profitability, diversify your income and expand your market. But there are important things to consider before adding to your income streams. Here are 4 important things to keep in mind when you consider adding to your services. 1. Does the expansion complement your business? The best…  Read more

3 Tips for Working Smarter and Gaining Personal Time

You’ve probably heard the maxim that it’s better to work smarter than harder. Working smarter means allocating your time, energy and money so vital tasks get done more efficiently, freeing up your personal time. Too many business owners think they must keep working harder—taking on more responsibilities and working longer hours—to be successful. It makes sense, because you’re responsible for your business, but that route leads to work overload and…  Read more

How Much Cash Does My Business Need?

Your business needs cash. Cash is what keeps your company in operation and enables it to grow, so you should know how much cash your business needs to survive. Although many people think the answer is linked solely to operating expenses, this isn’t the case. There is no single factor that determines how much cash every business needs to have on hand. Somewhere between 3-6 months of operating expenses is…  Read more

How to Scale Your Business with Minimal Effort

If you want your business to grow, at some point you’ll have to think about scaling it. Scaling it isn’t exactly the same as growing it, though they are often used interchangeably. Growth refers to adding resources and increasing your revenue in a linear fashion. You double your number of offices to double your number of customers, for example. Scaling means increasing your revenue without a substantial increase in the…  Read more

5 Funding Options for Start-ups

Starting your own business requires enough capital to ensure you can pay your bills until your company turns a profit. Depending on the type and size of your business, you may need thousands of dollars monthly to cover overhead. If you’re wondering where to find business start-up funding, there are a variety of options available to you. Each of these options has its advantages and disadvantages, and it’s important to…  Read more

4 Ways Small Start-ups Can Take On Established Competitors

Starting a business means you’ll be in competition with other companies that already exist. It’s actually a good thing if you have competition to go up against. Competition pushes you to be innovative. It also means there’s an established market for your goods or services. The key to benefitting from competition is knowing how to effectively take on competitors so your company earns a profit. Here are some ways to…  Read more

Business Update – 25 August 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you. Australia Closes One-Way Travel Bubble from NZ Australia has paused “green zone”…  Read more

5 Ways to Recover After a Financial Setback

You started your business with plans of earning a living and being successful, but an unfortunate fact of business life is that companies suffer financial hardships. Whether those hardships are pandemic-related or linked to other urgent situations, the effect is still the same. Your finances are negatively affected and it’s up to you to lead the recovery. Here are 5 steps you can take to help your business recover after…  Read more

Collins & Co Business Update – 18 August 2021

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward. We’re thinking of everyone affected by lockdowns around the country and encourage you to reach out if you have any questions about your business during this time. Read on for assistance that may be available to you. Tougher COVID-19 Restrictions in Melbourne New stricter COVID-19 restrictions came into effect…  Read more

4 Money Saving Tips for Business Owners

Running a successful business requires you to make smart decisions about everything from who you hire to how you spend your money. There are many legitimate expenses to cover, but it’s easy to overspend in areas that aren’t helping you or your business. Spending wisely is key to owning a sustainable business. Here are four practical money saving tips for business owners. 1. Have a list of all your subscriptions,…  Read more

Why Smart Business Owners Never Stop Marketing

One classic mistake business owners make when money gets tight is to stop marketing or cut their marketing budget. At first glance, it seems logical to cut down your expenses during tough economic conditions. However, in reality, it’s the opposite of what you should do. When your business is struggling, cutting your marketing budget will further hurt your business. It is during this time that you should go the extra…  Read more

Cash Flow Advice for Small Businesses

Solid cash flow management is vital to ensuring your business survives, but not everyone understands what cash flow is or how to manage it. That’s likely what makes it a leading cause of stress for small business owners. In fact, a Capital One study found that 42% of small business owners say cash flow management is a major concern for them. Cash flow refers to the movement of money into…  Read more

Lodgement Rates & Thresholds – July 2021

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place. This guide includes tax rates, including individual minor and non-resident rates, corporate rates, offset limits and benchmarks, rebate levels, allowances, and essential super as well as FBT rates and thresholds. There is also essential medicare information and foreign currency exchanged information. All of this can be…  Read more

CCWM June 2021 Newsletter

It’s June which means winters has officially arrived. As we rug up and spend more time indoors, it’s a perfect time to get your financial house in order as another financial year draws to a close. And what a year it has been! Our 2021 Winter edition of Collins Co Wealth Management newsletters is available for your perusal. It will contain the following items of interest. Home office expenses Top…  Read more

Tax & Super – June 2021 edition

The June edition of Tax & Super is available for you to read. In this edition we will be covering the following topics. The tax treatment of cryptocurrency New guidance on “personal services income” rules Briefing a barrister The ATO’s eligibility requirements for SMSF trustees or directors The newsletter is available here. As always if you have any questions, do hesitate to reach out to us on 03 9680 1000.  Read more

Tax & Super – Special Budget Edition 2021-22

The Government has decided not to go down the austerity path, which will be a relief for many taxpayers and businesses. In this release of Tax & Super, we provide a special budget edition. It includes the following items: Superannuation and Related Measures Housing Business Welfare Individuals You can find out more here.  Read more

Tax Matters – May Budget edition 2021

The Federal Budget for 2021-2022 was announced last night. This guide provides you with the following information The Budget 2021-22 – A Continued Win for Small Business The Federal Budget – Tax Measures The Federal Budget – Superannuation Changes Continuing the SME Recovery Loan Scheme JobKeeper Overpayments Family Assistance Payments and more……….. Please click here to read the Tax Matters guide. As always, if you need further clarification, please do…  Read more

Tax & Super – May 2021 edition

Welcome to the May edition of Tax & Super. This is your monthly tax and super update keeping you on top of the issues, news and changes you need to know. In this edition we will be covering the following topics. EOFY tips for your tax plan Dealing with excess before-tax super contributions The SME Recovery Loan Scheme is now open Evidencing SMSF property valuations Independent audit review for small…  Read more

Business Matters – Autumn 2021 edition

The Autumn edition of Business Matters is now available for your perusal. This edition covers topics as listed below. JobKeeper is over – where to from here Fringe Benefits Tax Time The Importance of Business Planning Contractor Agreements – the case of Dr Moffet And more……. Click on the link Business Matters Autumn 2021 to read in detail.  Read more

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