Unravelling the complexities of Early Stage Innovation Company (ESIC) investing

Tax incentives are available to encourage investment in Early Stage Innovation Companies (ESIC). Although this type of investment can provide access to tax incentives, investing in an ESIC requires careful thought and preparation. Investing in Early-Stage Innovation Companies can be a rewarding opportunity, not only in terms of potential returns but also due to the attractive tax incentives offered by the Australian government.  

Do you have the right accountant for your business?

How do you know you have the right accountant for your business? The right accountant can help you to simplify tasks, create efficient processes, find areas of growth and highlight the best path forward so you can make good business decisions. Accountants can have all different kinds of specialities, which is why it is crucial to find an accountant who meets your needs.

How to reduce tax audits

Worried about potential audits? Find out how to reduce the chance of tax audits in your business. Maintaining accurate records is crucial for businesses to ensure tax compliance. The ATO conducts regular audits to check for proper record-keeping. Find out some  common mistakes made by businesses and what you can do to reduce the risk of audit scrutiny.

What is tax planning?

What is tax planning and how can it help your business? Tax planning is a crucial aspect of financial management that allows individuals and businesses to effectively manage their tax obligations while staying within legal boundaries. You cannot escape paying taxes, but you can minimise the amount of tax payable. We can do so by maximising our deductions, reducing our income at the same time, without incurring any extra costs.

How do I apply for the Export Markets Development Grant?

I think my business is eligible for EMDG – so how do I apply for the Export Market Development Grant? Preparing your application for the Export Markets Development Grant – The Export Markets Development Grant (EMDG) program offered by the Australian government assists local businesses in showcasing their products and services in global markets. By providing financial assistance and facilitating market entry, the program enables Australian companies to attract foreign customers and promote their offerings effectively.

Can the Export Markets Development Grant help you grow your business?

How can the Export Markets Development Grant (EMDG) help you grow your business? The Export Markets Development Grant’s purpose it to encourage the creation, development and expansion of foreign markets for Australian-produced products and services. It’s a key Australian government program to help small and medium sized exporters and some Australian-based businesses offering services to overseas customers.

How do I prepare my Research and Development Tax Incentive claim?

Preparing for your Research and Development claim: So you have learned about the Research and Development Tax Incentive (R&DTI) and you think you may have a shot at it – what next? What do you need to do to prepare? What can you do to improve your chances of accessing these tax credits? Follow these steps and you’ll be on a great path for your R&DTI claim.

What is the Research and Development Tax Incentive?

Do you want to learn more about the Research and Development Tax Incentive? The Research and Development Tax Incentive (R&DTI) is a way for the Australian Government to encourage business to invest in research and development activities that will benefit companies and the broader Australian economy. It provides tax benefits to companies that engage in eligible Research and Development projects that may not otherwise be conducted because of an uncertain return from these activities.

Use Crowd-Sourced Equity Fundraising to grow your business

What is Crowd-Sourced Equity Fundraising? Crowd-Sourced Equity Fundraising is a federal initiative that helps start-ups and small to medium-sized companies raise money from a bunch of individual investors. Here’s how it works: Through a licensed online platform companies can offer their own company’s shares to a number of potential investors in exchange for cash. This means these investors become part-owners and can potentially benefit from the company’s success.

Are you worried that your business revenue is stagnant?

Watch out – is your business revenue stagnating? Or worse – has it reduced? Now what do you do? How do you increase revenue and make sure you are also doing this profitably? This is a key issue business owners everywhere need to address. If your business revenue is stagnating, there are a number of solutions you can look at, but first, make sure you understand what is going on in your business.

7 Steps to take now to make your next financial year better

Are you ready to make your next financial year better and improve the performance of your business? In a challenging environment for business, it’s natural to assign blame to various factors such as economic conditions, government policies, and restrictions. However, in spite of these challenges, there are businesses that have not only survived but thrived. To help you create a thriving business here are our seven steps to take now to make your next financial year better for your business.

Is your business missing out by not using an accountant?

Why your business is missing out if you are not using an accountant. We regularly meet business owners who have “saved money” by not using an accountant for their business. The reality is that the small amount they have saved by doing it themselves is overshadowed by the costs and missed opportunities from not using a qualified accountant.

Reporting Scams in Australia: Your guide to identifying and stopping online fraudsters

Scams are an unfortunate reality in our digital age – but reporting scams can help the problem. As technology advances, so do the tactics scammers use to deceive their victims. In Australia, scams can take many forms, including phone calls, websites, and social media. It’s crucial to learn how to report these scams and protect yourself from potential losses.

How will the annual wage increase affect your business?

The annual wage increase and your business – As you may have heard, there are big changes coming soon to minimum wages. This will have a flow-on affect to all businesses. Find out what you need to know as a business owner and get your action plan in place.

How do you choose the right funding structure for your business?

What key factors should you consider when you want to choose the right business funding structure? Funding, also known as financing, is the act of supplying money or resources to support an individual or business. The purpose of borrowing is for growth such as borrowing to purchase an asset that will help you produce more, and in return sell more.

8 Sales strategies to increase your business income

In today’s competitive business environment, increasing sales is a top priority for businesses of all sizes. To stand out from the crowd and generate more revenue, it’s essential to employ smart and effective sales strategies. In this article, we’ll explore proven tactics for boosting sales, focusing on both online and offline approaches.

Bootstrapping: Self-funding strategies for your business

Traditional funding options versus self-funding strategies – When starting a business, traditional funding options may be difficult to obtain due to eligibility requirements. Many lenders prefer to lend to established businesses that have been operating for at least a year and generate a specific amount of revenue. That is when bootstrapping is a great funding alternative when loans are inaccessible.

What small business tax deductions & concessions can I use?

Are you a small business owner wanting to improve your tax position and maximise your savings? Well, you’re in luck! There are several concessions, deductions, tips and tricks that you can take advantage of to reduce your income tax liability and keep more money in your pocket. In this blog, we’ll explore these valuable opportunities and provide you with tools to help you navigate the world of small business tax deductions. 

12 Steps to start a business the right way

Starting a business can be daunting, but with the right guidance and strategy, it’s possible to turn your dream into a reality. Read our 12 step guide to help you start a business and make it a success.

Business Owners: Full expensing of assets ends 30 June 2023

End of ‘Full Expensing’ of Assets The ‘full expensing’ of assets in Australia, also known as the Instant Asset Write-Off, was extended until 30th June 2023, as part of the Federal Budget for the fiscal year 2022-23. Full expensing allows eligible businesses to claim an immediate deduction for the full cost of eligible depreciable assets.

Focused on end-of-year taxes? Find out why year-round tax planning is the best strategy!

Year-round tax planning allows better opportunity for strategy. Tax planning is not just an end-of-year activity. There is more to tax planning than simply lodging your tax return and increasing your deductions. Tax planning is an ongoing process that requires continuous attention throughout the year. Your actions throughout the year can having lasting effects on your future tax liabilities or refunds.

Federal Budget 2023 – Summary of key points for businesses

While much of the 2023 federal budget focuses on providing help to reduce cost of living pressures, there are some key points affecting businesses. These include small business lodgment penalty amnesty; payday super; and a $20,000 small businesses instant asset write-off threshold.

Why do business plans often fail?

Creating a solid business plan is an essential step for any entrepreneur who wants to succeed with their new business. However, many business plans fail to deliver, leading to wasted time, resources, and disappointment. In this article, we explore the most common reasons business plans fail and offer tips on how to avoid these pitfalls.

What are the record keeping requirements for my business?

Record keeping is an essential aspect of running a small business – it’s more than just organising paperwork. Your business record keeping requirements include maintaining accurate records, not just to meet your legal and taxation obligations, but because accurate and timely records are essential for managing your business effectively and making informed decisions.

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