New folks in business often focus on what they think matters most. Like getting customers and increasing the awareness about their products and services, is their prime agenda. Focus is always narrowing down and doing little things. But there are things like taxation that they think are required only once a year, but the only way to scale and make your profits soar is learning about tax tips, complaint related rules that apply to your industry.
For small business owners and start-up founders, who are trying to make a business and reap profits – this is the primer we think they should grasp on the very first day they open doors. While quality and customer servicing rules in 2016, while many customers also like you for your competitive pricing – the game is won by those who know money, people and the rules of doing the business.
Here are tax tips for small businesses and start-ups:
1. Learn about your industry
Be it a developer shop or a cafeteria, you are a part of a large industry. Each industry has some standards and laws. The Australian government has some rules and regulations for every sector. ATO industry guidelines and new updates should be your first education regarding taxes and financial do’s and don’ts while running your business.
2. Study the tax slabs and rules
Study them and devour everything you see. All recent events, law changes and things that help you save tax or make more money using government’s help. Yes, both State and Australian government help out small business and start-ups in scaling. Tax and banking statements help in getting more financial help to grow and increase your business vision.
3. Hack your income and expenses
For this you need a great financial advisor and accounting champion. People who have experience in your industry or handling tax generally are able to predict the future of the tax slabs and help you manage expenses better. With income increase they tell you where to invest and fill the holes.
Need a great accountant to outsource, taxation, bookkeeping work – Hire us today.