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New legal rights to challenge Australian Government procurements passed into law

In a significant step for Australian procurement laws, the Government Procurement (Judicial Review) Bill 2017 (Cth) (the Bill) passed the Senate without amendment on 18 October 2018. The  Government Procurement (Judicial Review) Act 2018 (Cth) (the Act) (once commenced) will provide suppliers with a statutory platform to challenge a government procurement process in the Federal Court of Australia (FCA) or Federal Circuit Court of Australia (FCCA) for a breach of the Commonwealth Procurement Rules (CPRs). Overview  Set out below is a snapshot of the Act. For more detail please refer to our previous article on the Bill here. The Act: will commence six months after assent (being 20 April 2019) or earlier by proclamation only applies to ‘covered procurements’ (where Divisions 1 and 2 of the CPRs apply, the procurement is not exempt under Division 2 and the procurement meets the relevant monetary threshold) only applies to alleged breaches that occur after the Act’s commencement date….

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New rate for car expenses

The rate for work-related car expenses has increased for the income year starting 1 July 2018. It is now 68 cents per kilometre. This applies if you have chosen to use the cents per kilometre method for calculating work-related car expenses and will remain in place until the Commissioner decides it should be varied. If you are paying your employees a car allowance in excess of 68 cents per kilometre, you need to withhold tax on the amount you pay over 68 cents. Remember, registered tax agents and BAS agents can help you with your tax. Referenace : https://www.ato.gov.au/Newsroom/smallbusiness/General/New-rate-for-car-expenses/?sbnews20180912  

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INDIGENOUS BUSINESS – MAKING OUR OWN NETWORKS

Leesa Watego is a Brisbane-based Murri – mum, educator and business owner. She is passionate about social media, digital technology and Indigenous micro- and small business and the organisations and peak bodies that represent them. Leesa is the current volunteer President of the South East Queensland Chamber of Commerce, is actively working on the development of a Queensland peak body – Indigenous Business Queensland, a director on FACCI, the First Australians Chamber of Commerce and Industry, and co-founder of Indigenous Business Month.  Leesa has been a volunteer contributor to Australian Blak History Month’s Great Moment in Blakistory Fact Sheet series for nine years, and is a newly accredited Level 1 Recreational Running Coach and is currently a volunteer coach the graduate program of the Brisbane Deadly Runners. THERE’S NOTHING SHORT ABOUT BLACK COFFEE… Like most things talked about – projects, initiatives –  this one has a backstory story. In 2014 I read a…

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What Leads to Profitability? In a New Survey, Successful Business Owners Share Lessons Learned

The entrepreneurial journey can be exciting but also one filled with missteps and regrets. While some mistakes are unavoidable, business owners can reduce their learning curve by following wise advice from those with seasoned experience and long-lasting success. Who are those people? Their peers. That was the idea behind a new survey by our company, Kabbage. In collaboration with the small business research firm Bredin, we polled 500 small business owners in nearly every industry across America and across the various life stages of a business. Our findings revealed what we consider valuable lessons on key, growth-producing moves by small business owners. These are moves that could give newer entrepreneurs actionable knowledge. Finding 1: What it means to be “in the black” So what’s the benchmark time frame for turning a profit? A resounding 84 percent of our respondents stated that they had achieved profitability within the first four years of business and that they viewed…

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7 Reasons You Need a Mentor for Entrepreneurial Success

Mentors. They’ve been there, done that and have seen it all. Yet, a woeful number of entrepreneurs start their careers without one. In an age where instant gratification is glorified, it’s unsurprising that many entrepreneurs and young founders do not seek out a mentor as hard as they try to find a co-founder. While arguments abound on why entrepreneurs do not need mentors but should only follow their own instincts and gut feelings, most successful tech titans have founders who had mentors. Facebook’s Mark Zuckerberg was mentored by Steve Jobs. Jobs was mentored by Mike Markkula — an early investor and executive at Apple. And Eric Schmidt mentored Larry Page and Sergey Brin of Google. Like most startup founders, I didn’t start with a mentor. I got into the industry and had to look up to someone who is well known in the field. This is not as effective as working hard to get…

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How to access the ATO’s instant asset write-off without hurting your cash flow

Tax breaks are few and far between, and the $20,000 instant asset write-off scheme is a ripper. But more than 60% of businesses aren’t fully utilising it, usually due to a lack of funds available. There’s a lot of confusing information about how the scheme works, and what this means for your cash flow. Here’s a transparent, jargon-free guide on how the scheme can benefit your business. The instant asset write-off scheme is a great opportunity for businesses to purchase work-related equipment, and write it off in one go. It allows you to invest in business assets valued up to $20,000 and decrease your taxable income by that same amount.If a lack of capital is stopping you from taking advantage of this opportunity, a short-term business loan can help. So how exactly does the Asset Write-Off work? The $20,000 instant asset write-off can be a huge boost for your business….

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How to access working capital without owning a house

Understanding your working capital needs is key to unlocking the growth of your business, but knowing how to access it can be tricky. If you don’t own a home or an asset you can use as collateral, banks and traditional lenders usually won’t be able to help. Here’s a quick rundown to help you understand if you need more working capital, and how to access it hassle-free. What’s considered a healthy working capital ratio? Generally, a business needs a positive working capital ratio (you can calculate this by taking your current assets and dividing that by your current liabilities). Theoretically, a working capital ratio of 1.0 indicates that a business should be able to adequately meet all of its short-term obligations. However, most businesses (as well as analysts, banks, and accountants) will want to see a slightly higher number. Excess working capital will give a business a cash cushion against…

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