On 12 December 2008 , the Prime Minister, Kevin Rudd announced two important tax measures to help small businesses with their cash flow. They are a 20% reduction in the amount due and payable in relation to the PAYG instalment for the December 2008 quarter and an extra 10% temporary investment allowance (by way of an additional tax deduction valued at 10% of the cost of an eligible asset). This information sheet outlines the main features of the 20% reduction of the PAYG instalment
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Another tax-related project that HIA’s BPN members have been heavily involved in, is the Small Business Tax Calendar. A half-joking challenge thrown out to the ATO by a BPN member via feedback being collated by HIA in 2005 provided the impetus for the development and recent release of an extremely useful online product for small business.
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Cashfow is generally acknowledged as the single most pressing concern of the builders and trade persons business. Cashflow is the lifeblood of all growing business and is the primary indicator of business health. The effect of cashflow is real and, if mismanaged, totally unforgiving. Cash needs to be protected, controlled and put to work.
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Companies are sometimes set up with little or no assets to their name. This means that when you are contracting with a company it can often be riskier than doing business with an individual, particularly if something goes wrong.
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