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In a lot of situations, hiring a contractor to get a particular job done makes perfect sense. It may require expertise or skills none of your employees has. You may only need someone for a short timeframe to clear a backlog of work. Or maybe you just want to avoid having to go through a formal recruitment process.

But be careful. Even though you hired them as a contractor, the Australian Taxation Office (ATO) may actually see them as an employee. And the penalties for disguising an employee as an independent contractor (known as "sham contracting") can be up to $51,000 per instance.

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For many, the word 'budget' is about as appealing as the word 'diet'.

It seems to imply what you will go without, rather than what you will achieve.

To a successful business owner, however, the word 'budget' has a very different meaning.

It's more like a map than a diet. It's an outline of where you want to take the business, and what you need to achieve to get there.

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2 Key things can effect your Business Value

 

The 2 key things that can affect your business value

How can you make your business worth a larger amount when you want to sell it?  Before we answer this question, remember: your business will only be worth what someone else is willing to pay for it.  So, you may think it is worth $1 million, but if your best offer is only $500,000, then $500,000 is realistically what your business is worth.

How can you attract a buyer and get them to pay the price you want?

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Business Owners - What's your end game?

Business owners – what is your end game?

 Why do you own a business?

It's interesting to consider this because we are shocked at how many business owners haven't taken the time to consider this fundamental question. 

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ATO payment plans

ATO PAYMENT PLANS

Do you get to the end of the quarter, and then realise you haven't put enough money aside to pay your tax obligations?  You are not the only one.  In this financial climate, it seems to be a never ending battle to have enough money to go around.

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