It is estimated that 1 in 3 Australian small businesses close their doors within the first year, two out of four by the end of the second year, and three out of four by the fifth year. Running a successful small business takes hard work, perseverance, the ability to pivot when necessary, a good business plan and clear goals.
As many small business owners are struggling at the moment, we want to share with you our tips to help you achieve your goals and keep your business dreams alive.
Originally due to revert back to $1,000 on July 1st 2020, the Federal Government has announced an extension of the instant asset write-off threshold increase, through to the end of the year, 31 December 2020. Great news for small business!
We once again find ourselves approaching the end of the current financial year (and what a year it has been!). Due to the COVID-19 pandemic, the ATO have increased the instant asset write-off threshold from $30,000 to $150,000. They have also expanded access to include businesses with a turnover of less than $500 million, up from $50 million.
To all our valued clients and friends
At this unprecedented time the Seek Financial team would like to reassure you that whilst our focus is on the health and safety of our team and the wider community, it is business as usual for us.
We already have the infrastructure in place to allow us to work from home if needed, so please don’t hesitate to contact any of us if you need help with anything at all at any time during this crisis.
More than 2.4 million Australians are self-employed, including 1 million who operate as sole traders.
If you are one of these 2.4 million, you’ll know how rewarding it can be – more flexibility with your work hours, better work life balance, you get to choose who you work with, you have the option to work where you like, you have more control over your income, and there are possible tax advantages.
However, sometimes, it can be a little more challenging, especially when it comes time to buy a home. This is because you will need to demonstrate a stable income and continuity of employment and this can often be difficult.