It’s worthwhile considering some rather sobering statistics ahead of the looming end of the financial year.
More than 800,000 small businesses have outstanding tax debts totalling around $9 billion. The Australian Tax Office has launched more than 55,000 recovery actions against indebted SMEs over the past year.
With tax time approaching, it would be unwise to add your business to this number.
Today, to help you avoid a run-in with the tax man, business advisory guru Marc Peskett has picked out three essential tax rules you need to follow.
Elsewhere, we speak to Isy Galey, who went from changing nappies as a nanny to running a franchised interstate retail operation within four years and we have news of the latest Aussie start-up to try their luck in Silicon Valley.