Withholding retention payments in construction can affect subcontractors’ cash flow and profitability. Often used in the construction industry, retention is a fixed percentage of the total payment due for a contract, withheld for a period after the work is completed. It’s there to make sure that the contractor or subcontractor properly completes...
While the process of setting up a business partnership is relatively straight forward, finding the right business partner to work with is an entirely different ball game. While you might think starting a business with a friend or relative is a great idea, there are some important factors to consider before entering into a business partnership. Five...
With prime position in the lobby of a busy inner-city building, Viaje Coffee was thriving under the management of Hugh Nguyen and his business partner Wayne Kang. “Before the pandemic, our business was going well,” said Hugh. “Viaje Coffee had a very loyal customer base and our business was growing. Then, COVID had a massive impact. The building...
When you first develop an idea you may decide to test it as a hobby but it’s important for tax purposes to know when an activity becomes a business
Buying an established business can represent a huge challenge – and a huge opportunity. Dr Vanessa Atienza-Hipolito bought a long-standing health business eight years ago and has discovered there is always more to learn. While many business stories begin as an idea that sparks a start-up, small business success stories can take other forms too. In...
Government agencies play an important role in our economy when procuring products and services. While big business is often in the headlines, small businesses account for most of the businesses in Western Australia — 97 per cent. They are major contributors to the economy, generating more than $50.1 billion in private sector activity each year. You...
The founder of Impact Digi, Tamara Bin Amat, advises other indigenous businesses to stay true to their roots and collaborate with other community-driven enterprises as a path to business success. Impact Digi is a Karratha based digital design business which employs a team of nine. Its client portfolio includes fellow indigenous and non-indigenous...
Food trucks have become a popular feature at many outdoor events. What do you need to know before starting a food truck business?
Invoicing - something every business owner needs to know how to do, but are you getting it right? As a business owner, you’re required to provide proof of purchase within seven days and a tax invoice within 28 days of it being requested or having supplied goods and/or services.. Getting your invoicing right will not only save time, but will also...
Nearly 10 years into their business, Maggie and Bryan Jacobs realised they were missing out on opportunities to expand their trade. The owners of Geraldton Rubber & Conveyor had focused on working hard and providing great customer service since first opening in the Mid West town. But it wasn’t until happening upon RSM Business Local and seeking...
Learn about the strategies you can put in place before 30 June to maximise your business’ tax return.
Your business name is a valuable asset, so when you receive a renewal notice your first thought is often to pay it straight away. While the notice letter or email may look official, you may not realise that it may have been sent by private organisations looking to make money from you. These unsolicited approaches are often made just before the...