RUNNING AND GROWING A BUSINESS

Soon to be implemented changes to the Australian Consumer Law will provide additional protection to consumers and small businesses prohibiting the proposal, use or reliance on unfair contract terms in standard form contracts.

As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cashflow is more important than ever. Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial cash management tool for operating your business effectively.

With unemployment at historic lows, workers are in demand and are also switching jobs at record rates. There are a range of issues employers should be aware of when hiring.

The Australian Federal Government is making some important changes to help minimise fraud and protect the privacy and security of company directors. As part of this process, directors of all Australian companies will need to verify their identity by applying for a Director Identification Number (DIN).  This 15-digit number is a unique identifier that a director will keep indefinitely – even if the person changes companies or moves – and will be used to help stamp out fraudulent activity by enabling the government to verify and track individual directors' corporate history accurately.

A mandatory code of conduct signed off by the National Cabinet yesterday will force commercial landlords to accept rent reductions in proportion to a tenant’s decline in turnover due to COVID-19.   Landlords are required to offer tenants at least 50% of their rent relief as ‘waivers’ over the next few months and the remainder in deferrals.  The ‘good-faith’ leasing principles should be negotiated individually between landlords and their tenants, and are designed to aid the management of cashflow for SME tenants and landlords on a proportionate basis, as a result of the economic impacts of COVID-19.

It is important to understand the differences between a hobby and a business for tax, insurance and legal purposes among other things. For one thing, there will be certain tax and other obligations that start once you are in business. However it’s a myth that there is a dollar threshold to be in a business […]