Article by Jane Tweedy, Business Advisor, Western Sydney Business Centre
Yet again we have survived another financial year and I’m sure like many it’s had plenty of ups and downs, but hey we survived! Take the time to review your progress this year and see how far you’ve come. Work out where you could have done things better and check what state your business is in.
For some of you this review will be easier said than done. Some may be fully up-to-date and have their tax completed already. Good on them, but we all know though that most of us will take a little longer!
Apart from reviewing the past, it is also a good time to make changes for the new financial year. The Government does this regularly and a number of changes have been made effective 1 July. You’ll need to make sure you’re on top of the changes if they apply to you.
The minimum wage has been lifted and in some cases Sunday penalty rates have been further reduced. Look at Fair Work Australia to work out what you should now be paying and the related conditions that apply.
New taxes and other rules come into effect 1 July so be careful. The main one is GST is now being applied on low value imports below $1000. Consider how this impacts your business, especially if you are selling through an overseas platform (are customers considered to be importing from you). This change caused Amazon to ban Australian customers (may also have something to do with pushing customers to the Amazon Australia site that hasn’t met the hype so far).
Mailing lists that you can join
Add yourself to mailing lists from business.gov.au, Service NSW, the ATO and Fair Work to keep on top of releases, and/or join an Industry Association and they should help keep you up-to-date in your industry. For instance in the food industry, Country of Origin Labelling changed 1 July. For larger businesses Single Touch Payroll (STP) comes into force. These are just a few of the many changes.
I also recommend reviewing your pricing. Remember that your inputs and compliance paperwork time are increasing, so your prices should be too. Linking in with government price increases makes it easier for people to understand why you’re making changes.
The new financial year is a great time to review your business, set new goals and move onwards and upwards. Remember that Western Sydney Business Centre, offers 4 hours business advice at NO COST with a NSW Government funded Business Connect Advisor. We can help you review your business and move forward. Please book here now!