business activity statement

Small business and the independent contractors are always a problem when it comes to tax compliance. ATO is ramping up their Personal Services Income (PSI) compliance programme. The ATO has already begun selecting individuals and other entities to be audited based on their 2009/10 and 2010/11 income tax returns.

The starting point is what type of business structure they are using. Is it a sole trader, partnership, company or family trust?

You may have started your own business for lifestyle reasons, better work-life balance or to be your own boss. But if you are honest a big reason you started working for yourself was probably to make money – to pay the bills and fund your lifestyle. If you are not comfortable with handling the cash flow issues of your business you need to accept this and get help. You will need a bookkeeper and an accountant.

When people think about working for themselves, they often consider purchasing a franchise. Franchises are usually familiar and give the impression of being a solid option, with professional marketing and support offered. As with any independent business opportunities there are pros and cons attached to buying and running a franchise. This post will walk you through the steps involved in buying a franchise, including how to perform the initial research, spot danger signs, make sense of the small print and manage the expectations of the franchisee and franchisor.

Working for yourself does not necessarily mean working by yourself. You may find it tempting to research opportunities to buyan already-established business, complete with staff and inventory.This option is primarily for entrepreneurs who don’t want to starta business from scratch and prefer to seek one which is alreadyoperational. It will give you an established name, existing customerbase and an immediate revenue stream.Searching for a business to buy can be difficult, and finding theright one to buy is tougher yet.

If you are ready to be your own boss, are looking forward to a new kind of lifestyle and are considering starting up from a home office, then read on. The information in this post will help you get your home-based business up and running with minimum fuss. Due to changes in lifestyle and business practices, many people are opting to start home-based businesses.

Not having a business plan means you plan not to have a business. A business plan is a road map to follow as you steer your company towards the goals and objectives you have set for it. Many people, especially those starting as sole traders, do not prepare a business plan and if they do, they scribble out something in haste without giving it much thought.

Tempting as it may be to just hand in your notice, print up some business cards and get started, there are several important decisions to make before you can start working for yourself. The time and effort you put into the planning at the early stages of your new life being your own boss will be well worth it in the long run.