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24.01.2022 Australian Parliamentary Library - RESEARCH PAPER SERIES 201819 INTRODUCTION: This statistical snapshot sheds light on the contribution of the small business sector to the Australian economy using key economic indicators such as employment and Industry Value Added (IVA).... https://parlinfo.aph.gov.au//627/upload_binary/6272043.pdf

22.01.2022 ( ) (Source: Australian Bureau of Statistics published on 20/02/2018) The report contains information on the Australian businesses by: Entry rate, Exit rate, Net entry rate... Industry division State & Territory Institutional sector Type of legal organisation Employment size range Turnover size range The report also indicates that out of almost 2,211 businesses across the country, the concentration of activities - by industry are: Construction (2017 371.6K) 16.8% Professional, Scientific and Technical Services (2017 270.7K) 12.2% Rental, Hiring and Real Estate Services (2017 246.7K) 11.2% Financial and Insurance Services 2017 202.1K) 9.1% Agriculture, Forestry and Fishing (2017 176.1K) 8.0% Transport, Postal and Warehousing (2017 149.5K) 6.8% Retail Trade (2017 130.4K) 5.9% Health Care and Social Assistance (2017 128.5K) - 5.8% Other (2017 535.4K) 24.2% The distribution by State and Territories are: NSW (2017 753.8K) VIC (2017 590.8K) QLD (2017 437.6K) WA (2017 228.5K) SA (2017- 146.8K) TAS (2017 37.7K) ACT (2017 - 27.4K) NT (2017 14.4K) Possibly rounding variation (2017 26.0K) In 2017, Australian businesses operated by adopting the following legal structures: Companies (839.5K) Sole Traders (586.5K) Trusts (544.4K) Partnerships (267.4K) Public Sector (0.4K) According to the data published in the ABS' report, majority of the Australian businesses (2017 - 2,085.7K) have less than $2m annual turnover. Hence, as per the criteria set by ATO, they are considered small size businesses. http://www.abs.gov.au//8165.0Main+Features1Jun%202013%20to

22.01.2022 This is a brief illustration of the importance of Sarbanes-Oxley Act of 2002 (aka SOX) and how it impacts certain Australian companies - whether as a subsidiary of the US based entity or having an operational arm in the US. Although the Act has been primarily formulated for publicly listed companies in the US, certain provisions of the legislation also apply to privately held companies. The Act requires those companies to implement and report internal accounting con...trols to the Securities & Exchange Commission (SEC) to validate their compliance. Additionally, depending on the size of overseas subsidiaries of the US public companies in terms of their financial significance in the group’s consolidated accounts, those subsidiaries can also be subject to SOX audit. Therefore, the US based companies with registered businesses in Australian jurisdiction may fall in a similar category and need to implement measures prescribed in SOX. Moreover, Australian companies with a U.S. presence, may also need to comply with the Act and to satisfy the auditing requirement. The purpose of SOX is to reduce the possibilities of corporate fraud through the implementation of enhanced procedures (Corporate Governance) and adherence to stringent financial reporting regulations (Financial Disclosure). To achieve the above objectives, the Act requires all financial reports to include an Internal Controls Report. This shows that a company's financial data are accurate (within 5% variance) and adequate controls are in place to safeguard financial data. The scope of audit that a subject company is expected to undertake covers: a) Internal Controls; 2) Network Activity; 3) Database Activity ;4) Login Activity; 5) Account Activity; 6) User Activity; 7) Information Access; 8) IT Security; 9) Access Controls; 10) Data Backup; and 11) Change Management. Deficiencies detected in the systems will have to be remediated or mitigated to the satisfaction of accounting firms appointed by the company and recognised by SEC. It is worth noting that Sarbanes-Oxley also encourages the disclosure of corporate fraud by protecting whistle blower employees of publicly traded companies or their subsidiaries who report illegal activities. Further information can be found in the link below: http://www.sarbanes-oxley-101.com/

21.01.2022 Independent contractors run their own business, hiring out their services to other organisations. Unlike employees, independent contractors negotiate their own fees and working arrangements, and can work for a variety of clients at one time.

18.01.2022 By Small Business Development Corporation (WA Government) Download free business tools and templates to help you plan a new business venture or to fine tune your existing operations.

17.01.2022 - Using MS Excel to develop a financial model, it is imperative to minimise the risk of errors as some formulas, depending on the circumstances, may not produce the intended results. For example: LOOKUP formula is not always the best option to use. Although the alternative may seem to be complicated, it would be better to learn the logic and structure of a replacement function beforehand.... The link below from FM Magazine illustrates an introduction to OFFSET function in Excel.

16.01.2022 By Buisness Queensland Negotiation is a process where two or more parties with different needs and goals discuss an issue to find a mutually acceptable solution. In business, negotiation skills are important in both informal day-to-day interactions and formal transactions such as negotiating conditions of sale, lease, service delivery, and other legal contracts.

13.01.2022 - By Australian Taxation Office (based on 2015-16 data - last modified February 2018) The small business benchmarks are financial ranges to help compare your business's performance against others in your industry.

13.01.2022 Working out the value of your business is important when selling your business, as it can help you decide on the selling price. Here are some suggested steps to help you through the process.

13.01.2022 , Irrespective of the industry that a business is part of, policies; procedures and processes have to be defined to run an effective operation. Therefore, it is pivotal for a business to set standards for scenarios pertaining to its ongoing activities.

05.01.2022 * Debts incurred when the company becomes insolvent. * Company losses caused by breach of directors’ duties. * Guarantor or security over personal assets.... * Debts incurred by companies acting as trustees * Illegal phoenix activity * Liable for breaches of other laws. For further information, refer to the link. See more

05.01.2022 : Published by CPA Australia This recording provides an update from representatives from the Australian Securities & Investments Commission (ASIC), the Fair Work Ombudsman (FWO), the Australian Competition & Consumer Commission (ACCC), the Australian Taxation Office (ATO), the Office of Small Business and the SBFO on how to navigate the complexities of government regulation. You can also learn about the valuable resources available to you and your small business clients.

03.01.2022 By SafeWork NSW It is obvious that small businesses don’t always feel they have the time, resources or expertise when it comes to managing health and safety in their workplace.... SafeWork NSW has developed the ‘Easy to do work health and safety toolkit’ to make it easier for small businesses to understand and meet their work health and safety obligations. WHS toolkit is available on SafeWork NSW website that can be useful to small businesses.