"The very essence of leadership is that you have to have a vision. It's got to be a vision you articulate clearly and forcefully on every occasion. You can't blow an uncertain trumpet." - Theodore Hesburgh
Minimum Wage Increase
What you need to know as a business owner for the minimum wage increase happening on 1 April 2024
Getting Your Financial Year End Work Completed Quicker
Providing this information quickly allows us to finalise your accounts and inform you of your tax position
Why resting and recharging is important for small business owners
Read the Xero blog and identify ways that can help you achieve rest and relaxation as a business owner
DVA Tax Calendar Service
Stay on top of your tax obligations with the Tax Calendar Service
Minimum Wage Increase
The Workplace Relations and Safety Minister has announced a significant increase in the adult minimum wage, set to rise to $23.15 per hour from 01 April 2024. This marks a 45-cent increase from the current hourly rate of $22.70.
The Starting-Out and Training minimum wage rates will both increase to $18.52 per hour, remaining at 80% of the adult minimum wage.
With inflation pushing up the prices of everyday items, your business is likely facing increased general running costs and higher material prices. To lessen the impact on your financial performance, consider implementing small, incremental price adjustments each year rather than waiting for a significant hike every few years. This approach not only helps prevent customer price shocks but also keeps your business competitive in the market.
If raising prices isn't feasible or you need to make more significant changes, cutting back on expenses may be necessary. Our team can conduct a thorough review of your business finances, pinpointing areas where cost savings can be made.
Getting Your Financial Year End Work Completed Quicker
With the new financial year approaching, now is the perfect time for us to review the accuracy of your financial information stored in your accounting software for the past financial year. This will allow us to gather all the necessary details to complete your accounts and submit your tax returns efficiently.
The sooner we get this information, the sooner we can finalise your accounts and provide you with a clear understanding of your tax position. Having this data as early as possible will enable you to make well-informed business decisions based on accurate data.
If you anticipate significant changes in your business this financial year, please reach out to us so we can more accurately gauge any provisional tax requirements.
Xero Blog: Why resting and recharging is important for small business owners
Based on the report published by Xero - The global state of small business owner wellbeing, five out of the seven countries (Australia, Canada, New Zealand, Singapore, South Africa, the United Kingdom and the United States), small business owners had an overall lower life satisfaction than the general population with exceptions of South Africa and Singapore.
Time off work doesn't always guarantee restedness, so business owners should always address the underlying causes of stress at work. Having regular short breaks, stress management, and cultivating a positive mindset all play a huge role in enhancing the overall well-being of small business owners. Read more on this page.
If you find yourself in need of expert advice on planning and strategising to lessen the stress on your business, our team is here to help you. Whether it's optimising financial processes, creating growth strategies, or navigating complex regulatory landscapes, we have the expertise to guide you. Reach out to us today and let us be your strategic partner in achieving your business goals and overcoming challenges.
Are you tired of constantly worrying about your tax obligations? Stay on top of your taxes with DVA Tax Calendar Service.
The Tax Calendar can give you peace of mind, ensuring you effortlessly meet your tax obligations without the stress of constant deadline checking. Acting as a proactive tool, it keeps you informed and organised, allowing you to focus more on your business. Moreover, timely submission and payment are important to avoid unnecessary penalties, and our calendar minimises the risk of oversight, guaranteeing that you fulfill your obligations without incurring additional costs. With estimates, due dates, and variables at your fingertips, the Tax Calendar facilitates strategic tax planning, empowering you to make well-informed financial decisions aligned with your business goals.
Send us an email using the button below to know more about the Tax Calendar.
