Australian SME Business News and Accounting Articles

With Europe trying to deal with its debt crisis, the effects have been felt by Australia as over $120 billion had been wiped off its shares in the market in the month of May. This has been the lowest level that Australia’s stocks had fallen in six months.

The market had plunged by 2.6 percent, wiping off about $35 billion from the local shares. With the market’s loss reaching $121 billion with its year’s peak on May 2, Australia could have already bought A380 super jumbo jets.

Just recently, it has been revealed that almost 7000 of WA's small businesses have had a tax windfall.

A one-off payroll tax rebate awaits the almost 7000 WA’s small businesses as the Barnett Government commits to reimburse up to $41,250 each for the payroll tax in an attempt to bolster the non-mining parts of the economy.

But the WA’s small businesses will have to wait until next year to get the cash.

About $US2 billion was lost by JPMorgan Chase, US’ largest bank, in a trading portfolio, according to the company. The same portfolio was designed to protect the company against the risks it takes in relation to its money.

After the loss was announced on Thursday, a plunge of more than 6 percent in the company’s stocks in the late electronic trading was recorded. It was not only the JPMorgan Chase that felt the losses. Other companies also felt the same like Citigroup and the Bank of America.

Having just finished filing your income tax last month, yet forgot to include your use tax? If you’re busy, you can avail of small business accounting software that will help you work out your use taxes.

What is Use Tax?

It is a type of excise tax imposed goods or certain services used, consumed, or stored in a particular state where sales tax has not been paid.

Generally, use taxes are the tax that you accrue when you purchase an item without paying your home state's sales tax and you use, give away, store, or consume that item in your home state.

In an effort to reignite growth in the sagging economy, the Reserve Bank of Australia has made a cut on its interest rates, with the dollar diving on the recent decision.

As evidence of weaker demand in the Australian economy continues with weaker global conditions hitting exports and restricted wage growth keeping prices in check, the RBA has cut its growth and inflation forecasts for the next 18 months, according to its Statement on Monetary Policy released recently.

With the series of accounting mistakes by Groupon recently, it is taking steps today in order to win back the confidence of investors and industry observers in it.

Daniel Henry, the Chief Financial Officer of American Express, along with Robert Bass, Deloitte Vice President, has been appointed as the new board member of Groupon.

Small businesses today have more to worry than those in the past decades like fuel costs, cash flow, and interest rates. This is the main reason why small business owners are losing their confidence on the economy. It has been noted that their confidence levels have gone down to very low levels not seen since the global financial crisis.

The MYOB Business monitor report for March showed that only 19 percent, or less than one-fifth, among small business owners and managers have faith that the economy will improve in the next 12 months.

It may seem like the end of the financial year is a lifetime away and working on your taxes an eternity. But, there’s no best time like today for shrewd small business owners to start planning, coordinating and developing their personal and business end-of-year tax saving strategies of deferring income where possible until July 1 while maximizing deductions by June 30 to take full advantage of changing tax-saving opportunities and to sidestep a range of looming tax traps; thus, saving more of their hard-earned profits, as well as eliminating headaches and possible IRS difficulties down the road.