SMALL BUSINESSES

Small Businesses and the Australian Economy

Small businesses are the engine of the Australian economy. According to the Reserve Bank of Australia they make a large contribution to jobs and growth. They account for 35% of all value generated in Australia and roughly 45% of private sector employment. They tend to have lower survival rates and more volatile revenues than larger firms. The fact that they cover all industry sectors and operate in all urban, regional and rural communities across Australia make them very important to the economy, which is the reason all governments (federal and state) provide them with a lot of assistance and support.

All governments have several websites designed to encourage and help small operators to success in running their businesses. Below are links to those websites, which explain:

tax concession
digital business
insurance
intellectual property
government grants
dispute resolution

The list above is not exhaustive, and there are plenty to examine. Please visit https://www.business.gov.au/

Owners are frustrated by the growing effect of the numerous regulations and compliance requirements imposed by different levels of government. Their limited resources may result in failing to comply. Another important aspect to success is marketing. Businesses owners must not ignore it and give it the attention it deserves. Marketing can be very costly and must be planned properly to avoid activities that may bring the desired outcomes. In an economy dominated by technology, one must pay attention to networking (including the word of mouth), google and social media.

Small businesses is a specialty of Elegance Accounting in Burwood

Elegance Accounting can provide small businesses’ operators advices and assistance in performing their accounting and taxation tasks, which include bookkeeping and tax advices. We can also help them obtaining finance, help them with their self-managed super funds (SMSFs). For those who export overseas, we can help them obtaining an export grant from Austrade, which can be a good cash flow that helps in performing other functions such as marketing and others. We are the best tax agent to support small businesses regardless of their location.

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Contact us today to receive a highly professional service

Our offices are conveniently located in Burwood, allowing us to support small business throughout Melbourne. To request our services please call 03 9808 1111 or 04 3984 1952. Alternatively drop us an email at info@eleganceaccounting.com.au and we shall reply in a hasty and effective manner.