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If you claim it, they will come 🏦⁠ ⁠ The ATO has strict rules about what records your small business needs to keep for tax time 🧾 If you claim an expense as a deduction, you need to have evidence (usually a receipt) that you can show if the ATO asks. ⁠ ⁠ Every receipt must include the right information (who, what, when, how much, plus any GST), be in good condition, and be kept for at least 5 years after lodging your tax return ✅ (Hot tip: accounting software can make this super easy). ⁠ ⁠ Damaged, lost, or incomplete information may result in an audit 😬 ⁠ ⁠ Link in bio to learn more 🔗 ✨
How to protect yourself from scams 🔐 😎
May as well not exist 💀⁠ ⁠ Building a Google Business profile is an easy win for small businesses. It tells future customers about your business — including where to find it! ⁠ ⁠ Plus, it’s free 💪 So that’s an easy win. ⁠ ⁠ Link in bio for more hot marketing tips on a budget 🔗 ✨
How to spot scam emails 👀
Bargaining is step 3⁠ ⁠ Jkjkjk. There are actually 5 stages of business growth 📈 You may skip a stage, combine them, repeat a one you’ve already done, or never reach a stage entirely, but it’s still a handy tool to make sense of your journey.⁠ ⁠ Stage 1: Existence 🐣 You’ve just opened up!⁠ Stage 2: Survival 🏃 You’re figuring out what works ⁠ Stage 3: Success 👏 You’ve figured it out⁠ Stage 4: Take off 🚀 You’re hiring, scaling, and expanding to new markets⁠ Stage 5: Maturity 😇 Well-resourced, operationally strong, living your best life⁠ ⁠ Link in bio to learn more 🔗 ✨
Most common types of scams 🚨 😬
Colouring in while explaining how balance sheets work 🎨 💰 🧾
The productivity revolution is ✨here ✨
Why do scammers scam? Two reasons: money & personal data 📊 💴 😈
Cozzie livs is real — even for small businesses 😩⁠ ⁠ Inflation sucks, and it’s absolutely worth talking about! But small businesses get a ton of complaints about their prices, so here’s some food for thought 😇⁠ ⁠ Living costs are business costs, especially for small businesses, so when the cost of living goes up, so does the cost of doing business 📈 This includes rent, food, transportation, utilities, and wages 💸⁠ ⁠ According to ATO data, 92% of Australian small businesses make under $2 million per year — and half of those actually earn less than $200k 😬⁠ ⁠ So go easy on your local small business, and support them! Most do it for passion, not profit.⁠ ⁠ Link in bio to learn more about the cost of living 🔗 ✨ P.S. The cavoodle is Ruby, and she owns our Head of Research & Design 😄You can give her a follow @rubywoothecavoodle
Red flags that feel normal for freelancers 💀 💀 💀
“You live like this?” 👁️👄👁️⁠ ⁠ A profit & loss statement tells you how much your business earns and spends in a given time period 💸 But P&Ls are like onions. Or ogres? In any case: *layers*.⁠ ⁠ Each layer of a P&L tells you something different about your business, because each layer focuses on a different kind of profit 📊 Each profit type subtracts different expenses from your revenue.⁠ 💰 Gross profit = Revenue – COGS (cost of goods sold)⁠ 🔧 Operating profit = Revenue – COGS – Operating Costs⁠ 🧾 Net Profit = Revenue – COGS – Operating Costs – Taxes/loans/asset depreciations⁠ ⁠ Once you know what each layer does, you can start to see what’s really going on with your finances. A bookkeeper can give you an in-depth review (and advice!), but the link in our bio can teach you the basics 🔗 ✨

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