Came across this interesting this article from Australia Unwrapped and immediately thought it was worth sharing. It’s called Top 10 Tax Tips When Running A Business in Australia in 2020?
In it, Dave Peterson shares some valuable insights. Here’s a short snippet:
Another tax tip for Australian Business owners is auditing the clients. Whenever a financial year ends, you should take a look over the client base and then the decision is on you, whether to work with those clients in the coming years or not. Some clients are always better than other clients. It is a sure thing that more than 80% of the business is due to only 20% of the clients. Remember that when you look at your clients and audit them seriously and stop working with the clients who are not much beneficial for you, you are making a way for yourself to move forward. With this, you give a direction to your business. This also helps in letting you focus on the clients, whom you are actually comfortable in working with.Dave Peterson
The rest of the article gets even more in-depth. So, if you want to read more of it, just click on this link to Dave’s full essay.