Viability is defined as the ability to survive.

For a business, this is linked to financial performance and position.

A business is viable when either:

• • It is returning a profit that is sufficient to provide a return to the business owner while also meeting its commitments to business creditors.
• • It has sufficient cash resources to sustain itself through a period when it is not returning a profit.

If you are thinking of starting a business, it is important to do your market research, prepare a budget and forecast projections, as accurately as you can. If you are already in business, you have some figures to analyse to determine your business viability.

Please contact me if you need assistance.

The most common business structures are:

Sole Trade, Partnership, Proprietary Limited Company, or Trust.

There are advantages and disadvantages to each of these structures. To choose your business structure, consider your personal situation, the nature and objectives of your business venture and the costs and risks of operating under each structure.

The choice of business structure needs to be made by you.

Your tax liabilities can be minimised and your private assets protected by choosing the right business structure for your situation.

Please contact me if you need more information or assistance.

You are not entitled to an ABN if the activity you carry out is as an employee.

If you intend to carry on a business with a view to making a profit, then you are entitled to an A.B.N.

Australian business numbers were introduced to enable businesses in Australia to deal with government departments and agencies using a single identification number.

The ABN is a public number that does not replace your tax file number.

You will need an ABN when:

• • registering your business,
• • registering for  G.S.T.,
• • registering for  P.A.Y.G. tax,
• • registering for Fuel Tax Credits Scheme.

Please contact me if you need assistance.