As a photographer and owner of a small business in Australia, you would realise photography is only 10-20% of a successful photography business. The remainder is knowing how to run a business, market to clients, keep books, manage a CRM (Customer Relationship Management) system, scheduling, talking to clients, designing and so on.
One of the parts of running a business that a lot of photographers struggle with is bookkeeping. Not only is it time consuming but, if you don’t like numbers, it is boring and often gets put off until the last moment before BAS or Tax Returns are due. Business owners don’t make time to read details about how they can maximise the benefits offered by the Australian Taxation Office (ATO) and subsequently miss out on great tax concessions available to small businesses.
The ATO have a great website aimed at small business called the Small Business Newsroom highlighting some great tips and tricks for running a small business in Australia. Right NOW is the time to get acquainted with it!! We have just entered the last quarter of the Financial Year (April to June) and now is the time to look ahead to see how you can maximise expenses and minimise tax for the current and next Financial Year.
The stories are short and concise, leading you to more information if you are interested in reading further. What a great place to start to make sure you are getting the most out of your business!!
A recent article posted on the Small Business Newsroom is about Tax Concessions for Small Businesses.
As the ATO publish more great tax- and business-related articles, we will talk about them on the Brisbane Photography Studios blog. It may not excite you now but, when you see how much you can make your money work for your business instead of the ATO, the excitement will build!
~ Sara McKenna