It is important to review your budget, here is a list of a few starting points to think about when drafting or reviewing your budget, take a look.

• Look at your business plan (the document that lets you know which way your busines is going)
• What will change in your income next year? Are you planning to increase it? or will external factors (such as poor weather seasons) cause to decrease it?
• Do you have marketing plans that you expect will change your income?
• If you income changes, what will the effect be on your COGS (cost of goods sold)? Are your input costs changing?
• What effect will changing your income have on your salary and wages costs?
• Will you be purchasing any assets (equipment) in the next few years?
• Will you need finance (borrow money to grow the business)?
• If your budget was based on last years actuals results, where there any one-off events that were included in last years numbers that should not be taken into accuont this year?
• Is there anything happenning in the economy (such as the European crisis or a rising $A) that may affect your income or costs?
• Is there any legislation expected that will change your revenue or costs? (such as any government grants being cancelled, eg Solar Panel Rebate)
• Have you though of what your competitors are doing that may affect your business? 
• Ask us if you need help, its easy

Your budget is your guide to your business for the future - if you dont have one you should do one and if you have one make sure its current and relative to your busines today.  

MCA Business Newsletter - February 2012

In this edition the following is covered:

• Superannuation changes
• Various changes announced in Mid-Year Economic and Fiscal Outlook 2011-12
• Changes to the taxation treatment of the living away from home allowance
• Changes to the income tax law affecting consolidated groups
• Trust reform
• Changes to the tax treatment of lossess
• GST refunds

MCA Business News - February 2012.pdf (159.79 kb)