Applications are now open for the seventh round of the State Government’s Regional Economic Development Grants (RED Grants) program. Through the RED Grants program, the State Government is investing $55.85 million over ten years in locally driven projects to stimulate economic growth and development in regional Western Australia. More than $36 million has been allocated towards 355 approved projects across the state through the previous six rounds of the program. In the Great Southern, up to $250,000 is available for individual projects that increase or sustain jobs, expand, or diversify industry, develop skills or capability, increase business productivity, and attract new investment to the regions. The Great Southern Development Commission is now accepting applications for the Great Southern region, with applications closing at 12:00pm on 26 June 2024. All intending applicants in the Great Southern are asked to contact the GSDC to discuss your project in the early stages of the application process. For more information regarding RED Grants in the Great Southern, visit their website and please contact the GSDC on (08) 9842 4888, or gdo@gsdc.wa.gov.au .

Selling a business is a significant milestone for business owners, whether it is to pursue new opportunities, a different lifestyle, retire, or simply move on to other ventures. After spending many years building up the business, nurturing staff, creating a household name within the community and possibly losing precious hours of sleep, business owners are rightfully looking to achieve the maximum value possible for their business when it is sold. However, preparing your business for sale is a complex process that requires careful planning and execution to maximise its value. From financial considerations to operational processes, here are some essential steps to get your business ready for sale: Understand the value of your business Before putting your business on the market you should be asking yourself “Do I know how much my business is worth?” and “ Do I need it to be worth more than that?” Smith Thornton can certainly help you with this, or you might hire a professional business appraiser or valuation expert. Factors such as revenue, profitability, year on year trends, assets, market potential, business operations and processes, along with industry performance, all impact the valuation. If your business is not worth today what you were expecting, you still have time to implement some business improvement initiatives and increase its value. Develop a succession plan Is your business heavily reliant on your knowledge, involvement or leadership? If so developing a succession plan is crucial for ensuring a smooth transition of ownership. In the years before you sell your business identify key personnel who can take on leadership roles or consider hiring and training replacements well in advance of the sale. A clear succession plan demonstrates stability and mitigates the risk of disruption during the transition process. By going through that process it will also ensure that processes and procedures are properly documented and roles are clearly defined, which is also important from a buyer's perspective. Improve operational efficiencies Could a buyer walk into your business and easily find information about how to operate it? Efficient and well-documented operations enhance the appeal of your business to potential buyers. You should start documenting operating procedures, streamlining workflows, and identifying areas for improvement to optimise efficiencies. If these are all in place before you start the business sale process you will be able to demonstrate that your business can run smoothly with minimal disruption. Potential buyers will feel confident in their ability to own and operate your business, which in turn, justifies a higher valuation. Tidy up your financial position Would a buyer look at your balance sheet and think “Wow this business is a cash cow!” ? In the years leading up to the sale of your business, ensure that you are paying off overdue debts, resolving any legal or tax issues, and streamlining expenses where possible. Large ATO debts, loan defaults, unpaid creditors from a year ago and unnecessary costs such as penalties and interest alert potential buyers to possible cash flow issues. Diversify revenue streams Businesses with diversified revenue streams are deemed less risky and potential buyers love low risk. In the years leading up to the sale of your business explore opportunities to expand into new markets, launch complementary products or services, or establish strategic partnerships aimed at diversifying sources. Likewise, having a large customer base and not relying on a few large customers is also deemed less risky. A diverse revenue portfolio demonstrates that your business will adapt to change and has growth potential, increasing the perceived value of your business. Organise your financial records Prospective buyers with the help of their accountants will review your financial records to evaluate the health and potential of your business. Ensure that your financial statements, tax returns, ATO lodgements, profit and loss statements, balance sheets, and cash flow statements are accurate, up-to-date, and well-organised. Any discrepancies or inconsistencies could raise concerns and deter potential buyers. Strengthen customer relationships A loyal customer base is a valuable asset for any business. Focus on strengthening relationships with existing customers by providing exceptional service, addressing their needs, and building brand loyalty. Positive customer testimonials and customer retention rates will enhance the reputation of your business and its attractiveness to potential buyers. Seek help from professionals Selling a business is a complex process that requires expertise in legal, financial, and strategic matters. Consider hiring a team of professionals, including a business broker, lawyer, accountant, and financial advisor, to guide you through the sale process. Their expertise will help you identify potential issues, negotiate favourable terms, and maximise the value of your business. Negotiate fairly Negotiating the terms of a business sale requires skill and strategy. Be prepared to negotiate price, payment terms, transition support, and other key aspects of the deal. Emotions may run high throughout this process, so using a professional to negotiate on your behalf is often a wise decision. Remain flexible and open to compromise while also advocating for your interests and ensuring that the terms are fair to you as the seller. Preparing your business for sale is a multifaceted process that requires planning, attention to detail, and strategy. By actioning these tips well in advance of your business sale you can maximise the value of your business, contribute towards a more seamless sale process and attract the right buyer. If you need any help in getting your business ready for sale please contact us at Smith Thornton and we will be happy to assist.

Provides funding for individual electronic identification (eID) for sheep and goats in WA. This program provides WA seasonal operators and feedlots with funding to help with the costs of essential eID equipment for sheep and goats. Funding may be used for the purchase of essential eID equipment and some limited infrastructural costs, including: Scanners Readers Wands Power supplies Wi-Fi boosters Metal interference mitigation materials Tablets Click here to view full funding guidelines on the provider's website. Smith Thornton subscribes to a grant search provider and can help you prepare your grant application. If you have any questions our Business Services Advisor Jenna van Nierop will be happy to assist. You can email her at jennav@smiththornton.com.au or call her on 9842 5155.

Celebrates Australia's best small and medium-sized businesses. Telstra Best of Business Awards were created to celebrate the achievements of these businesses, while giving them the opportunity to learn from Australia’s best business minds. Telstra is passionate about recognising standout businesses while inspiring the next generation of entrepreneurs. If your small to medium-sized business is eligible, you can be nominated (or nominate yourself) to enter the Telstra Best of Business Awards. Award categories: Accelerating Women Building Communities Championing Health Embracing Innovation Indigenous Excellence Outstanding Growth Promoting Sustainability Nominations are accepted all year round. Click here to view full funding guidelines on the provider's website.

Provides financial grants to eligible dairy farmers who have a current milk supply agreement with Bega Group or Dairy Farmers Milk Cooperative. Australian dairy farmers are eligible for a Better Farms Program grant if they have a current milk supply agreement with Bega Group or Dairy Farmers Milk Cooperative and if they apply to be considered for a grant. Grants must be used on 1 of the 3 key focus areas: Capital projects, Development & Training or Services Support. Capital project grants are up to $5,000 per year per eligible dairy farm business. Advice & Services support grants are up to $1,000 per year per eligible dairy farm business. Development & Training grants are up to $1,000 per year per eligible dairy farm business. There is a limit of $1.1M per financial year available for distribution as Better Farms Program grants to eligible dairy farmers. Click here to view full funding guidelines on the provider's website. Smith Thornton subscribes to a grant search provider and can help you prepare your grant application. If you have any questions our Business Services Advisor Jenna van Nierop will be happy to assist. You can email her at jennav@smiththornton.com.au or call her on 9842 5155.

With 30 June fast approaching, now is the perfect time to start considering your current tax position and year end tax planning strategies. Whilst this looks different for each entity or person depending on their circumstances, outlined below are some actions that could be useful. Maximise Superannuation Contributions Contribute up to the concessional contribution cap to your superannuation fund to benefit from tax deductions and boost your retirement savings. Currently, the concessional caps are $27,500 which will increase to $30,000 from 1 July 2024. Also, be aware some taxpayers may be able to make higher concessional contributions depending upon their superannuation balance and their contribution history over the past five years. Contribute to Spouse's Superannuation Consider contributing to your spouse's super fund, especially if they have a low income or are not working, to qualify for a tax offset and potentially reduce your overall tax liability. Review Investment Portfolio Evaluate your investment portfolio and consider selling underperforming assets to realise capital losses that can offset capital gains tax liabilities. Utilise Capital Gains Tax (CGT) Discount If eligible, consider holding onto assets for over 12 months to access the CGT discount, which allows individuals to reduce their capital gains tax by 50%. Claim Deductions Ensure you claim all eligible deductions, including work-related expenses, self-education expenses, charitable donations, and investment expenses. Keep accurate records to support your claims. Prepay Expenses Business taxpayers can prepay deductible expenses such as insurance premiums, interest on investment loans, or professional memberships before June 30 to bring forward deductions. Review Depreciation Schedule For businesses, review your depreciation schedule and consider bringing forward asset purchases to take advantage of instant asset write-offs and accelerated depreciation deductions. Note the instant asset write-off reduced to $20,000 from 1 July 2023. Small Business Tax Concessions Small businesses can benefit from various tax concessions, including the instant asset write-off, simplified trading stock rules, and small business income tax offset. Take advantage of these concessions where applicable. Review Structuring Review your business structure to ensure it is tax-efficient. Consider restructuring if necessary to minimise tax liabilities and maximise asset protection. Utilise Research and Development (R&D) Tax Incentive If eligible, consider investing in R&D activities to qualify for the R&D tax incentive, which offers tax offsets or cash refunds for eligible R&D expenditure. Review Fringe Benefits Tax (FBT) Implications Assess any fringe benefits provided to employees and consider restructuring them to minimise FBT obligations. Review Salary Sacrifice Arrangements Evaluate your salary sacrifice arrangements, especially for items such as laptops, cars, or super contributions, to maximise tax benefits. Utilise Family Trusts and Companies Explore opportunities to distribute income among family members using family trusts and companies to manage tax liabilities effectively. Maximise Government Grants and Incentives Investigate and take advantage of government grants, incentives, and rebates available for specific industries or activities, such as energy-efficient investments or hiring apprentices. Seek Professional Advice Engage with a qualified tax advisor or accountant to review your financial situation and develop tailored tax planning strategies to optimise your tax position before the end of the financial year. It is important to assess each strategy in the context of your individual or business circumstances and seek professional advice to ensure compliance with tax laws and regulations. Please contact us if you would like to discuss tax planning strategies and how these might look for you or your business.

Provides scholarships and bursaries to help health professionals in remote and rural Australia retain and enhance their skills, capacity and scope of practice. HWSP funding can be used towards course fees and/or course related expenses such as travel and accommodation. Courses do not need to be accredited, but will be assessed by Rural Health West for relevance, value for money and the likelihood to meet identified high priority health needs within your community. Applications are welcome from health professionals from the field of medicine, nursing, midwifery, dental or allied health, including Aboriginal health workers, who are providing primary care services within rural and remote areas of Western Australia (i.e. locations categorised as Modified Monash Model, MM 3-7) in a private, nongovernment organisation, Aboriginal Medical Service or Aboriginal Community Controlled Health Organisation. Applications are also welcome from health professionals from the field of medicine, nursing, midwifery, dental or allied health, including Aboriginal health workers, who are providing primary care services in an Aboriginal Medical Service or Aboriginal Community Controlled Health Organisation, in locations categorised as MM 1-7. Health professionals employed solely by the State Government (i.e. employed in a public hospital) are not eligible to apply. Click here to view full funding guidelines on the provider's website. Smith Thornton subscribes to a grant search provider and can help you prepare your grant application. If you have any questions our Business Services Advisor Jenna van Nierop will be happy to assist. You can email her at jennav@smiththornton.com.au or call her on 9842 5155.

Aims to improve the growth of WA tourism businesses to sell their product online and introduce new WA tourism product to relevant markets. The Tourism Boost Online & International Bookings Program is a free mentoring program funded through Tourism Western Australia and delivered by Tourism Council WA. Tourism Boost is designed to assist tourism businesses at various levels of market readiness across the state and is delivered in two streams: online self-assessment and a one-on-one mentoring program. Brand new or established tourism businesses of all sizes which are looking to diversify their income stream and are interested in learning more about how to better distribute their product online and/or engage with international markets should apply. Any tourism and hospitality business can apply to participate in the Tourism Boost Online & International Bookings Program, however businesses are required to meet the following eligibility criteria: Currently accredited or registered to complete the Quality Tourism Framework (formerly Australian Tourism Accreditation Program) Have a listing or in the process of obtaining a listing on the Australian Tourism Data Warehouse. Click here to view full funding guidelines on the provider's website. Smith Thornton subscribes to a grant search provider and can help you prepare your grant application. If you have any questions our Business Services Advisor Jenna van Nierop will be happy to assist. You can email her at jennav@smiththornton.com.au or call her on 9842 5155.

Provides farming families experiencing financial hardship with assistance through planning and training for long-term financial improvements as well as income support for up to 4 years. Farm Household Allowance (FHA) provides assistance to farming families experiencing financial hardship. This program focuses on helping farmers make important decisions to improve their long-term financial situation. The support available includes: A fortnightly payment for up to 4 years in each specific 10-year period Supplementary allowances such as rent assistance, telephone and pharmaceutical allowances and a Health Care Card Individual case support with a Farm Household Case Officer (FHCO) A financial assessment of the farm enterprise worth up to $1500 Up to $10,000 in activity supplements that gives farmers an opportunity to develop skills, access training and pay for - Professional advice to better manage their business into the future. Additionally, there are one-off relief payments if the 4-year period ends before 1 July 2020. This payment is $7500 for a single farmer or $6500 for each member of a couple. The amount of FHA payable depends on your individual circumstances. To be eligible, you must: Be a farmer or the partner of a farmer Be 16 years of age or older Meet the income and assets test Contribute labour and capital to an Australian farm, or are the partner of a farmer who does Meet residency rules Have had less than 4 years of FHA in the specific 10-year period Additionally, your farm must have significant commercial purpose. Click here to view full funding guidelines on the provider's website. Smith Thornton subscribes to a grant search provider and can help you prepare your grant application. If you have any questions our Business Services Advisor Jenna van Nierop will be happy to assist. You can email her at jennav@smiththornton.com.au or call her on 9842 5155.