The first half of this year has been characterised as a test of endurance for many small businesses, but I'm encouraged by the enduring optimism and the promise of improvement.

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A greater focus on the exceptional grit of small businesses that are our economic foundation is essential.

Courageous and committed small business owners have been contending with a prolonged challenging operating environment. It is essential we recover lost ground.

We start the new financial year with continuing challenges of cash flow, margins and input cost pressures still facing many small businesses - and with the remarkable and continuing optimism and resilience displayed in recent years.

There are a number of changes happening from July 1 - and many of them will impact small businesses around the country.

There are updated tax rules, increased superannuation payments, changes to minimum and award pay rates, commitments to renew instant asset write-off tax incentives, and more.

Talk to your trusted advisers, such as accountants and bookkeepers, to make sure the business of running your business is on track, and check your payroll and accounting systems are up to date.

It is important to get this right and make sure you start the new financial year with your best and the right foot forward.

One of the changes to keep an eye on is the increase to the national minimum wage.

You'll be aware the Fair Work Commission has announced a 3.5 per cent increase to the national minimum wage and minimum award wages. This change applies from the first full pay period starting on or after July 1.

It has received a lot of media coverage as the Commission sought to balance the recovery of employee spending power after the corrosive impact of prolonged inflation and the reduced capacity of employers, particularly smaller........

© Canberra Times