New sole trader or partnership businesses often operate at a loss for the first few years as they grow. To keep the business growing, sole traders and partners often have to cover the loss with other forms of income, usually salary income. Typically, in the initial stages of growing their new business, these individuals continue…
The different types of trusts in Australia are widely used as a preferred business structure when it comes to investments, managing the financial affairs for families as well as business purposes. One crucial aspect to consider when setting up a trust is the role of a corporate trustee. Appointing a corporate trustee can enhance asset…
As a savvy business owner or entrepreneur, you’re always looking for ways to reduce your tax burden and increase your bottom line. One such opportunity lies in the realm of business tax write-offs. Understanding motor vehicle expenses is crucial, as these costs can be eligible for tax deductions and significantly impact your tax filings. Unfortunately,…
For many Australian graduates, HECS-HELP debt is a big financial burden that needs to be managed. The Australian Government supports the HECS-HELP loan scheme, which helps students cover their course fees. With recent changes to indexation rates and repayment thresholds, understanding your student loan is more important than ever. This guide will give you the…
Get the latest information on ATO audits, including what happens during an audit, what can be audited, and why
Inaccurate payroll and bookkeeping are common issues that many businesses face. From initial employee hiring to day-to-day tasks such as expense management or paying vendors, businesses are always looking for ways to save time by automating their processes. Though some might think it’s expensive upfront, using the software could be one of your best investments…
As a business owner in Australia, you’ve got a lot on your plate. From managing staff to keeping the books in order, it’s easy to feel overwhelmed. One important thing about running a business is understanding the ATO’s weekly tax table and how it applies to you. The weekly tax table is influenced by income…
Knowing about the tax deductions for your home office expenses will certainly boost your small business tax return. However, many small business owners miss out on these expense claims because they aren’t equipped with the knowledge presented by the Australian Tax Office (ATO). Home-based businesses are a large part of the Australian business community, with…
If you’re new to the property investment sphere, being aware of the main residence exemption 6-year rule could help you avoid capital gains tax and save you thousands of dollars on the eventual sale of your investment property. Yet, so many first-time investors remain uninformed of the benefits of the 6-year rule. For example, some…
A bucket company, also known as corporate beneficiaries or a dumping company, are an incredibly useful strategy for tax planning and minimisation if done correctly suited for the right situation. This is because it can help you “cap” the amount of tax you pay at 30% (or 27.5% for small business entities) by moving as…
End of content
End of content