Business owners are always looking for ways to save money, and one great way to do so is by claiming motor vehicle expenses. Unfortunately, many business owners overlook the benefits of claiming the cost of running a vehicle as part of a broader strategy to reduce taxable income.
From reinvesting in the business to offering dividends, companies have several choices, including the Div 7A loan, for managing their profits. It can also use it to pay down debt, or, among other things, reinvest in new technology and equipment. But in most cases, private companies will choose to distribute their profits via dividends, wages,…
An SMSF (self-managed superannuation fund) is an attractive vehicle for retirement savings for many Australians. Though the setup and administration of an SMSF can be daunting, with proper planning, it can offer tax advantages and greater control over your retirement savings. However, if you decide to go along the route of winding up an SMSF…
Starting a business in Australia is no easy task. There are so many things to think about – from what product or service you’re going to offer, to how you’re going to market it and define who your target customer is. One of the most important decisions you’ll make when starting your own venture is…
While Self-Managed Super Fund (SMSF) investors have traditionally stuck to investing in the four most popular asset classes (shares, property, trusts, and cash and term deposits), cryptocurrency is slowly but surely starting to make an appearance on that list of asset classes. In 2021, the Australian Tax Office (ATO) reported that SMSF investors currently have…
Single Touch Payroll (STP) is a new and mandatory way of reporting your employees’ income and tax information to the Australian Taxation Office (ATO). It was introduced on 1 July 2018 and replaced the need to manually submit PAYG summaries and other payroll information each financial year. When introducing the Single Touch Payroll reporting regime,…
Running a business is not always easy. One of the most important aspects for businesses, especially those who are just starting out, is to ensure they are compliant with company tax laws in the Australian tax system. There’s no point in working hard to build your company if you’re going to get fined or penalised…
It’s not uncommon for business owners to experience losses in their business operations. From a tax perspective, however, this isn’t always a bad thing. The good news is that there are several ways Australian business owners can minimise tax and still keep their companies profitable. One way is by carrying forward tax loss – which…
Knowing the difference between the two accounting methods is vital as a business owner because it can significantly impact your business. You must decide between two primary methods: accrual accounting or cash accounting. Cash accounting is the oldest form of accounting for businesses. As its name suggests, it records income that flows into your bank…
Company directors play a critical role in the running of a company. They are appointed by shareholders to act as their representatives on an organisation’s board and are typically given power over different aspects of the business and company’s affairs, such as signing off on major transactions or approving budgets for new projects. Beyond that,…
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