The Australian Tax Office (ATO) offers significant benefits and small business CGT concessions in an attempt to recognise that they are in a unique position in comparison to larger companies. But understanding them can be a bit tricky without the help of a qualified tax agent or a savvy business partner. For small business owners…
In an effort to drive innovation, the Australian Government offers an R&D tax incentive to companies who invest in research and development (R&D). However, according to a recent submission by CPA Australia, only 11,935 companies out of 1 million corporate taxpayers, claimed R&D tax offsets in the 2016 – 17 financial year. Based on their…
As a business owner, you could be liable for fringe benefits tax by providing benefits to your employees, or even to yourself. While this is one of the best ways to reward and acknowledge their contributions to your business, if you’re going to provide fringe benefits to your staff or yourself, there’s some vital information…
With claims that the 2020-21 federal budget is the most significant budget in decades, it’s crucial to understand how it will affect you and where you can save. This year’s budget has a heavy focus on encouraging spending on multiple levels, as well as a range of tax-related measures that will affect not only businesses…
Family trust benefits can have significant positive impacts on your family group finances for some individual situations. In the most recent study on trusts by RMIT University, it was reported that there were nearly 850,000 trusts during the 2015 – 16 financial year in Australia – that’s one trust for every 29 people at the…
So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
Understanding how to calculate capital gains tax is incredibly useful in all stages of owning an asset whether it’s looking to purchase and disposing an asset and figuring out how long you are looking to hold onto the asset for. This because capital gains tax calculations factor in many of these factors to determine if…
Last updated: 19 October 2020 Small business depreciation calculations have gotten a whole lot more simple thanks to the ATO’s simplified depreciation rules that took effect in May 2015. Due to the COVID-19 pandemic, the government has also introduced significant depreciation and asset write-off incentives for small businesses that can mean significant savings when it…
Each year, there are possible FBT exemptions for business owners who decide to spend money on corporate gifts or organise a work Christmas party for their employees or clients (or accountants!). Also, there are implications on GST and tax deductions, if not managed carefully. However, a little consideration on how best to manage these corporate…
Are you looking to buy or sell a business and not sure where to start? In this article, I’ll go through some of the fundamental concepts you should know about buying or selling a business so that it can get you off in the right direction. Introduction There are some important considerations that need to…
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