Calling time out on your business? The tips and traps When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door…
At the time of writing, the new Parliament released the first batch of proposed changes to the superannuation regime, and among these was the announcement that the proposed $500,000 lifetime non-concessional cap is to be scrapped. Recall that these measures…
Start up businesses need to make one important decision from the outset – what type of business set-up will suit your enterprise best? And which structure will be best for the future? You’ve got a choice of four basic business…
General facts about winding up your business There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has…
A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard to that travel. Work-related travel is a hot…
Now and then the ATO issues warnings on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm. Firms potentially affected include those providing services in the accounting,…
Sometimes, there’s no tax on certain types of income It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The ATO classifies these…
Travel to a workplace: What’s in, what’s out A recurrent topic of conversation and enquiry when it comes to possible tax deductions is when taxpayers travel to a work location, and the eligibility or otherwise of certain claims in regard…
Backpacker tax: Government backs down The Federal Government has responded to pressure and dropped its plan to introduce a 32.5% tax on backpacker workers. Instead, working holidaymakers will be taxed at a lower rate of 19%, starting January 1, 2017.…
There are tempting tax incentives for Australians to save for their retirement via the superannuation system, with an array of choice between superannuation funds that can manage your savings for you, but also the do-it-yourself option of a self-managed superannuation…