At face value, it seems like a great idea. I you’re a small business owner with just a few employees, you probably think that hiring a payroll specialist is an expense that you can avoid. You feel that you can handle it yourself. You have the best intentions to keep your staff paid right and … Continued
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Preparing for tax season is really a year-round endeavour. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill … Continued
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In a corporate acquisition, different tax issues flow from the choice of acquiring shares or buying assets and assuming the debt of a target business. The decision can significantly alter the after-tax return for both the buyer and the seller. This article looks into several key issues that affect the value of the transaction. Satisfying … Continued
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Hire purchase acquisitions can be good for your company’s cash flow and may have advantages over leases or loans. But you will have to pay GST on the full purchase price. Here is an explanation of how these arrangements work for both financiers and hirers. A hire purchase can be a convenient way to … Continued
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When you travel overseas, you can claim a refund of GST paid on items purchased before your departure. Not all items are eligible and the refunds are not paid in cash. Here are the guidelines for claiming refunds as well as what to do when you bring back items you purchase during your trip. Whether … Continued
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Changing your business and disposing of capital assets are among the types of business transactions that have GST implications. Here is a brief on when you need to add information to your business activity statement and how some deals will result in potentially unexpected GST and others will generate specific tax obligations. While you likely … Continued
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Future earnings can generally be offset by taking advantage of tax losses, if your enterprise can satisfy certain conditions related to ownership, shareholdings and business activities. There are three main tests that must be satisfied, but they are complex and require professional help. Here are the guidelines for whether your organisation can deduct its tax … Continued
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Tax audit and review notices are sent out to thousands of companies each year. If your business receives one, do not panic. Call your tax professional and cooperate with the Tax Office. It may just be a request for additional information or verification. If an audit does result, and if there is a reason to … Continued
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You can trim your company’s assessable income significantly with business deductions. To be eligible, write-offs must be taken by the end of the taxation year. If you plan ahead, you can even deduct costs that relate to future years. Here is a list of 15 strategies that can help maximise your organisation’s tax savings. Smart … Continued
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Source: Accountants Daily The House of Representatives Standing Committee on Tax and Revenue has told the ATO it must improve its handling of tax disputes.
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One question investors often ask about claiming depreciation on a rental property is ‘how will these claims affect Capital Gains Tax (CGT) when the property is sold?’
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If you are a small business owner and sell an asset that you owned for at least 15 years before the sale, you may qualify for the capital gains tax (CGT) 15 year exemption rule.
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Did you know, you can claim deductions in the form of property depreciation for an industrial investment property? Legislation set by the Australian Taxation Office (ATO) allows the owners of any income producing property to claim depreciation.
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Superannuation strategy should not be one to “set and forget”. The new calendar year is a good time to review your circumstances, and perhaps set some new goals to help boost retirement savings.
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Getting married, even if it’s for the second time, is a happy time but it does present some financial planning challenges. Second marriages present some complex and contentious estate planning challenges.
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All companies big or small have a registered office, even those companies strictly serving family interest or operating from home. Section 124 of the Corporations Act 2001 governs this area of law and stipulates that all companies must have a registered office, being a fixed physical address where communications and notices can be sent to … Continued
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Festival season is upon us and no doubt many an employer’s attention is drawn to hosting an end-of-year party to celebrate the year’s achievements with staff. However, employers need to be aware of considerations such as tax obligations and health and safety regulations when it comes to hosting events such as a staff Christmas party.
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Allocation of profits within professional firms is attracting the ATO’s attention. The ATO is taking a closer look at how certain professional firms carried on through a partnership, trust or company are allocating profits, and whether there are arrangements being utilised which could be giving taxpayers an unfair tax advantage.
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The ATO has signalled that it will pay close attention to work-related expenses claimed as deductions by individuals lodging their 2013–2014 tax returns. The ATO says incorrect expense claims are becoming easier to detect. This year, the ATO says it will not be limiting its attention to particular occupations.
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In this Special Issue we summarise the key announcements of the 2014 Federal Budget. A full copy of Thomson Reuters’ 2014 Federal Budget Report is available.
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