Succession Planning for Small Business
Succession planning is an essential part of business life, yet remains a perennially under-addressed issue. There are more than just tax issues to juggle!
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How to avoid a tax hangover this Christmas
It’s starting to feel a lot like Christmas! Have you started planning your staff Christmas party? Whilst feel free to pop a champagne bottle (or three), we recommend planning your party with the available Fringe Benefit Tax (FBT) exemptions in mind to save yourself a tax hangover. If you get it wrong, a Christmas…
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Business assets, personal use?
Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as ‘Division 7A’.
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How does HECS withholding work?
Often, I am asked by clients “Why do I pay HECS in my tax return when my employer withholds HECS and pays it for me?” The answer is quite simple and this article explains exactly what happens with the extra tax deducted from your pay.
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Red flags that can trigger an ATO tax audit
The last financial year has witnessed a record number of tax audits. and with the ATO actively stepping up its inspection of business transactions across the board, utmost vigilance must be exercised at all times with the recording of your business transactions. In order to help you avoid such a stressful, time-consuming and costly tax audit, we’ve put together a list of some triggers you should be aware of.
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Let’s get clear about GST
One of the key decisions to be made when starting a new business is whether you should, or should not, register for GST. In this article I’ll be discussing some the issues you’ll need to consider very carefully.
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Two or more income sources? Beware a potential Tax Trap!
Taxpayers with two more income sources in a given financial year (simultaneously, or at separate times) need to beware of a possible tax trap caused by the tax-free threshold. This article outlines how the tax trap arises and what you can do to avoid it this financial year.
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Payroll Tax – When does it apply in my business?
Business owners are often unaware of what Payroll Tax is and when the obligations for payroll tax arise. Our blog article here examines the details of Payroll Tax – minus the technical jargon, so you, the business owner, are absolutely clear on how Payroll Tax affects you and your business.
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Building a new home? Is it exempt from CGT?
When building a new home, is it CGT exempt? There is a concession in the CGT rules that can allow a taxpayer to treat a property as their “main residence” even though it does not yet have a habitable dwelling. Read on to learn more about this.
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8 Reasons to switch to cloud accounting
As a small business owner you know that bookkeeping is a necessary evil. When done inefficiently, it saps time and energy from the core revenue-generating functions of your business. If your business hasn’t already adopted cloud accounting technology, then here are 8 compelling reasons to make the switch now.
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