With the end of the financial year only a few days away, you still have time to take action to legally reduce your small business tax liability for 2017.
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!
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’.
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.
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.
It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company.