With End of Financial Year upon us, here are five tips to help you remain on top of your business finances at tax time. At the End of Financial Year for small to medium enterprises (SMEs), business owners can be forgiven for never wanting to pick up a calculator again, with stocktakes, tax declarations […]
By: Noel Whittaker I have executed a binding nomination in my super fund. Can you please advise me if my three children will still have to pay tax on the money from my super fund or any other money left to them in my will. A binding nomination has no effect on the tax treatment of […]
By: business.gov.au Find out about tax breaks to make investing in a start-up more attractive… Do you want to invest in a start-up? Or maybe you have an innovative idea that you need funding for? Two new tax incentives designed to make investing in Australian start-ups more attractive started on 1 July 2016. Who will benefit? […]
By: ALAN OSRIN Taxes are high in Australia. But when it comes to taxation policies, our government is too lenient on some large businesses and too hard on small business. Some large multi-national companies have been able to utilise tax structures that allow them to avoid paying their required tax in Australia, which has enabled them to […]
By: Tax & Super Australia While many may see recently issued ATO advice as re-stating the bleeding obvious, it does of course ring true when it says that lodging returns with incorrect or incomplete information will delay processing. Generally the processing of these incomplete returns will be stopped in order to verify or update details. Helpfully […]
By: OTA It’s frightening to think that tax time is almost upon us again. Each tax time presents us with a dilemma –hire an expert to take care of our return or use the ATO’s free service. The new myTAX platform that the ATO has launched is undeniably an easy option to process a DIY […]
By: Anthony Keane MOBILE phone bills are getting more complex, but that’s no reason to ignore the potential for them to deliver tax deductions and other savings. Tax time is here, and claiming a portion of your phone costs as a work-related deduction is not as difficult as it seems. You don’t need to manually write […]
BY: JAMES HARKNESS Small business operators are working weekends and nights to organize the paperwork necessary to meet their EOFY obligations, according to the latest MYOB Business Monitor – a bi-annual national survey of over 1,000 SME owners. “Many operators are making significant personal sacrifices over and above running their day-to-day business, making EOFY not only […]
BY: GUEST AUTHOR Many of Australia’s small businesses might be missing out on potentially valuable tax deductions by not consulting with a financial expert, according to research highlighted by finance and tax software developer Intuit. Conducted with Galaxy Research, the study involved a survey of 400 small business owners in May, this year. The researchers found that, as the countdown […]
BY: JAMES HARKNESS Small businesses can take the pain out of meeting EOFY tax-time requirements by ditching the shoebox overflowing with expense claims and invoices. Dynamic Business spoke to Concur, an expense management solutions provider, to find out more about how small businesses can better manage their invoices and expense claims at tax-time. According to Murray Warner, director […]
