By Max Newnham Just before the end of the financial year profitable businesses often look for tax deductions that will reduce the income tax that they pay. Depending on whether the business profit is taxed at the company rate or taxed at the individual marginal rates, a better tax result could be achieved by delaying a […]
By: Steve Burnham Most small business owners stay on top of their GST refunds, mainly because of the cash flow concerns that very much seem to dog many small businesses. However you may now and then have a business client that lets these things slip, and what they may not know is that they have four years […]
By Adam Joy Small businesses have different considerations to make at tax time compared to their larger counterparts. Here’s Adam Joy, CEO of the Australian Lottery and Newsagents Association (ALNA), with a rundown on what you should be focused on. The close of another financial year once again marks the time to get the books […]
By: Pam Madytianos Normally we do a spring clean, but with business, we need to do a financial year clean. As you dash towards the EOFY finishing line, it’s a great opportunity to get your business in shape. Here’s your list of things to tidy up this end of financial year. Six ways to maximise deductions 1. […]
By Melissa Browne Unless you are living under a rock, most of us have heard of the term cryptocurrency or, at the very least, Bitcoin. If you haven’t, cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Not […]
By: Dominic Powell It’s no secret that tax time can be one of the most painful times of the year for business owners, with a seemingly ever-changing list of things on the Australian Taxation Office’s (ATO) hitlist and numerous concessions and deductions to keep in mind. To help out, the ATO has released a short list […]
By Melissa Browne Hands up if you can’t believe it’s almost the EOFY? Thought so. That means a rush of advertising encouraging us to spend to make the most of tax time. The problem is, sometimes your cashflow won’t allow that spending and it can be confusing to know whether you should be spending at […]
By: Steve Burnham Trusts can be a very handy tool for managing one’s financial affairs, as well as estate planning. A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a business register or land title) from the beneficial owner of an asset (in other words, […]
By: Noel Whittaker So June 30 is rapidly approaching – a good time to think about capital gains tax. It’s the friendliest tax you can pay because it is not triggered until you dispose of the asset, and this may be many years after you acquired it. Furthermore, if you have owned it for over 12 […]
By: Steve Burnham This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable as a tax deduction will […]
