A lucrative way to maximise the value of your investments is to be aware of all the tax exemptions and concessions made available to you – especially the capital gains tax property 6 year rule. Yet, we find that many property investors aren’t adequately informed of the significant benefits of the CGT property rule because…
As an investor, there are several property taxes that you need to be aware of, one of them being a land tax. While there may be some exemptions, paying land tax is an inevitable part of owning a property. It can often be overwhelming trying to navigate land tax and how it’s assessed – especially…
Payroll tax is tax payable where a business’s wages exceed specific thresholds that are imposed by each state or territory. According to the Bureau of Statistics, payroll tax represents about 30% of state tax revenue. As a business owner, it’s essential that you’re equipped with all there is to know about your payroll tax obligations. …
As part of the road to recovery from the harsh economic impact of the COVID-19 pandemic, the Australian Government introduced the JobMaker Scheme. The JobMaker scheme is an incentive offered to employers to create new jobs for job seekers between 16 and 35. Eligible employers can receive the payment for up to 12 months for…
Given that every cent counts in the current distressed market, as a small business owner, you’re going to want to figure out how to reduce taxable income for your business. According to a recent report by the Australian Tax Office (ATO), with over four million small businesses in Australia, they play a crucial role in…
Knowing about your sole trader tax deductions will undoubtedly boost your tax return each year. Many of the costs that you incur from running your sole trader business can be claimed as a tax deduction. Yet, many sole traders miss out on expense claims because they aren’t equipped with all the knowledge presented by the…
The Australian Tax Office (ATO) offers significant benefits and small business CGT concessions in an attempt to recognise that they are in a unique position in comparison to larger companies. But understanding them can be a bit tricky without the help of a qualified tax agent or a savvy business partner. For small business owners…
In an effort to drive innovation, the Australian Government offers an R&D tax incentive to companies who invest in research and development (R&D). However, according to a recent submission by CPA Australia, only 11,935 companies out of 1 million corporate taxpayers, claimed R&D tax offsets in the 2016 – 17 financial year. Based on their…
As a business owner, you could be liable for fringe benefits tax by providing benefits to your employees, or even to yourself. While this is one of the best ways to reward and acknowledge their contributions to your business, if you’re going to provide fringe benefits to your staff or yourself, there’s some vital information…
With claims that the 2020-21 federal budget is the most significant budget in decades, it’s crucial to understand how it will affect you and where you can save. This year’s budget has a heavy focus on encouraging spending on multiple levels, as well as a range of tax-related measures that will affect not only businesses…
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