JobKeeper audits will form a big focus for the ATO as JobKeeper 1.0 comes to an end. The ATO has assigned 3,000 staff to the review process of JobKeeper and Cashflow Boost with many accountants (including ourselves) expecting there to be some significant requests to prove eligibility for the program further. As the Federal Government…
Family trust benefits can have significant positive impacts on your family group finances for some individual situations. In the most recent study on trusts by RMIT University, it was reported that there were nearly 850,000 trusts during the 2015 – 16 financial year in Australia – that’s one trust for every 29 people at the…
So, you may have recently switched accountants, or you may have just started a new business venture. Perhaps you’ve just figured that you should start taking advantage of the fact that you have an accountant and you need to get your business affairs in order. Choosing the right questions to ask your accountant can be…
Understanding how to calculate capital gains tax is incredibly useful in all stages of owning an asset whether it’s looking to purchase and disposing an asset and figuring out how long you are looking to hold onto the asset for. This because capital gains tax calculations factor in many of these factors to determine if…
Updated: 14 July 2020 If you’re a sole trader or in a partnership, you’re likely assessing Pty Ltd Company advantages and whether setting up a Pty Ltd Company would be suitable for your situation. Many clients ask me why they should set up a Pty Ltd company. The answer to that is – it depends….
So you or your accountant has been notified that an ATO review and/or an ATO audit will take place on your tax return. What do you do? Facing an ATO audit is unwelcome scrutiny that no taxpayers would like to be subjected to. Not only that, they can wind up costing you a significant amount…
Last updated: 19 October 2020 Small business depreciation calculations have gotten a whole lot more simple thanks to the ATO’s simplified depreciation rules that took effect in May 2015. Due to the COVID-19 pandemic, the government has also introduced significant depreciation and asset write-off incentives for small businesses that can mean significant savings when it…
Profitability analysis: it may come as a surprise to many people that some of the fundamental knowledge you should have as a business owner revolves around knowing whether your business is profitable or not. And yet, time and time again, I head into client meetings, and the first thing I ask them is whether they…
Each year, there are possible FBT exemptions for business owners who decide to spend money on corporate gifts or organise a work Christmas party for their employees or clients (or accountants!). Also, there are implications on GST and tax deductions, if not managed carefully. However, a little consideration on how best to manage these corporate…
Are you looking to buy or sell a business and not sure where to start? In this article, I’ll go through some of the fundamental concepts you should know about buying or selling a business so that it can get you off in the right direction. Introduction There are some important considerations that need to…
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