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…
If you own property and use it as your main residence then generally you are eligible for the main residence CGT exemption when you sell the property. What is CGT? CGT is an acronym for Capital Gains Tax which refers to a form of tax that is applied at the time an asset is sold…
What types of investment property tax apply? There are two types of investment property tax that apply to investment properties that owners should be aware of. These two include capital gains tax (CGT) and income tax concerning your rental property. In this article, we go through exactly what the implications of investment property taxes are…
As an accountant, you start to see patterns, and this is no different from small business owners continually penalised with ASIC late fees. The two most common ASIC late fees we see clients receive are late lodgement penalties for annual statement review fees and late lodgement of change of detail penalties for your company. In…
Super for Contractors – If you are a contractor or sub-contractor, then there is a chance that you may be entitled to super contributions for contractors made by the businesses you engage with. One of the first things we ask when we engage contractors with our accounting service is whether or not they are receiving…
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