A bucket company, also known as corporate beneficiaries or a dumping company, are an incredibly useful strategy for tax planning and minimisation if done correctly suited for the right situation. This is because it can help you “cap” the amount of tax you pay at 30% (or 27.5% for small business entities) by moving as…
Are you wondering what expenses you can claim as tax deductions in Australia? Understanding how to claim tax deductions for work-related expenses can help you reduce your taxable income and potentially get a bigger tax refund. This comprehensive guide will cover everything you need to know about claiming deductions on your Australian tax return. How…
So you’ve heard all the hype about negative gearing in Australia and want to know what it’s all about? Or maybe you’re buying a property and trying to decide if negative or positive gearing is for you. This article will explain what it is and who it’s for, share some tips, and debunk some myths…
The government has confirmed that the Stage 3 tax cuts are in place for most Australian workers as of 1 July 2024. These tax cuts were announced as part of the federal budget and aimed to provide financial relief to Australian workers. This article explains the Stage 3 tax cuts, how they affect employees at…
As a business owner or manager in Australia, one of the most crucial responsibilities you’ll encounter is managing your Business Activity Statement (BAS). Having an Australian business number (ABN) is essential for registering for GST and receiving a BAS automatically when it’s time to lodge. These regular tax obligations are fundamental to running a compliant…
As a savvy business owner or entrepreneur, you’re always looking for ways to reduce your tax burden and increase your bottom line. One such opportunity lies in the realm of business tax write-offs. Unfortunately, most of the time, business owners don’t fully understand what they can and can’t claim. And simply buying a car through…
As a business owner, you have a lot of responsibilities. Not only do you need to worry about tax obligations and payroll, but you also have to stay on top of financial reporting. Although it can be a lot to keep track of, it’s important to make sure that your business is compliant with all…
Medical professionals constantly juggle their day-to-day practice with the business side of things. But let’s face it, as a doctor, you’ve got your hands full with patient care, so management and financial planning tends to take a backseat. While a doctor’s primary goal is to focus on providing health services to their clients, they mustn’t…
From reinvesting in the business to offering dividends, companies have several choices, including the Div 7A loan, for managing their profits. It can also use it to pay down debt, or, among other things, reinvest in new technology and equipment. But in most cases, private companies will choose to distribute their profits via dividends, wages,…
Running a business is not always easy. One of the most important aspects for businesses, especially those who are just starting out, is to ensure they are compliant with company tax laws in the Australian tax system. There’s no point in working hard to build your company if you’re going to get fined or penalised…
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