FBT Exemptions: Corporate Christmas Parties & Gifts
Christmas is around the corner! But before you plan a Christmas Party or buy gifts for your employees or clients, make sure you know the tax implications of these expenses. There are 3 main taxes to consider: 1. Fringe Benefits Tax 2. Goods & Services Tax 3. Income Tax. Let me run through how it all works, so you can decide the best kind of Christmas expenses for your tax situation.
How Hiring My First Employee Changed EVERYTHING
I officially started my business 3 years ago. But I only started to feel like I was actually running a business last year, when I hired my first employee in 2018. Since then, my team has grown, and so has my business. Let me explain how I was able to go from self-employed to running a business with multiple departments, and working towards a business that essentially runs itself.
Starting A Business: Just Do It
Starting a business is hard and to be honest, it's an uphill battle for a very long time. But it can also very rewarding, and there's no other feeling like running your own business! Let me share with you my personal experiences and the reasons why I started my own businesses.
The Main Residence Tax Exemption for Property
Are you looking to sell your property? If you are, then you will also need to know about the tax implications of doing so. In this video, I explain the main residence exemption that applies when selling your property, as well as run through 4 situations that can change the tax exemption status of the sale of your home.
How Tax Works for Investment Properties
Working out your tax when it comes to investment properties can be really complex. There are 2 main transactions that commonly occur: 1. Renting your property and making a profit or loss 2. Selling your property and making a profit or loss. In this video, I break down the tax implications of both transactions and how that affects your individual tax return when tax time comes around.
How to Buy or Sell a Business
Most of the time, people start their businesses from scratch. But in some cases, it’s beneficial to buy an existing business. There are 2 main ways of buying a business: 1. Purchasing the assets, goodwill, plant & equipment of a business 2. Purchasing the shares of an existing business. In this video, I go through situations where both methods would benefit either the buyer, seller or both.
Old School vs. New School Accountants
What’s the difference between an Old School and New School Accountant? Let me show you why you need to dump your dinosaur accountant for a New School Accountant!
Should You Pay Mates Rates or Full Price?
If you had a friend who was starting a business, would you ask for mates rates? Or pay full price to support their business?
You NEED The Mamba Mentality for Your Business!
Kobe Bryant is one of my greatest heroes and biggest inspirations. His work ethic is unparalleled, and I believe that is what makes him the G.O.A.T.
6 Steps for Changing Accountants
Is your accountant taking too long to respond or not responding at all? You need an accountant that will treat your business as their own, and has your best interest at heart.
How to De-Risk Your Business
It’s never too early to de-risk your business. No matter the size of your business, it’s important to identify where the potential pitfalls exist.
How to Lodge TPARs
Taxable Payments Annual Reports (TPARs) are a specific report that must be lodged by businesses to the Australian Taxation Office (ATO) detailing payments your business has made to contractors in specific industries. This video explains what this obligation means for businesses and contractors, as well as the methods that businesses can use to make this lodgement by 28 August every year.
How to Prevent Getting ASIC Fines
There are many reasons why your business could receive a fine from ASIC (Australian Securities and Investments Commission) . But there are also just as many ways to prevent being fined in the first place. Let me explain the types of fines you could receive, and how to make sure your business continues to meet all ASIC obligations
Why Bucket Companies are Useful for Businesses
Bucket and holding companies are excellent strategies to help cap the amount of tax you pay and protect your business profits. They can be quite complex, so let me break down the basics of how they work. Make sure to speak to your accountant for advice regarding if they can benefit your business situation.
How to Spot ATO Scams
There are tax scams all year round, but especially during Tax Season. Scams are getting harder and harder to spot. So let me show you all the things you need to look out for, so you don’t get caught up in any tax scams.
Choosing a Business Structure: Company vs. Trust
In this video, I go into detail about things to consider when deciding on what business structure is most suitable for your situation in choosing between a Pty Ltd Company or a Discretionary Trust
How to Delay your Tax Payments Using Payment Plans with the Tax Office
Dealing with tax debt can be extremely stressful when the cash flow of your business is under pressure.
How Tax Deductions Actually Work
Around the end of the financial year, you’ll see a lot of ads telling you to buy things for your business because you can claim it all back on tax deductions.
What is Single Touch Payroll (STP)?
There is a big shift in the way we do payroll reporting that will take effect from 1 July 2019!
How I Turned My Hardships to Opportunities
When you’re facing a lot of hardships, it’s difficult to keep running a business, let alone start one. But hardships are also something you can turn into opportunities. Let me tell you about how I used personal hardships as an opportunity to start successful businesses. I hope my story can motivate you in some way.
How to Get FTL Penalties Remitted
You may have been charged failure to lodge on time (FTL) penalties and interest by the Tax Office for not keeping up to date with your lodgements and payments. But don’t worry, because you can actually call the Tax Office and ask for them to remit these penalities.