Small Business Accounting Blog

The standard company tax rate is 30%, but if the company is a base rate entity (i.e. aggregated turnover of less than $50 million and...

The value of your business when you were starting out was probably negligible. Unless you purchased or inherited your business, it wasn't...

ATO reporting tax debts of sole traders to credit agencies The ATO has started disclosing tax debts of over $100,000 owed by sole traders...

Identifying the true nature of a workplace relationship has long been a minefield for businesses, especially those that rely on...

With the new financial year having just stated, businesses should now be focusing on their 2021/22 EOFY tax reporting obligations, plus...

Super death benefits are potentially taxable depending on who receives them and the components of the super payment. Generally,...

From the day you set up a business, you must think about two things, limiting your liability if things go wrong and protecting your...

Below are some practical strategies that SME business owners should consider in the lead up to 30 June 2022 to reduce this year’s tax...

Business owners choose different types of structures for a broad range of reasons and it is safe to say that the particular mix of issues...

After some two years of leniency, the ATO is ramping up its debt collection activities. Businesses that owe at least $100,000 in tax and...

On 17 September 2021, the ATO released Taxpayer Alert 2021/2 (the Alert) concerning disguising undeclared foreign income as gifts or...

31 March 2022 is an important date in the Tax calendar as it marks the end of the 2022 FBT year. Businesses should now be planning to...

The long-awaited draft guidance materials on the application and operation of section 100A of the Tax Act were released on 23 February...

If you are the sole shareholder and director of a private company, have you thought about what will happen to your business if you lose...

Release From a Tax Debt In certain circumstances, the ATO can permanently remove some or all of an individual's tax debt, which is...

When selling real estate, there are three possible tax outcomes: income - from a business of real estate development; income - from a...

The Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Cth) (the Act) came into operation on 26 March...

Extra super step when hiring new employees from 1 November 2021 Where your business hires new workers from 1 November, you'll no longer...

Business owners are often told to operate their enterprises through a ‘proprietary limited company’ to cap their liability if something...

Proposed new reporting obligations for the share economy The share economy has opened up opportunities for people to earn additional...