Tax Issues with Division 7A Loans to Private Company Shareholders
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...
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Small Business Accounting Blog
3 min read
3 Options to Consider Once Your Business Reaches the Freedom Point
The value of your business when you were starting out was probably negligible. Unless you purchased or inherited your business, it wasn't...
4 min read
Tax News and Updates August 2022
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...
3 min read
Importance of Contractual Terms in Determining Independent Contractors vs Employees
Identifying the true nature of a workplace relationship has long been a minefield for businesses, especially those that rely on...
4 min read
2022 EOFY Tax Reporting Obligations for Businesses
With the new financial year having just stated, businesses should now be focusing on their 2021/22 EOFY tax reporting obligations, plus...
6 min read
Strategies to Limit Tax on Lump Sum Super Death Benefits
Super death benefits are potentially taxable depending on who receives them and the components of the super payment. Generally,...
4 min read
Why Businesses Need to Document In House Arrangements
From the day you set up a business, you must think about two things, limiting your liability if things go wrong and protecting your...
9 min read
2022 Tax Planning Strategies for SME Businesses
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...
5 min read
Trust vs Company Structures
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...
6 min read
Tax News and Updates May 2022
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...
5 min read
Tax Considerations with Foreign Income
On 17 September 2021, the ATO released Taxpayer Alert 2021/2 (the Alert) concerning disguising undeclared foreign income as gifts or...
11 min read
Tips in Preparing the 2022 FBT Return
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...
5 min read
ATO Cracking Down on Family Trust Distributions
The long-awaited draft guidance materials on the application and operation of section 100A of the Tax Act were released on 23 February...
4 min read
Asset Protection and Estate Planning for Sole Directors of Private Companies
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...
4 min read
Tax News and Updates February 2022
Release From a Tax Debt In certain circumstances, the ATO can permanently remove some or all of an individual's tax debt, which is...
6 min read
Tax Effective Realisation of Real Estate
When selling real estate, there are three possible tax outcomes: income - from a business of real estate development; income - from a...
4 min read
What Employers Should Know About Changes to Casual Employment
The Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Act 2021 (Cth) (the Act) came into operation on 26 March...
5 min read
Tax News and Updates November 2021
Extra super step when hiring new employees from 1 November 2021 Where your business hires new workers from 1 November, you'll no longer...
5 min read
Limiting Liability and Protecting Assets in a Business Structure
Business owners are often told to operate their enterprises through a ‘proprietary limited company’ to cap their liability if something...
5 min read
Tax News and Updates October 2021
Proposed new reporting obligations for the share economy The share economy has opened up opportunities for people to earn additional...
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