Small Business Accounting Blog

In recent times there has become a growing popularity in transacting at the shareholder/unitholder level as opposed to selling the assets...

The ATO has issued Tax Determination TD 2021/6 which sets out the reasonable allowances for the 2021/22 year for meals and domestic and...

The Australian economy is embarking on an eager comeback which has led to new highs in business confidence and M&A activity. Investors...

Paying reasonable travel allowances to employees The ATO has issued Tax Determination TD 2021/6 which sets out the reasonable allowances...

There are many upsides to being in business with someone else, companionship, shared risk and access to complementary skills and greater...

With the new financial year having just commenced, businesses should be focusing on their 2020/21 EOFY tax reporting obligations and...

At this time of year, you may be considering topping up your superannuation contributions and perhaps claiming a tax deduction. There...

Below are some practical strategies that SME business owners should consider in the lead up to 30 June 2021 to reduce this year’s tax...

The government is considering increasing the number of members allowed in a self-managed super fund (SMSF) from four to six. Families...

ATO independent review service extended to small businesses Where a small business (having a turnover of less than 10 million) disagrees...

31 March 2021 is an important date in the tax calendar, it marks the end of the 2021 FBT year. Businesses should now be planning to...

SMSF names don’t need to be unique and there are many SMSFs called “Smith Superannuation Fund”. People often use their own names as a...

The ATO has released Taxation Ruling 2021/1 on when deductions are allowed for employee’s transport expenses. The Ruling largely follows...

Goods taken from stock for private use by business owners The ATO has released Tax Determination TD 2021/1 updating the amounts that are...

It is very common for people to transfer assets to a spouse (or family trust) before embarking on a ‘risky’ activity. For example, before...

The recent Full Federal Court decision in Eichmann v Commissioner of Taxation is a major victory for small businesses. The court decided...

When looking at improving your business and its performance, it is important that your systems and processes are in order and providing...

When you setup a self-managed superannuation fund (SMSF) and already have an established trading company, it is natural to ask if that...

Christmas is approaching and it’s the time of the year when many businesses want to show how much they appreciate their staff. However...

JobKeeper payments not included in annual turnover The ATO has clarified an important point in relation to the tax treatment of the...