Category: Small Business Tax

Small Business Tax

Tax Losses In A Personal Name

Making tax losses work for you and your financial circumstances.

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Small Business Tax, Tax

No Tax Deductions If You Don’t Meet Your Tax Obligations

New laws passed by parliament last month directly target the behaviour of taxpayers that don’t meet their obligations. If taxpayers do not meet their PAYG withholding tax obligations, from 1 July 2019 they will not be able to claim a tax deduction for payments.

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Small Business Tax, Small Business Tax Advice

Two Tax Discounts When Selling Your Business

Get a 50% discount on tax using these two methods.

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Small Business Tax

What’s Ahead For Small Businesses In 2019

Small businesses have a lot coming for them this year.

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Small Business Tax

Why We Hate Fringe Benefits Tax

Time for a whinge… we hate Fringe Benefits Tax for small business!

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Small Business Tax

Contractor Or Employee? Defining Workers In The Gig Economy

If you engage contractors, it is essential to get the facts of the relationship right. Business owners need to take a proactive approach to reviewing arrangements to ensure that the business is not exposed to material liabilities.

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Small Business Tax

Small Businesses Encouraged To Start Single Touch Payroll Early

The tax office will soon begin sending letters and notifications to small businesses, encouraging them to begin early use of Single Touch Payroll (STP).

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The tax office now have the best computer system that they’ve ever had, and they’re putting it to use on the Australian public.

There are four things that the ATO won’t let slide in 2019.

  • The cash economy.

They want the cash economy to be declaring all of their income. No excuses. They’re starting to look at money going in and out of bank accounts, above about $5,000 to $10,000. The tax office are also hammering GST in this area, using statistics and tax averages from specific industries to see if people are reducing their tax via the cash economy.

  • High wealth individuals.

People of high wealth are often in extremely complicated tax situations to save themselves a lot of tax. However, the ATO knows that many smaller tax agents cannot cope with the complexity of the law. Hence, small tax agents working with high wealth individuals can expect an audit.

  • Multi-nationals profit shifting.

Finally, the Australian government are tackling the profit shifting of big multi-nationals. They are putting a target on tax dodging and kicking the money back to the Australian people.

  • Work-related deductions for employees.

If you’re claiming more than $2,000 to $5000 in a particular deduction area on your individual tax return, it’s likely you’ll get caught. Make sure you have your receipts, make sure you’re claiming things according to tax law. This is the second year that the tax office have targeted this area, and last year they discovered thousands of incorrect claims.

 

If you’re unsure about your tax strategy or what you can legally claim, you can come and speak to a Tax Champion at a no-obligation, complimentary consultation.

Small Business Tax, Tax Champion

What Will The ATO Target In 2019?

They’ve got a great computer system and they’re not holding back for anybody.

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Small Business Tax

Understanding What A Unit Trust Is

The basics of a unit trust and how it can be used to benefit your small business.

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Small Business Tax, Small Business Tax Advice

Changes to Courier and Cleaning Services Reporting

If you are a business that provides cleaning or courier services, you will now need to lodge a Taxable Payments Annual Report (TPAR) to inform the ATO about your payments to contractors.

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Small Business Tax, Small Business Tax Advice, Tax Champion

Financial Benefits While Your Kids Are At Schoolies

We can’t guarantee that they’re safe… but we can tell you that now is a great time to think about making the most of your kids while you’re owning a small business.

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Small Business Tax, Small Business Tax Advice, Tax

Accelerated Tax Rate Reduction For Small Business

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses.

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