It is inevitable that a business owner will eventually leave their business. Whether they sell, retire or leave due to health reasons, it is important to be prepared for when that day eventually arrives. Creating a succession plan is a simple and common sense approach to ensure continuity in a family business. Succession plans enable smooth transitions and decrease the likelihood of disruptions. […]
Keeping the taxman out of your Christmas hamper Christmas is expensive enough. Here’s some of the key ways tax impacts on your Christmas spirit. FOR YOU Who can claim the deduction for charitable gifts? Giving a goat, funding a village well, buying a toilet, or farming equipment for people in third world countries is a […]
You can do whatever you like but if you do it the wrong way, you will be hit with FBT, which can significantly elevate the costs of Christmas, or leave you unable to claim the festive expenses as a deduction. Not even Christmas escapes the Tax Office! Baah humbug. The good news is that if […]
The structure of the workforce is transforming and many business owners are struggling to make sense of the rapid changes. The problem is that regulation, especially from the tax office, will always be a few steps behind changes that are happening in the real world. Sadly, this often means that compliance requirements are not befitting to current business practices. An area where this is […]
For many employers, it can be easy to forget the responsibility of managing your superannuation obligations amidst the busy lifestyle of managing a business or company. However, those who fail to meet these obligations are guaranteed to face some serious and even damaging liabilities. Recently, the Australian Taxation Office (ATO) has identified industries where employers are facing a higher risk of not meeting […]
The ATO has announced that one of its compliance focuses for the upcoming year will be GST compliance. The program will involve a combination of compliance and education to help business owners understand what is involved in meeting their obligations. Key areas of GST compliance focus will be registration, accuracy in BAS reporting, and GST fraud. The ATO will have improved data matching […]
The ATO continuously find common mistakes made in claiming rental property borrowing expenses. It is important for rental property owners to ensure these mistakes are avoided in the future to reduce the possibility of being selected for an audit or review. Property investors can claim certain deductions in their tax return when taking out a new loan to purchase an investment property. These costs include: […]
In this current economic climate many small businesses have seen a change in their ability to borrow funds from their bank. With banks conducting careful research to determine a business’ risk factor it is more important than ever for businesses to maintain a good relationship with their bank in order to safeguard their future access […]
Partners must carefully assess the risks and benefits of guaranteeing their spouse’s loan before they rush into an agreement. A person can become the guarantor of their partner’s loan when a credit provider is reluctant to lend to them on their own. Once they sign their name as a guarantor they can be held accountable […]
Borrowing at a time of low-interest rates to invest can yield high returns in the long run, and help pay off debts. Although borrowing to grow a portfolio of shares or a managed fund is risky, if investors have a secure income stream and extra funds, the results can be very favourable. Diversifying the investment […]
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