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Be prepared: What you need to bring to your tax return appointment

If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic acc...

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Accelerated depreciation for small business

In the 2015-16 federal budget, the government increased the small business immediate deductibility threshold from $1,000 to $20,000, which was originally due to end at June 30, 2017. But a law amendme...

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Are you withholding enough for car allowances?

Employers need to remember that if they pay staff a car allowance, they need to withhold tax on any amount they pay that is more than 66 cents per kilometre (from July 1, 2015). If they haven’t ...

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Company tax reduction franking implications

The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distri...

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What is a tax loss, and how can it be turned to good use?

You generally make a tax loss when the total deductions that can be claimed for a financial year exceed the total of assessable and net exempt income for the year.  If you operate a business th...

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Simplified depreciation and the small business pool

The simplified depreciation rules are attractive for small businesses as they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as...

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Business tax relief package: What’s in it for SMEs?

Parliament has passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation brings into effect the following changes for small busines...

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Company tax franking implications

The recent cut to the tax rate for incorporated businesses that turnover less than $50 million a year, while generally welcomed, can bring with it some important considerations when it comes to distri...

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Business costs, and the deductibility of interest expenses

If a business racks up an interest bill from borrowing funds to pay for the expenses of running the business, or to acquire other income-producing assets or investments, this expense is generally allo...

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Selling up your business? Don’t forget the “going concern” GST exemption

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold.  The sale of a business may be GS...

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Updated data applied to small business benchmarks

The ATO has updated its small business benchmarks with information from key financial ratios drawn from information provided by businesses through activity statements and tax returns. The most recent ...

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The facts about bad debt deductions

A debt to a business that is unpaid and deemed to be a “bad” debt can be an allowable deduction as long as it was included as assessable income in the present or even a previous income yea...

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Simplified depreciation and the small business pool

The simplified depreciation rules are attractive for small businesses as they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as...

[Read more...]

How to get an Australian business number (ABN)

It’s not mandatory for a business to have an Australian business number (ABN), but there are a few good reasons why you should. Foremost among them will be that without one, your business will p...

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New fleet “safe harbour” approach for car fringe benefits

The ATO has announced that, after consultation and collaboration with business taxpayers and industry representatives, it has developed what it calls a “safe harbour” mechanism for calcula...

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Calling time out on your business? The tips and traps

When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. Client...

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Start-up businesses: Which is the right structure for you?

Start up businesses need to make one important decision from the outset – what type of business set-up will suit your enterprise best? And which structure will be best for the future? You've g...

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General facts about winding up your business

There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has dec...

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Borrowed money to pay a business tax debt? Is the interest deductible?

It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. It was the third time, according to ATO records, that ...

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Novated leases explained

Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. What’s a novated lease? Simply...

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