Blog

Sole Trader vs. Company: What’s Right for You Tax-Wise?

26/06/25

When you’re starting or growing a business, choosing the right structure is critical—especially when it comes to tax. Two of the most common options are operating as a sole trader or setting up a company. Each structure has its pros and cons, and the best fit depends on your income, risk appetite, and long-term business […]

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Make the Most of EOFY: Smart Tax Planning for Australian Businesses (FY2024–25)

13/06/25

As the 30 June deadline approaches, now is the perfect time for businesses to get their finances in order and take advantage of key tax planning strategies. Whether you’re a sole trader, company, or trust, proactive year-end planning can help reduce your tax liability, improve cash flow, and ensure compliance with ATO requirements. This guide […]

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Business Tax Planning Tips FY2024

18/06/24

We are nearing the end of financial year again.  Here are some things to consider to reduce the tax bill or defer some of it to next year: Other things to consider before 30 June:

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Understanding Tax Deductions for Small Businesses

22/06/23

Tax deductions play a crucial role in reducing taxable income for small businesses. By identifying and claiming eligible deductions, business owners can significantly lower their tax liability and free up resources to invest back into their operations. In this article, we will explore the ins and outs of tax deductions for small businesses, providing valuable […]

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The importance of tax planning

14/06/23

Tax planning is an essential aspect of financial management for individuals and businesses. It involves taking steps to minimise tax liability and maximise tax benefits, while also ensuring compliance with tax laws and regulations. Tax planning can provide significant benefits, including financial savings and better control over your finances. We will discuss the importance of […]

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Lowering your tax bill, increasing your refund

30/05/23

I have been asked numerous times “what can I do to lower my tax bill”.  There are various ways to do this, but it ultimately comes down to educating yourself in this area.  Lowering your tax bill can be achieved through various strategies that are legal and compliant with tax laws. Here are some tips […]

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2023/24 Australian Federal Budget

17/05/23

Earlier this month, the 2023/24 Federal Budget was released. This includes a substantial improvement in the Federal Government’s fiscal position from the October Budget, primarily driven by significantly higher personal income tax and company tax receipts than originally estimated. This suggests that individuals and businesses have contributed more tax revenue than initially projected, which has positively impacted the […]

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Tax planning strategies before the year ends

26/05/23

There are several strategies that businesses can review and implement before 30 June to reduce their tax liability and improve their financial position. Here are some things to consider: Prepaying expenses Businesses can review their expenses to ensure they are maximising their deductions. This includes reviewing and prepaying expenses such as rent, insurance, subscriptions, and […]

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The importance of managing Fringe Benefits Tax for businesses

30/05/23

Fringe Benefits Tax (FBT) is a tax that is levied on the non-cash benefits provided to employees in addition to their salary or wages. FBT is a separate tax from income tax and is paid by the employer, not the employee. Here are some reasons why businesses should consider reviewing their fringe benefits: Compliance with […]

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Financing options for small businesses

22/05/23

Here are some financing options available for small businesses in Australia:   Bank Loans: Small businesses can apply for loans from various banks in Australia. These loans can come with different terms and conditions, including interest rates, repayment periods, and collateral requirements. Government Grants: The Australian government provides grants and funding programs to help small […]

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Top questions new businesses have for accountants

19/05/23

New businesses often have many questions when it comes to their accounting needs. Here are some of the top questions new businesses ask accountants: What is the best way to structure my business for tax purposes? What are my tax obligations and how do I comply with them? How do I set up my bookkeeping […]

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Starting a business? Why you should consider engaging an accountant

25/04/23

Starting a business is an exciting and challenging time. While it may be tempting to handle all aspects of your new venture on your own, seeking the advice and guidance of an accountant can be invaluable. Here are some of the top reasons why start-up businesses should seek the services of an accountant: Financial Planning […]

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Optimising tax deductions

07/04/23

Minimise your tax liability and Maximise your tax refund, by ensuring you are claiming what you are entitled to. There are various deductions available that can be claimed on your tax return, but it’s important to ensure that you are eligible to claim them and that you have the necessary documentation to support your claims. […]

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Changes to the way working from home deductions are claimed for 2023

05/04/23

The ATO has made changes to the way that working from home deductions can be claimed by eligible taxpayers for the 2023 income year. If you have genuinely worked from home at any time from 1 July 2022 to 30 June 2023, you may be eligible to use the ATO’s revised fixed-rate (67 cents per […]

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Starting a business? Why you should consider engaging an Accountant

08/03/23

Starting a business is an exciting and challenging time. While it may be tempting to handle all aspects of your new venture on your own, seeking the advice and guidance of an accountant can be invaluable. Here are some of the top reasons why start-up businesses should seek the services of an accountant: Financial Planning […]

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Business Tax Planning – 2022

24/05/22

Tax planning – why do we recommend it? Tax planning is a great opportunity to look at your business trading for the year to date, assess what goals you have for next financial year, and plan for what tax bill may arise at year end so there are no surprises.  Tax planning is usually done […]

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Best Tax Perks for People Working in Four Industries

11/04/21

By Sarah Sharples People could be missing out on hundreds or thousands of dollars when it comes to tax time with some professionals failing to claim for perks specific to their industries. Accountant Coco Hou has identified four careers where people can cash in on some unusual parts of their jobs. “The shocking thing is that far […]

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Changes to Company Tax Rates

03/04/21

There are changes to company tax rates. While the full company tax rate is 30%, your company may be eligible for a lower company rate. If you are a ‘base rate entity’, your company tax rate is: 27.5% from the 2017–18 to 2019–20 income years 26% for the 2020–21 income year 25% from the 2021–22 […]

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Aussies Could Be Hit with a $610 Tax Hike Under a Medicare-Style Levy

22/03/21

By: Finn McHugh Australians could be hit with a tax $610 tax hike under a Medicare-style levy proposed to fix the aged care system. The aged care royal commission released its final report on Monday, outlining 148 recommendations as part of an extensive overhaul of the sector. Both commissioners – Lynelle Briggs and Tony Pagone – […]

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Updated Guidance about Income Tax and GST

03/03/21

On 15 February 2021, the Australian Taxation Office (ATO) published updated guidance about the income tax and goods and services tax (GST) implications of a wide range of COVID-19 financial support measures provided by the commonwealth, state/territory, and local governments during the pandemic. The guidance is relevant to business taxpayers and to individual taxpayers. Taxpayers in receipt […]

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Clients Should Update Their ABN

01/03/21

By Steve Burnham Government agencies regularly access data contained in the ABN registration, and where this is not up-to-date the taxpayer may be missing out on stimulus measures, grants, and other government support. This became painfully evident during the 2019-20 bushfires, and is now re-surfacing during COVID-19 when it was found that a concerning amount […]

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ATO Warns That There’s Been a Spike in Fraudsters Using Robo-calls

24/02/21

AAP If you get a call from a robotic voice telling you your tax file number has been suspended and you need to move all your cash to a safer account, don’t do it. The Australian Taxation Office is warning that there’s been a spike in fraudsters using robo-calls to impersonate tax authorities and swindle […]

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Aussies Could Be Forced to Choose Between Superannuation and Take-Home Pay

22/02/21

Finn McHugh Aussies could be forced to choose between superannuation and take-home pay under a proposal being considered by the federal government. The government will mull making an increase in superannuation optional, giving workers the choice to receive a pay rise instead, in a bid to resolve internal division over the issue. The move would […]

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$7bn Worth of Income Tax Cuts Have Flowed to Millions of Aussies

20/02/21

Jade Gailberger and Finn McHugh A whopping $7bn worth of income tax cuts have flowed to millions of Aussie workers since July. New Australian Taxation Office data reveals $1.1bn of the cash injection came from the government bringing forward stage two of its tax cuts. A further $5.9bn in one-off payments of up to $1080 […]

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Business Tax Planning Tips

09/06/20

  We are nearing the end of financial year again.  Here are some things to consider to reduce the tax bill or defer some of it to next year: Immediate deduction for assets – due to COVID19, the government has temporarily increased the instant asset write off to $150,000, to 30 June 2020. This also […]

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The Australian Taxation Office announces temporary simplified short cut method for working from home deductions

08/04/20

Many workers new “normal” is working full time from home, as a result of the Social Distancing measures in response to Covid-19.  In order to make it easier for individual taxpayers to claim deductions for additional running expenses incurred (e.g., additional heating, cooling and lighting costs), the ATO have announced a temporary short cut method […]

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COVID-19 Stimulus 3 – Jobkeeper Payment

31/03/20

  The Morrison government announced yesterday the 3rd and largest stimulus package to date.  The package centred around the Jobkeeper payment, which is payment to eligible employers of $1,500 per fortnight.   How to claim: Register an intention to apply on the ATO website and assess that they have or will experience the required turnover decline. Provide information to […]

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COVID-19 & Stimulus Package for Businesses

24/03/20

As government measures change daily amid the COVID-19 pandemic, a second stimulus package was released.  This update focuses on what this means for small business, as well as other questions small business owners may have.  It is current as at 23 March 2020. Sole Traders: As part of the second stimulus package, sole traders have […]

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ATO Announces Changes to How Penalty Relief Is Applied

11/07/18

By: Steve Burnham From 1 July 2018 the ATO says it will not apply penalties to tax returns and activity statements where your clients have made an inadvertent error by failing to take reasonable care or due to the fact that they have not taken a “reasonably arguable” position (more below). It says that if it […]

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Top Five Government Grants for Startups

10/07/18

By: Startupsmart The government support offered to startups across Australia is the envy of many entrepreneurs around the world, but these grants can be a tough nut to crack. The lengthy applications, process times and chance of rejection are enough to put most off, but for those who win it can be a game changer for […]

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Three Common Tax Mistakes That Australians Make

09/07/18

By Olivia Maragna Tax time is a stressful period for many Australians. Even seemingly simple tax returns can escalate into a madcap scramble through personal records to make sure everything is in order. Is this really any surprise, given that the complete Income Tax Assessment Act 1997 comes in at over 5000 pages? But even without […]

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July 1 Legal Changes Your Small Business Needs to Know About

06/07/18

By: Eloise Keating It’s that time of the year again. You’re (hopefully) well on your way to getting your tax affairs in order as June 30 approaches, and come Saturday, your finance team will be putting their feet up for a well-earned rest. But amid the mad rush of the end of the financial year, it can hard […]

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Nine End of Financial Year Tax Tips for Australian Small Businesses

03/07/18

By: DOMINIC POWELL The skies are dark, the sales are on, and every ringing phone strikes fear into the hearts of Australia’s accountants. Yep, it’s that time of year again — tax time. For the handful of small business owners who are confidently across their finances and tax obligations (must be nice), the end of financial year […]

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Tax Time: Business Tax Deductions Are Not All Equal

02/07/18

By Max Newnham Just before the end of the financial year profitable businesses often look for tax deductions that will reduce the income tax that they pay. Depending on whether the business profit is taxed at the company rate or taxed at the individual marginal rates, a better tax result could be achieved by delaying a […]

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GST Credit Claims: the Details Your Business Client May Need to Know

29/06/18

By: Steve Burnham Most small business owners stay on top of their GST refunds, mainly because of the cash flow concerns that very much seem to dog many small businesses. However you may now and then have a business client that lets these things slip, and what they may not know is that they have four years […]

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Tax Tricks for Small Businesses This EOFY

28/06/18

By Adam Joy Small businesses have different considerations to make at tax time compared to their larger counterparts. Here’s Adam Joy, CEO of the Australian Lottery and Newsagents Association (ALNA), with a rundown on what you should be focused on. The close of another financial year once again marks the time to get the books […]

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Why Freelancers Could Be the Key to Business Success

26/06/18

By: Brian Mcdonnell Technology-fuelled digital disruption will continue to transform the Australian workforce, and the emergence of the peer-to-peer, sharing or ‘gig economy’, as we have come to know it, is one of the fastest growing examples of this. In the past, freelancers have been constrained by availability and lack of income stability, but now […]

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Last Minute Tips This Financial Year

25/06/18

By: Pam Madytianos Normally we do a spring clean, but with business, we need to do a financial year clean. As you dash towards the EOFY finishing line, it’s a great opportunity to get your business in shape. Here’s your list of things to tidy up this end of financial year. Six ways to maximise deductions 1. […]

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Bought Bitcoin? The Tax Office Has You in Its Sights

22/06/18

By Melissa Browne Unless you are living under a rock, most of us have heard of the term cryptocurrency or, at the very least, Bitcoin. If you haven’t, cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on the blockchain. Not […]

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Have a Stress-Free July: Five Tax Time Tips from the ATO for SMEs

21/06/18

By: Dominic Powell It’s no secret that tax time can be one of the most painful times of the year for business owners, with a seemingly ever-changing list of things on the Australian Taxation Office’s (ATO) hitlist and numerous concessions and deductions to keep in mind. To help out, the ATO has released a short list […]

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EOFY Tax Tips for Businesses

20/06/18

By Melissa Browne Hands up if you can’t believe it’s almost the EOFY? Thought so. That means a rush of advertising encouraging us to spend to make the most of tax time. The problem is, sometimes your cashflow won’t allow that spending and it can be confusing to know whether you should be spending at […]

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The Special Place for Family Trusts

19/06/18

By: Steve Burnham Trusts can be a very handy tool for managing one’s financial affairs, as well as estate planning. A trust is established whenever there is a separation of the legal ownership (for example, the name appearing on a business register or land title) from the beneficial owner of an asset (in other words, […]

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How to Make Sure Your Capital Gain Isn’t a Taxable Pain

18/06/18

By: Noel Whittaker So June 30 is rapidly approaching – a good time to think about capital gains tax. It’s the friendliest tax you can pay because it is not triggered until you dispose of the asset, and this may be many years after you acquired it. Furthermore, if you have owned it for over 12 […]

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The Secret to Thinking Small When You’re Getting Big

15/06/18

By Matt Butterworth As business leaders we are always told to “think big.” Innovation and grand ideas are seen as assets when it comes to leaders of a business or employees in that business. But there is one area where you don’t always want to think big. And that is in your culture. As your […]

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EOFY Checklist for Employment-Related Tax Deductions

14/06/18

By: Steve Burnham This checklist contains a general list of general and specific employment-related deductions and should be used as a guide only. The results may vary depending on individual circumstances. The individual should also have the relevant written evidence where required. Also, how much of the expense is allowable as a tax deduction will […]

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The Difference Between Employment and Dividends

12/06/18

By Max Newnham The task of choosing the best structure to own and operate a business through is made harder because of the different tax treatment relating to each structure. If a business has a high likelihood of being sold at a profit due to an increase in the value of goodwill, a company is the […]

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Get Your Small Business Ready for Tax Time

11/06/18

By Olivia Maragna As we near the end of another financial year, now is the time to start looking at your tax return. If your heart missed a beat when you read that, don’t be alarmed. While tax time can be a stressful period for small business owners, there are many things that you, as a business owner, can […]

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Countdown to Tax Time

07/06/18

By: Christine Long If your tax planning usually consists of joining a queue to buy stationery shortly before midnight on June 30, it might be time to think ahead. Some deductions require more forward planning, particularly as the financial year-end falls on a Saturday in 2018. Bates Cosgrave director Matt Zhou says: “Tax planning should start […]

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4 Things You Must Do to Ensure Your Start Up Thrives

06/06/18

By: Alan Manly ‘Business is business’is the mantra of entrepreneurs. On the surface it alludes to the harsh reality of a daily battle for survival, but the deeper meaning is the difference between a surviving business and a thriving business. With that in mind, there’s four key things to do to ensure you’re thriving: Know […]

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Get Paperwork Right for Super Contributions – or Lose Tax Deduction

04/06/18

By: Noel Whittaker In recent columns I have extolled the virtues of the change in superannuation rules that allow you to claim a tax deduction for personal concessional contributions even if your employer is contributing for you. But make sure you take advice before you make the contribution. It’s a minefield of paperwork, and getting it wrong could […]

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A Commonly Forgotten Tax Deduction: Association Fees

02/06/18

By: Steve Burnham A commonly forgotten tax deduction is for subscription or membership fees to an association or union, which affects many professionals, business or trades people who will probably be members of some sort of association.  See taxation ruling TR 2000/7. Broadly, the test for deductibility under the rules is whether the payment is an […]

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3 Powerful Lessons From Australia’s Most Successful Online Startups

01/06/18

By Bernadette Schwerdt Having interviewed over 100 of Australia’s top digital disruptors, you learn a thing or two about how to build an online business. Here’s three tricks of the trade I picked up talking to those who have been there done that.   Create a Minimum Viable Product(MVP) to test your idea: Even the most […]

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Why Tax Time Should Start Now for Workers, Investors and Super

31/05/18

By Anthony Keane IT’S June later this week, which means tax time is just a month away, so people who don’t start planning their deductions now risk missing out on a handy refund. TAX time is just over a month away, and whether you’re a worker or an investor, it gets real now. Leaving tax planning […]

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Countdown to Single Touch Payroll: Everything You Need to Ask

30/05/18

By Alex Alexandrou  KEY FACTS What: Single Touch Payroll (STP) When: 1 July 2018 By: Australian Taxation Office For: Employers with 20 or more employees *The STP will apply to employers with 19 or less employees from 1 July 2019 – subject to parliament Time is well and truly ticking as the countdown begins for larger businesses in Australia […]

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Small Businesses Should Live for a Budget

29/05/18

By Sam Allert Any first time business owner will encounter the world of numbers and sometimes, become stuck among the intimidating and sometimes confusing jungle. Budgets; a word no one is thrilled to hear but its presence is critical to the success of a business. It’s important you live for a budget. Make budgets your […]

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Budget 2018: Forget Tax Cuts, This Is a Superannuation Bonanza

25/05/18

By Jackson Stiles Lost, unpaid and eroded superannuation will be reunited with workers under a massive superannuation package announced in the federal budget – which will also try to kick our addiction to lump sum payouts in retirement. Fewer bosses will get away with stealing retirement payments from their workers and less super will be eaten […]

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Ten Easy Steps to Avoid Unexpected Downtime

24/05/18

By: Gordon Makryllos In an era of digital connectivity and data dependency, continuous access to electricity has never been more critical for Australian small businesses. Yet, many are still unprepared despite the widely reported rise in blackouts stemming from increased infrastructure pressures, greater demand on the grid and unpredictable weather extremes. Eaton’s Annual Blackout Tracker not […]

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Tax Warning for Holiday Home Owners

23/05/18

By: Melissa Browne This year, the Tax Office issued a warning it was targeting “the large number of mistakes, errors and false” claims made by rental property owners who use this property for their own personal holidays. If you own a rental property and it’s being rented consistently by the one tenant, this warning doesn’t apply […]

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How to Boost Your Tax Refund This Financial Year

22/05/18

By Noel Whittaker June 30 is rapidly approaching, which means there are things you should do in the near future to improve your financial situation. Smart tax planning means deferring income while bringing forward expenses. For example, if you have money to spare, think about placing it in a term deposit with the interest maturing after […]

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Home to Work Travel Claims? Generally Not, but Sometimes…

21/05/18

By Steve Burnham As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however specific situations where this rule does not apply, and there can be circumstances where you may be entitled to claim some of the travel expenses between your home and […]

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Client Looking to Buy a Home? They May Need to Withhold and Remit GST

18/05/18

By: Steve Burnham With the end of the financial year in sight, there is one more thing your clients will need to be aware of regarding changes to the tax landscape — especially those thinking of purchasing a residential property. From 1 July this year, buyers of new residential premises (or “potential residential land”) will […]

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Getting Market Value Right for Taxation Purposes

16/05/18

By Simon Dorevitch A century on from the High Court’s landmark decision in Spencer v Commonwealth1, Simon Dorevitch sheds light on the term “market value” and its implications for tax purposes. Under Australia’s tax laws, taxpayers are frequently required to determine the market value of an asset or liability. The Inspector-General of Taxation found that there […]

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Hidden Benefits for Small Business in the 2018 Budget

15/05/18

By Max Newnham Small business owners could be forgiven for thinking that the 2018 federal budget did not hold much for them, apart from the extension to the deadline that they can claim a tax deduction for assets costing less than $20,000. A careful reading of the budget reveals other benefits and one new penalty for the small […]

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Five Learnings From Early-stage Growth

10/05/18

By Vu Tran To lay the foundations for future success, the are some key boxes all startups need to tick in the early growth stages, regardless of the nature of their business.  Having participated in Y Combinator’s seed accelerator program, my co-founders and I gained some fantastic insights that helped put our edtech startup GO1 the right track right […]

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How Taxpayers Can Make the Most of the Budget

09/05/18

By Melissa Browne Most Australians look at the federal budget through the lens of “what’s in it for me”. As a nation that’s more than $600 billion in debt, it’s a habit we need to break or we’re only ever going to get the politicians (and budgets) we deserve. But I digress. My lens when […]

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Clients’ Car Expenses Claims to Get the Blowtorch Treatment This Tax Time

08/05/18

By: Steve Burnham Assistant Commissioner Kath Anderson has announced that the ATO is particularly concerned about taxpayers either making mistakes or deliberately lodging false claims in relation to work-related car expenses over tax time 2018. “Last year around 3.5 million people made a work-related car expense claims, and together they totalled about $8.8 billion,” Anderson says. “Now […]

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The Many Factors to Consider When Starting a Business

07/05/18

By: Max Newnham It doesn’t matter whether a business is started from scratch, or any existing business is purchased, there are a number of factors that must be considered. Although one of the main considerations is maximising tax benefits for the owners, there are other matters that must be considered. Q. My wife and I are […]

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5 Tax Tips for Navigating the Small Business CGT Concession

04/05/18

By: Simon Dorevitch 1 AFFILIATES Remember your spouse and children’s birthdays…and that they are no longer automatically your affiliates. Since 1 July 2007, an individual or a company is an affiliate of yours if the individual or company acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you, in […]

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Tax-effective Distributions to Minors

03/05/18

By Steve Burnham While unearned income distributed by a trust to minor beneficiaries is generally taxed at punitive rates, this is not always the case, in particular where assets have devolved to the trustee as a result of death or disability. Taxpayers and advisers should therefore be vigilant to ensure that the opportunity to distribute […]

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Can Bitcoin Be a Personal Use Asset?

02/05/18

By Steve Burnham A question was asked of the ATO recently, via its “ATO Community” webpage (find out more about that here) that centred on the viability of deeming bitcoin (or any cryptocurrency) as a personal use asset. The follow-up portions of the question of bitcoin as a personal use asset were as follows: Does a […]

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The Myth About the Way Most Businesses Are Taxed

28/04/18

By Max Newnham There is often a misconception among new business owners that they are taxed on the money they withdraw from their business. For nearly every business entity structure this is not the case, the only exception is when a business is operated through a company. When a business is operated through a company, and […]

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How to Reduce Your Risk as a Business Owner

27/04/18

By Katrina Haskew As business owners, we sure do have a lot on our plates. Balancing the day-to-day of running a business with high-level strategic and growth activities can be enough of a challenge by itself. However, things can go completely off kilter if something goes wrong, and you don’t have the proper protections in […]

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Travel Allowance or LAFHA? And How Is Each Taxed?

26/04/18

By Steve Burnham That employees are required to travel for work has become increasingly significant, especially with the growing influence of a more global economy, and the sometimes necessary moving of businesses for expansion or reaching out to new markets. Being asked by the boss to travel for work purposes can be demanding on staff […]

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ATO Ramping Up Its “E-Audit” Option

25/04/18

  The ATO has recently published information on its use of “e-Audit” technology, which it has begun to use as part of its tax compliance push. An e-Audit is carried out via technology that tests files stored in a taxpayer’s electronic records, which can verify if the stored data is accurate and complete. If a […]

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Taxing Digital Products and Low Value Goods

24/04/18

By Steve Burnham There have been some important developments for GST and cross-border transactions regarding taxing digital products and low value goods. Simon Dorevitch, Senior Tax Consultant at A&A Tax Legal Consulting, reviews the changes. When the GST Act and Regulations were drafted in 1999, e-commerce was in its infancy – it was not fully envisaged that […]

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How You Can Run Your Business From Anywhere

23/04/18

By Dale Beaumont Over the last 10 years, my company Business Blueprint has achieved more than 4,000 percent business growth. During this time, I’ve also travelled for three to four months a year, sometimes for business but mostly to visit incredible locations with my family.  Many of my clients and peers ask me how I’m […]

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Three Things to Watch Out for Before Your Startup Partners With an Early-Stage Investor

18/04/18

By Andrew Joyce A lot of start-up founders I’ve met believe that if they can raise money from professional early-stage investors such as The Sharks from Channel 10’s Shark Tank or a Venture Capital (VC) fund, then they’re guaranteed success, a large exit, and early retirement. But this is dangerous thinking. These investors are almost […]

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How to Ensure Your Retirement Money Lasts

17/04/18

By Paul Benson Whether you’re planning for a traditional retirement in your 60s or older, or working towards an early retirement goal, thoughts of “will my money run out?” will no doubt have crossed your mind. Often people’s instinct is to search for the best return possible each year. But actually a far more important objective […]

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What Code Really Teaches Entrepreneurs

16/04/18

By Boris Paillard In a world where software is omnipresent, there has never been a better time to learn to code. Coding skills broaden your scope of opportunity, and becoming a web developer is just one option among many.  When you first dive into programming, two things happen. Firstly, you don’t feel the urgency to […]

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Managing Finances Top to Bottom Is Crucial for SMEs

13/04/18

BY GUEST AUTHOR Financial management for small businesses is even more critical than with larger corporations. The sad reality is that smaller companies have less access to lending to provide a rescue plan when the finances aren’t managed properly. This puts smaller operations at greater risk because a few wrong moves in the financial management arena […]

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Your Franchise Clients and Their Tax

12/04/18

By Steve Burnham If you have a client who asks about taking up a franchise, one of the first things to impart to them would be to point out that the federal Franchising Code of Conduct (download it here) is the primary piece of legislation covering the franchising area. It imposes strict obligations on franchisors […]

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Working In Partnership? When Refinancing, Loan Interest May Be Deductible

09/04/18

By Steve Burnham A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may […]

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Protecting Your SME When an Employee Leaves

06/04/18

By Andrew Jewell Small businesses and startups face as much risk in employment as larger enterprises but they are often less well-equipped to address these issues. When working in a small business, people tend to form strong personal relationships and employers plan to retain staff. Sometimes, however, businesses need to dismiss staff for a number of reasons. […]

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Maximising Contributions Into Your SMSF

05/04/18

By Gabriela Rusu Most superannuation strategies revolve around the effective use of contributions to gradually build the amount of super savings needed to live comfortably in retirement. Super contribution limits and tax concessions changed on 1 July 2017, placing significant restrictions on the ability to make additional contributions to super. Concessional (before-tax) contributions  Concessional contributions include […]

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Deriving Rent and the Small Business CGT Concessions

04/04/18

By Steve Burnham Simon Dorevitch, Senior Tax Consultant at A&A Tax Legal Consulting, examines the pitfalls of satisfying the active asset test for assets that are used to derive rent. To access the small business CGT concessions, certain conditions must first be satisfied. One such condition is that the CGT asset satisfies the active asset […]

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Ready for STP Payroll? The Latest ATO Update

02/04/18

By John Shepherd John Shepherd, Assistant Commissioner, Australian Taxation Office delves into some of the finer detail ahead of the 1 July move to Single Touch Payroll (STP), a change to the way larger employers report tax and super to the ATO. The 1 July start for Single Touch Payroll (STP) is fast approaching, and […]

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10 Tips for Choosing the Right Loan for Your Business

30/03/18

By Dynamic Business When running a business, it is more than likely that at some point you will need a loan. This may be a short-term solution to cash-flow, a means to buy new equipment, to fund the expansion of your business or to break into new markets, or to refurbish parts of your business. […]

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When Life Insurance in Superannuation Is and Isn’t Worth the Money

29/03/18

By Rod Myer Life insurance in superannuation can cost the average person hundreds or even thousands of dollars a year, and its costs can reduce overall retirement balances by tens of thousands of dollars. Whether you realise it or not, you are probably paying for a life insurance policy through your superannuation fund. Which means […]

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The Riskier Side of Allocating Profits Within Professional Firms

28/03/18

By Steve Burnham Now and then the ATO issues guidances on how its general anti-avoidance legislation can apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm. Firms potentially affected include those providing services in the accounting, architectural, engineering, financial services, legal and medical professions and many more. Guidelines […]

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Superannuation Fund Members Are Increasingly Making Choices – But Are They Wise?

27/03/18

By Rod Myer Superannuation fund members are increasingly making active investment choices and are less likely to leave their money in default or balanced options than 10 years ago, according to new research from SuperRatings. In 2008, 73.7 per cent of members in accumulation mode had their money in the balanced option, but by the end of 2017 […]

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A Tale of Two SMEs: What Distinguishes a Growing Business From a Declining One?

26/03/18

BY PETER LANGHAM What are the attributes of an SME that is growing, and how do they differ from a business with static or declining revenue? Twice a year, when more than 1200 owners or leaders of SME businesses are interviewed for our SME Growth Index, one of the first questions researchers East & Partners ask […]

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Asset Valuations and the Contribution Caps

23/03/18

By Steve Burnham Asset valuations and the contribution caps are both contentious issues, with many SMSFs failing to regularly update their asset valuations and some auditors turning a blind eye. And SMSF auditors who do the wrong thing in relation to valuations may also find themselves facing action by ASIC. The new contribution caps require […]

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Selling a Business? Don’t Forget the “Going Concern” GST Exemption

22/03/18

By Steve Burnham 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 GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to […]

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It’s Not a Great Idea to Use Your Mate’s ABN

21/03/18

By Max Newnham Among the many changes introduced with the GST, one of the more far reaching income tax changes was the establishment of the Australian Business Number system. From July 1, 2000 strict regulations have required businesses to quote their ABN on official documentation, especially on invoices that they issue. Like many things to do with […]

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Call to Hit Contractors With Pension Levy if They Don’t Pay Superannuation

20/03/18

By Rod Myer Independent contractors earning $90,000 or more who do not make superannuation contributions should be hit with a levy to help fund the age pension, says a new report from the John Curtin Research Centre commissioned by Vision Super. The report, authored by Curtin executive director Nick Dyrenfurth, made a series of recommendations in response to the rise of the […]

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Consumers Need to Be Able to Compare Super Funds

19/03/18

By John Collett Consumers need to have online access to tables showing how their super fund returns compare to others and it needs to be free. One of the biggest factors that people have over control in achieving a comfortable retirement is selecting a good-performing super fund. There’s a huge difference in returns between the best […]

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Airbnb and the Australian Tax System

16/03/18

By Wei Shiek Wei Shiek navigates through the myriad of tax issues of Airbnb and the Australian tax system* Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred […]

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Setting Up Superannuation for Children

15/03/18

By:  George Cochrane Regarding your response to a reader a few weeks ago, K.E. on January 28, about investing $20,000 into superannuation accounts for each of his children. I have two questions relating to that proposal: 1. I was surprised that the writer’s children, aged three and five, could have super accounts opened for them. I […]

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Travel Allowances (and Retaining the Exception to Substantiate)

13/03/18

By: Steve Burnham A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight or longer in the course of their duties. In most circumstances, when claiming other deductions, your clients will be expected to be able to substantiate […]

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Claiming Lost Super Back From the ATO Will Help Build Your Retirement Balance

12/03/18

By: Rod Myer Claiming back lost super held by the Australian Taxation Office could add $4200 to your retirement savings, according to new research. Research house Rice Warner has found that the amount of lost super ending up with the ATO – where it only earns the inflation rate – is growing because the maximum size of the inactive […]

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