There are many ways in which taxpayers can defer income, maximise deductions and take advantage of other tax planning initiatives to manage taxable income. In order to maximise any of these opportunities, start your year-end tax planning now with better financial advise. Of course, whenever undertaking tax planning, be aware of the potential application of […]
Will you be kicking up your heels with a staff Christmas party over the coming weeks? When planning your event, you’ll naturally consider such important details as venue, food and drink, who’s invited, gifts, party theme and budget per head. And while you’re unlikely to invite anyone from the tax office, they will, nonetheless, take […]
Distinguishing employees from independent contractors can be a vexing issue for many businesses today. The distinction between the two was clarified somewhat in a 2011 Federal Court ruling on a case between On Call Interpreters and Translators Agency Pty Ltd and the Commissioner of Taxation. In that case, On Call, a translation company that offers jobs […]
Hire purchase can be a convenient way to finance plant and equipment, a passenger car or a fleet of vehicles. With hire purchase, a financier buys the goods from a vendor and then, similar to a leasing arrangement, retains ownership of the items until the hire purchase agreement is concluded. During the course of the agreement, […]
If you’re a small business owner and sell an asset you’ve owned for at least 15 years before the sale, you may qualify for the capital gains tax (CGT) 15 year exemption rule. But to qualify for this exemption, you must meet stringent rules related to small business tax relief. Under the 15 year exemption […]
It costs money to start a business, and generally you cannot deduct those expenses because they’re not incurred as part of running a company. Money spent to start a business isn’t considered as the cost of carrying on business. For example, before your company starts operating, it cannot deduct such costs as: Performing preliminary research […]
Companies, trusts, superannuation funds, sole traders and large investors are generally required to use the pay as you go (PAYG) instalment tax system. This method of tax payments calls for quarterly instalments during the income year that are credited toward your business’s expected tax liability. Starting 1 January 2014, all large entities in the PAYG […]
