You may no longer have an option. Here’s what you need to know If you’re a small business owner, staying on top of your GST obligations is a must. The ATO is stepping up its compliance game, and for some businesses, that could mean a shift from quarterly to monthly GST reporting. Why the
Repaying a Division 7A loan correctly is crucial to avoid the loan being treated as an unfranked dividend, which can result in unexpected tax liabilities. Here are the primary ways to repay a Division 7A loan: 1. Minimum Yearly Repayments Interest and Principal: The borrower must make minimum yearly repayments, which include both interest and
When dealing with Division 7A loan agreements, it's crucial to adhere to specific timelines to ensure compliance with tax regulations. One of the most important deadlines to remember is that the loan agreement must be in writing before the company's tax return lodgement date for the financial year in which the loan was made.
Trusts are a popular vehicle for both investment and business purposes. One effective strategy that trustees often employ is the use of corporate beneficiaries to distribute trust profits. This approach can offer several tax planning advantages. Here’s a detailed look at how this strategy works and its implications. Understanding Corporate Beneficiaries A corporate beneficiary is
What is Division 7A? If you have a company within your family structure, it is likely that you have come across a tax concept called ‘Division 7A’. Division 7A is a set of rules within the Australian tax system, designed to prevent private company profits from being distributed to shareholders or their associates without
Current rates for the year ended 30 June 2024: Please note the above numbers are for general audience only. Each number above is subject to change depending on an individual's circumstances (taking into account details such as a person's age, superannuation status and total superannuation balance). Please note, this article is intended to be
There has been much ruckus in the media about a proposed new tax for superfund balances over $3 million. This article breaks down the basics of what you need to know: Current rules First thing to note, is these proposed new rules are not yet law! So watch this space. Very broadly, under the
Keeping up-to-date records of your business transactions isn't the most glamorous part of being an entrepreneur, that’s for sure. But, in reality, having accurate and up-to-date bookkeeping is actually one of the core ways to keep your finances (and your business) under control. Digital bookkeeping is the future of your finance The digital age
While software has replaced the leather-bound ledgers of the past, bookkeeping is still an essential task for modern business owners. Here’s how it works – and why it’s so important. Bookkeeping benefits Accurate, up-to-date financial records are vital for running a small business. They let you keep tabs on spending, help you plan and
