Companies

Motor Vehicle Tax Deductions – What can you claim?

By |2022-10-17T12:55:50+11:00October 17th, 2022|Business, Companies, News|

If you use your motor vehicle for work purposes, you can claim motor vehicle expenses as tax deductions in your income tax return. The ATO allows for the two following methods to be used when tracking work-related motor vehicle expenses.  The Logbook Method The logbook method requires a logbook to be maintained for a

Apply for Director ID before 30 November 2022

By |2022-10-17T12:27:52+11:00October 17th, 2022|Business, Companies, News, Tax|

If you are a director of a company and you have not yet applied for your director ID – the following information is important to you! All Directors must apply for a director identification number (director ID) by 30 November 2022.  Please note this also applies to you if you have a corporate trustee for your

Sole Traders and ATO Tax Time Toolkits

By |2022-10-03T12:02:57+11:00October 3rd, 2022|Business, Companies, News, Tax|

The ATO have recently flagged some common mistakes they come across for sole traders. These include: not adjusting expense deduction claims for private use; omitting wages or other income earned outside the business; and incorrectly offsetting non-commercial losses against other income. The following ATO link provides a range of information, guides & fact sheets

A Strong Strategy is the Heart of Your Successful Business

By |2022-09-08T17:00:37+10:00September 8th, 2022|Business, Companies|

Businesses that have clear objectives or goals, robust accountability and a shared sense of purpose should always outperform those that just show up and go through the motions. Strategy lies at the heart of most successful businesses. To achieve this you need to resource and execute with a clear purpose. Few businesses have a

3 Things Business and Entity Owners Must Do Before 30 June

By |2022-06-06T10:53:51+10:00June 6th, 2022|Business, Companies, Tax|

As an owner of a business or entity structure, there are certain actions that need to be taken prior to 30 June to avoid adverse tax consequences. 1. PRIVATE COMPANY (“DIV 7A”) LOANS Where a shareholder or associate of a private company takes money out of the company, this may be subject to the ‘Division

Tax Planning for Small Business Entities

By |2022-05-23T12:04:47+10:00May 23rd, 2022|Business, Companies, Tax, Uncategorised|

IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY? Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business must have: an aggregated turnover (your annual turnover plus the annual turnover of any business connected / affiliated with you) of less than $10 million; and 

Temporary Full Expensing – Last Chance to Utilise the Measure Before 30 June 2022

By |2022-03-28T19:24:48+11:00March 28th, 2022|Business, Companies, covid19, Fringe Benefits Tax, Uncategorised|

As you may recall, as part of the 2020-21 Federal Budget, the Morrison government released a generous tax incentive to help stimulate the Australian Economy due to the onset of COVID-19. The Temporary Full Expensing stimulus measure, allowed businesses with an aggregated turnover of less than $5 Billion to access an instant deduction for

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