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
If your business buys or sells stock, you may need to do a stocktake for tax purposes. All businesses are required to do a stocktake as close as possible to the end of each income year. A stocktake involves counting and checking all products, goods or inventory in your business to make sure your
As the new financial year approaches, there are changes to who is eligible for super and how much you need to pay. $450 threshold is being removed - From 1 July 2022, employees can be eligible for super guarantee (SG), regardless of how much they earn. This is because the $450 per month eligibility threshold
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
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
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
Not sure how to accurately track your company's vehicles? Use our template for this year's annual motor vehicle odometer reading. Click here to access our Odometer Reading Logbook. Best part? It's free!
Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement. So, why should an employer lodge an FBT
Many employers are unknowingly falling foul of the FBT regime through an incorrect interpretation of the minor and infrequent exemption allowed for benefits that cost less than $300. The most prevalent area where employers find themselves in trouble when applying the minor and infrequent exemption is in relation to the provision of ‘Meal Entertainment’.
