As a business owner, it’s important you consider these several obligations before and after 30 June. Some can help minimise your tax, while others reduce your ATO audit risk. Here’s your action overview: A brief summary of key dates and actions over the next 2 months The key changes you need to be aware
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
