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 is so important for business owners. By taking action before 30 June, business owners have the time and opportunity to implement a number of strategies to minimise tax and take advantage of any tax concessions available. The strategies to be implemented does depend on the circumstances of each business. This article explores
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
It's Tax Planning Time! With the end of the financial year approaching fast, NOW is the time to take proactive steps to review your tax position and put strategies in place to minimise your tax. Why is tax planning so important? For the following key reasons: Cash flow planning Know how much tax you
While you might not be flush with cash now and able to put large amounts into superannuation, it’s important that you are aware of what is possible to maximise your super balance and possibly reduce your tax at the same time. DEDUCTIBLE SUPER CAP OF $27,500 FOR EVERYONE CARRIED FORWARD CONTRIBUTIONS SPOUSE SUPER
With a Federal Election due in the next 8 weeks, the Morrison Government has just made its bid for re-election with the following headline announcements in its Federal Budget released on Tuesday 29 March 2022: Petrol tax slashed by 22 cents per litre for 6 months from Budget night. 10 million low and middle-income
On Tuesday 29 March 2022, the Federal Government handed down the 2022 Budget. The focus of the Budget is to provide assistance with the rising costs of living. From a small business point of view, two key initiatives were announced: Technology Investment Boost - A $1 billion Technology Investment Boost to encourage small businesses
JobKeeper 1.0, JobKeeper 2.0, extensions, declaration dates, and ATO online forms…. it’s confusing, isn’t it?! Don’t worry, we have broken it down step by step with key actions to take so you know EXACTLY what to do next. We are now at the beginning of January 2021. JobKeeper 1.0 is now finalised and
