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
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
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
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
More than ever, cashflow is a vital part of staying afloat, whether your business is in recovery or growth mode. Revenue, profit and your bottom line will all resume their importance when we’re back to “normal” (however that’s going to look), but keeping everything running is the priority for now. Regular cashflow forecasts will
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
There are almost 3 million private companies in Australia. Many are used by small businesses to trade and for others, companies act as a trustee for a discretionary family trust or a self-managed super fund. However what happens when the director of the company – trading or trustee dies or becomes incapacitated? Will the
A Director Identification number (Director ID) is a unique 15-digit identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities. Directors need to apply for their own director ID. It’s free to apply. Existing Directors need to apply for their Director ID by 30 November 2022.
