stocktake

End of Year Stocktake Concessions for Small Business

End of Year Stocktake Concessions for Small Business

By Element Business|2022-06-27T10:37:52+10:00June 27th, 2022|Business, Companies, News|

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

3 Things Business and Entity Owners Must Do Before 30 June

3 Things Business and Entity Owners Must Do Before 30 June

By Element Business|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