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
