Small Business CGT Super Rollover
In an era where there are significant restrictions on the amount of money that is able to be contributed into superannuation, advisors are acutely aware of the ability of an individual to contribute lump sum amounts into superannuation by applying the Small Business 15 year exemption or the Small Business retirement concession. Where the Small […]
CGT Basics
The term “capital gains tax” (CGT) is perhaps the biggest misnomer in tax. It is not its own, separate tax on capital gains per se. For an individual, it is included as part of that person’s assessable income and subject to tax at their marginal tax rate. When a taxing point for CGT happens (referred […]
CGT Exemption for two homes
CGT exemption for two homes It is generally accepted that an exemption to capital gains tax applies to the family home, or “main residence”, and the exemption usually applies for only one home at any given time. But there is a rule that allows for a taxpayer to have two main residences and still maintain […]
Why is an accountant important?
When a business is growing, there can be so many moving parts that it can be hard to keep track of the bottom line, and when you finally do figure out how much money you’re actually making it can be too late. Accountants provide a great service at various stages in the growth of your […]
Am I going to lose my house?
As the Director – am I going to lose my home if I liquidate the company? The most common question we are asked when clients contact us for advice is – will I lose my home if I liquidate the business. Well, the short answer is NO. I have seen hundreds of liquidations where Directors […]
The Importance of Communication in Restructure
Restructuring a business is generally a step towards the end of a period of uncertainty, creditors, stakeholders, staff and the owners are on tenterhooks, communication is generally stressed or non existent and it’s now necessary to re-engage. Often in the lead up to a restructure there has been a period of mixed communication, business owners accentuating the good often to the detriment of the bad.
Observations on Food Retail in Australia 2018/19
Our year in food retail has seen the widespread closure of outlets, rather than regeneration. It has been a tough year, with the dual influence of rising costs and external pressures. There has been an escalation in shutdowns as marginal operators have started closing the doors earlier and walking away from unrealistic leases.
Press in this area has been increasing and there has been a slew of prominent restaurants closing their doors.
Is my company in trouble?
It has been reported that business closure rates are as high as 60 per cent for small businesses within the first three years of operation. Operating a business comes with uncertainties, and sometimes it can be difficult to pinpoint the exact signs telling you your business is in trouble. Whether you’re an owner, director, or manager, you […]
Basic Tax Tips for Business
You’d be hard pressed to find a small business owner that doesn’t start pulling their hair out at the mention of taxes. They’re notoriously boring and difficult, with a thousand considerations, loopholes, and things that you could technically be doing better. Unless you’re a small accounting business, there’s probably little chance that you’re fully adept […]
60 tips for easy tax returns
Understanding taxation is important when you’re running a business. There are usually a number of different taxes your business needs to pay and a range of obligations you’re required to meet. Unfortunately, not everyone gets it right all the time, as this snapshot of common business mistakes clearly reveals. 1. Claiming deductions and GST input […]
