Using tax losses
Your business racked up a tax loss? Put it away for later use A business generally makes a tax loss when the total deductions it can claim for an income year exceed the total of that business’s assessable income for the year. Then of course there are deductions that you can’t count as tax losses, […]
Franchises and Tax
The Australian Competition & Consumer Commission (ACCC) is the government body responsible for enforcing the Franchising Code of Conduct, and if you or someone you know are considering entering into a franchise arrangement, this will probably be a good starting point to get an idea of what to expect. It imposes strict obligations on franchisors […]
Director Responsibilities
Risks and liabilities As though business owners and principals don’t already have enough on their minds, discussion about the ups and downs of the business environment is being heard around the barbecue again — just to add to the list of excuses for not sleeping well at night. Company directors especially need to keep in […]
Tax of rewards points
Many companies, or even whole industries, offer their customers loyalty award-based incentives programs. These programs, such as the “Frequent Flyer” and “Fly Buys” schemes, are designed to reward customers for purchasing or using a company’s goods and services (or indeed, those of its affiliates). As a result of one particular court case, the Tax Office […]
Can salary sacrifice work?
Salary sacrifice can be a great way to get a part of your remuneration in a form other than cash – and not personally pay tax on it. Salary sacrifice (or salary packaging) is where you agree to take part of your wage as a benefit of some kind, equal in value to the salary […]
Dealing with your landlord
Craig runs through some of the issues in dealing with your landlord. More information? To find out more, give us a call on 1300 023 782 or email team@cdrta.au.
Borrowing money from your company
If you own a small private company, perhaps with your spouse, think twice before borrowing money from that company. If the transaction is not recorded correctly you could end up paying tax on any loan thanks to the rules known as Division 7A. You as an individual and your company are different entities so using […]
Trading with a wind up notice over your business
Companies that have trouble meeting their tax obligations, or other debts, may receive a notice to wind-up from creditors or the ATO. Business owners and company directors are often confused about the impact of receiving a wind-up notice, and uncertain about what their options may be. A wind-up notice is a serious matter, and it’s […]
Trading Insolvent
Companies are a unique type of legal structure in that they are a separate legal entity and provide limited liability. However, there are certain situations in which the corporate veil can be lifted and directors are held personally liable for the company’s dealings. This commonly occurs when a company continues trading whilst insolvent. Directors have a duty […]
Documents to wind up a business
Winding up a business is different to merely ceasing trade. While the latter means that you’re effectively stopping business, you still have to abide by a handful of obligations and fees while the business remains registered. The de-registration process is long and involved, and can take months to take from start to finish. Creditors have […]
