Small Business Tax Concessions
For small businesses, the small business tax concessions offer substantial CGT concessions when selling or transferring business and are a core aspect of most restructures. There are four main concessions that can be implemented, some of which are able to be utilised concurrently with other concessions. This is a specialist area that, if properly utilised, […]
Asset Protection Strategies
The implementation of proper asset protection is a strategy that is often recommended, but we find is rarely followed through until it is too late. In developing asset protection strategies, we look at the entire group, identifying risks, managing these risks and ensuring that assets are not unnecessarily exposed. All businesses benefit from asset protection […]
Guide to Wind Up Notices
For a business, the receipt of a wind-up notice can be one of the worst things that can happen. From the moment you receive the notice the clock is ticking, and you have a short period of time in order to deal with the notice and its consequences. It is important to get advice as […]
Small Business Restructure Rollover
On 12 May 2015, the new Small Business Restructure Rollover was announced, commencing on 1 July 2016. This permitted small business owners to change their legal structure without attracting a taxation liability. This exemption is similar to accessing the small business rollover relief, but with a focus on a restructure from an entity that may […]
Ask the accountant
When you are about to make that next big business decision are you often left wondering whose advice you should seek? Your accountant should be your first point of call. Whilst many people often underutilise their accountants, it is important to remember they have a wide range of experience and skills that business owners should leverage […]
Start up costs
Historically, taxpayers may have been able to claim a deduction for the costs associated with setting up a business or raising finance, including the costs incurred in: – establishing a company or other business structure – converting a business structure to a different structure – raising equity for the business – defending it against a […]
Business interest expenses
If a business racks up an interest bill from borrowing funds to pay for the expenses of running the business, or to acquire other income-producing assets or investments, this expense is generally allowed as a tax deduction for the relevant year. For business taxpayers under the accruals accounting method, a claim can be made for […]
Buying assets on gumtree
A recent case before the Administrative Appeals Tribunal (AAT) brought into focus a growing phenomenon that you should keep in mind for work-related or business expense deduction claims, especially where the acquisition of claimable assets is made in a certain way. The engineer and his “invoice” The case involved a taxpayer’s attempt to make a […]
Training courses for employees
Running a successful small business sometimes requires an upskilled team. If you need your employees to grow their expertise in a particular area, spotting them for short-courses, seminars, one-day intensives or a bunch of “101s” can be a worthwhile endeavour. For example, accounting firms generally pay for their employees’ CA or CPA program course fees. When […]
Working from home
In general terms, the Tax Officetakes the view that expenditure associated with a person’s place of residenceis more likely to be of a private nature. However if you produce assessable income at home, or some of it, and you incur expenses from using that home as your “office” or “workshop”, you will generally be in […]
