Myths around contractors
The Tax Office says that it has encountered several myths and assumptions adopted by both workers and employers when it comes to trying to decide the tax status of a job appointment. It found that employers continually rely upon some inaccurate factors when making distinctions about what makes a worker an employee or contractor — […]
Contractor or Employee?
Most independent contractors take care of their own tax liabilities (instead of the employer withholding employees’ tax under the PAYG withholding system) and therefore may require an Australian business number (ABN) to avoid having tax deducted at maximum rates from payments made by recipients of the contracting service. Contractors may also need to register for […]
Undercover employee
The undercover employee The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation of an employee as a contractor by businesses. The mischief from the Tax Office’s point of view is the avoidance of employer obligations relating to the Superannuation Guarantee (SG) and Pay As You Go […]
Reminders for Directors
As though business owners and principals don’t already have enough on their minds, the words “slowing economy” are 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 mind that the Corporations Act holds directors personally liable for many […]
Five simple mistakes for business
It’s something of a little white lie, isn’t it — the one told to aspiring small business owners and entrepreneurs is that hard work guarantees success. Hard work is vital, but it’s not the only quotient. And while you may be told by starry-eyed blog writers or charismatic motivational speakers that you can’t lose if […]
Quick List of Business Deductions
This non-exhaustive checklist of business deductions is designed to provide an easy reference guide to the types of deductions that might be claimed by businesses. Note that these deductions may not necessarily be available, and before deciding on the deductibility of an outgoing, the business’s particular circumstances should be taken into account. Ask us for guidance. All businesses […]
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 […]
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 […]
Basics of trusts
Trusts 101: What are they, and how do they work? One of the big motivations for considering using a trust will be to protect assets. Property and other assets can be moved into a trust for protection from creditors, to maintain an estate until a beneficiary becomes old enough to have legal possession, or isolate […]
