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 […]
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 […]
Departing Australia Superannuation Payment
Whether you’ve been on a working visa and have been slogging away bagging bananas in Tully for six months, or decided to quit your city job and move to Peru, your employer has been putting money aside for your superannuation. Among sorting out all your affairs, you’re probably also wondering what will happen to your […]
Div 293 Shock
If your remuneration, including reportable fringe benefits and salary sacrificed superannuation contributions is in excess of $250,000 per annum, you may have an additional tax liability over and above the normal income tax payable on such earnings.. Now that would be a fairly substantial salary package, so it may seem like a good problem to […]
Luxury Car Tax
You can judge whether a car is luxury or not, according to the government, if it costs more than $65,094 for 2017-18 (and $75.526 for “fuel-efficient” cars). It was $64,132 for 2016-17 (with an unchanged fuel-efficient option). It’s not an over-the-top price tag if you’re considering true “luxury”, but it’s enough to cop an extra […]
Tax Return Planning
It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.
Sole Trader to Company
Whether you’ve been in business for years or you’re just starting out, choosing the right structure for your business is important. It is a consideration that is not only important from the start, but as your business grows and develops.
