Succession Planning
It is never too early or too late to think about succession planning for your business, however, it is strongly recommended that you start thinking about making a plan from the first day of ownership, regardless of whether you wish to own the business for 3 years or 35 years. Things change constantly in business, so by having a succession plan allows you to prepare for the unexpected, even though the plan may change throughout the years. Nobody wants their hard work and invested time to go to waste when they decide it’s time to step back.
Not in the will… does it count?
A recent decision in the Supreme Court of Western Australia shows that pre-testamentary wishes are difficult to prove unless they are expressly provided for under a valid Will. In Caratti, the deceased mother made a decision during her lifetime that her son, and future beneficiary of her estate, could reside at her house for as long as he wished. However, there was no provision of this right in her Will. The consequence was that the deceased’s son was not eligible for an exemption to land tax despite using the property as his place of residence.
10 ideas to help your business
If your business is struggling, you may not know the best way to fix the problem without some help. We’ve put together 10 ways that you may be able to use to turn your struggling business around. If you aren’t sure where to start, contact us and speak with the experts.
Tax of Insurance Premiums
As a general guideline, the ATO will allow a deduction for certain insurance premiums if it can be shown that the insurance cover relates to earning assessable income. In other words, life insurance, trauma insurance or critical care insurance are generally out. Income protection insurance is one example of the kind of cover that may provide an allowable […]
Taxable Payment Annual Reports
If your business primarily operates in the Building and Construction Industry, and makes payments to contractors, you are required to complete and lodge a “Taxable Payments Annual Report (TPAR)’ with the Australian Taxation Office each year. Businesses primarily in the building and construction industry need to report to the ATO the total payments they make […]
ATO Targets
Small business owners. Rogue tax practitioners. Uninformed taxpayers. Rental property owners. Such taxpayers have long managed to avoid consequence for partially-correct tax returns. Finally, it seems the Australian government has acknowledged the extent to which individuals are undermining its principal revenue collection agency – the Australian Taxation Office (ATO) Fresh off a funding windfall from the […]
Travel Expenses
Working out what can be claimed as travel deductions is an area many taxpayers find confusing. To obtain a deduction three “golden rules” need to be considered and met: The most common question we get asked – “is my home to work travel claimable?” Firstly, home to work travel is generally considered private in nature […]
Trust Tax Losses
Australian trust loss rules are complex, poorly understood and onerous to apply. As a result, business or investment trusts risk claiming losses incorrectly, a situation that can result in a significant tax liability. By making a family trust election (FTE), small to medium sized privately-held businesses operating as a trust can satisfy the trust loss […]
Dissolving a business partnership
A business partnership can break down for a number of reasons, but knowing what to do next, including your legal and financial obligations, is important. The termination of a partnership is referred to as a ‘dissolution’. If you’re looking to dissolve your business partnership, here’s everything you need to know, whether you have a partnership […]
Super guarantee health check
We thought it would be a good idea to remind employers of their obligation to pay superannuation guarantee contributions – currently at a minimum rate of 9.5% of ordinary time earnings on behalf of all eligible workers earning $450 or more before tax in a calendar month. Employees include company directors who receive payments in […]
