Taking Care Of Business

We specialise in helping business owners and have produced a library of articles to help small business owners.

Activity Statement
Activity statements are used to make payments and report obligations under the tax system. The statement is used to report and pay your FBT Instalments, PAYG (instalments and withholding), GST and related tax obligations, and to pay deferred company and superannuation fund instalments. (Read More)

Australian Business Number (ABN)
The Australian Business Number (ABN) is a single identifier used for all dealings with the Taxation Office and other business entities and agencies. (Read More)

Capital Gains Tax (CGT)
Capital Gains Tax (CGT) is not really a separate tax but is what you need to include on your income tax return for any net capital gain incurred in a financial year for a Capital Gains Tax event which can include compulsory acquisitions, forfeited deposits, etc. Also you may have a Capital Gain from managed funds or other units where the Capital Gain is distributed to you. (Read More)
Education Tax Refund
As of July 2008 families can claim a 50% Education Tax Refund. The aim of the Refund is to help families meet the costs of educating their children and to ensure families have access to resources(internet access, etc.) that would improve educational outcomes.  If your family is eligible you can claim a 50% refund every year for eligible education expenses. (Read More)
Fringe Benefits Tax
Fringe Benefits Tax is generally the tax payable by an employer on a taxable benefit provided to an employee (or their associate-usually family) and can relate to current, past or future employment.  (Read More)
Goods & Services Tax (GST)
Goods and Services Tax (GST) is a tax of 10% in Australia on most goods, services, and other consumables. If you are a registered business, you need to charge GST on most goods and services you sell or supply. You must be a registered if your business turnover exceeds $75,000 per annum or $150,000 for a not-for-profit organization but you may elect for voluntary registration if you are below the threshold. (Read More)
Imputation
The imputation system provides a way in which Australian corporate tax entities can pass on credit for income tax they have paid to their members. The system prevents income tax being levied twice - once when the income is earned by the entity, and once upon distribution of the income to the members. (Read More)
Income Tax
Income tax is levied on taxable income. Taxable income is calculated as [assessable income] less [any allowable deductions]. Deductions include wages, cost of stock, rent, bad debts, and previous year losses. (Read More)

Negative Gearing & Property
The real benefits of negative gearing are only realized when you combine the correct tax and financial advice with a property in the right location funded by the most suitable loan product. You should always seek expert professional advice to make sure the purchase is within your budget and will provide long term taxation and financial benefits. (Read More)

PAYG Instalments
Pay As You Go (PAYG) instalments is a system for paying instalments during the income year towards your expected tax liability on your business and investment income. Your actual tax liability is worked out at the end of the income year when your annual income tax return is assessed. Your PAYG instalments for the year are credited against your assessment to determine whether you owe more tax or are owed a refund. (Read More)

PAYG Withholding
Employers are required to withhold amounts paid to employees and regularly send these payments to the Tax Office. This system is called PAYG Withholding. (Read More)

Recession Proofing Your Business
In recessionary times business owners must strike a delicate balance between pessimism and optimism, ensuring expectations are realistic but not giving up on growth. Smart business owners know that a recession presents an opportunity and it's time to spend more time working ON your business rather than IN it. (Read More)
Record Keeping & Retention
As the burden of proof falls upon the taxpayer in event of any dispute it is imperative that adequate, well-organized records are kept for the statutory periods as set out in the Income Tax Assessment Act.  Generally, this is for 5 years from the end of the relevant records. (Read More)
Small Business Entities
To qualify for Small Business Entity concessions in an income year you must: Run a business in that year and have an annual turnover of less than $2 million for that year and the previous year. (Read More)
Starting a Small Business
Starting or buying a business necessitates risk, research, passion and planning.  Just like a game of chess, to succeed you need to make the right opening moves. (Read More)
Superannuation Guarantee
As a small business owner you will have superannuation obligations for your employees.  There is a minimum earning cut-off (currently $450 per month) where most employees, full, part-time, casual or even contractors will need to have a superannuation contribution made of a percentage of their ‘ordinary time earnings' (currently 9%). (Read More)
Taxpayer Penalties
Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid these charges, ensure you pay the full amount of tax you owe by the due date. (Read More)
Wine Equalisation Tax
Wine Equalisation Tax (WET) is a tax on wine consumed within Australia and is levied at 29%. The tax is paid on the value of the wine at the last wholesale sale, or an equivalent value when there is no wholesale sale.  WET affects wine manufacturers, wholesalers, and importers.  (Read More)

 

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