Tax Tips For Business Owners
Going into new business with other people is exciting and can be extremely rewarding. The question remains … should you get an agreement between two business partners? A formal agreement can set the ground rules and stop owners getting caught out if things don’t quite go as well as planned. Whether your firm is structured […]
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Every now and then you might read or hear about a “taxpayer alert” being issued by the ATO. Taxpayer alerts are the ATO’s “early warning” signals to the public about a certain area of concern — it could be about fraudulent schemes, or dodgy investments, or perhaps about a tax minimisation tactic that the ATO […]
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Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however the business must be: allowed under the SMSF’s trust deed, and operated for the sole purpose of providing retirement benefits for fund members. Note however that the rules governing SMSFs prohibit or limit some activities available to other businesses, […]
Read MoreIt’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities. There is no separate fringe benefits tax (FBT) category for Christmas parties […]
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As the Fringe Benefits Tax year runs from 1 April to 31 March, the months of October to December mark the “third quarter” of the FBT year, and so, as an early fix before year’s end, here is an overview of the FBT elements that can attract the ATO’s attention. This can be a timely […]
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It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure of course is the lower tax rate that these can secure, rather than at the top marginal tax rate that an individual would generally wear. […]
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