Tax Tips For Business Owners

This summary outlines some of the deductions a fitness professional can and cannot claim as an employee in the fitness and sporting industry.   Car expenses A fitness professional cannot claim deductions for your car expenses from home to work even if: you work outside normal business hours, for example, shift work or overtime you […]

Fraudulent ‘phoenix’ activity occurs where a company deliberately liquidates to avoid paying creditors, taxes and employee entitlements. The perpetrators transfer the assets to a new entity, and continue operating the same or a similar business with the same ownership. Phoenix activity has impacts on the business community, employees and contractors, the government and the environment, […]

You may have tax and superannuation obligations if you employ or contract workers into your business, either full-time or part-time. This includes your family members and you if you are a director. Your obligations may include:  Pay as you go (PAYG) withholding Superannuation guarantee Fringe benefits tax (FBT) You have responsibilities from the day your […]

GST (Goods and services tax ) is a broad-based tax of 10% on most goods, services and other items sold or consumed in Australia. How does the GST work Generally, businesses and other organizations registered for the Goods and Services Tax will: include GST in the price they charge for their goods and services claim credits […]

Changes to the tax treatment of employee share schemes (ESS) took effect on 1 July 2015. These apply to Employee Share Scheme interests (shares, stapled securities and rights to acquire them) issued on or after that date. There are changes to some existing rules as well as new concessions for employees of start-up companies. The […]