While income tax and company tax seem to be front of mind for most businesses, fringe benefits tax (FBT) is applicable when employers provide certain benefits to their employees or associates of employees (usually family members connected to their employment). Let’s look at the basics of fringe benefits tax.
New and established small businesses need to consider if and when to register for GST. Small businesses that are below the $75,000 threshold for GST registration will need to weigh the pros and cons of registering.
Tax deductions are an important consideration for small business owners when determining their assessable income at tax time. Here we’ll look at some of the basics of small business tax deductions available
For many businesses, tax debt owed to the ATO is a serious challenge. As of mid-2018, the ATO was owed $19 billion. 70% of this amount consisted of tax debt owed by small to medium enterprises. That’s over $13 billion that SMEs owed to the ATO.
In May 2017, Labor Party leader Bill Shorten announced that, if elected, his party would cap tax management deductions at $3,000 for individuals. The reaction from the accounting community, including the Institute of Public Accountants, was swift and negative. Here we’ll look at the proposed changes and what they mean for small businesses.
Did you hear the ATO’s cracking down on tax debt harder than ever? Their latest approach has been to increase the number of garnishee notices they issue to business owners with outstanding tax debt. That means they could withdraw cash directly from your bank account to recover debts. Here’s what you need to know about the crackdown, and how to avoid it.
For many businesses, tax debt owed to the ATO can be a serious issue. As of mid-2018, the ATO had a collectable debt of $19 billion, 70% of which consisted of debt owed by small to medium enterprises. This means that SMEs owed over $13 billion to the ATO.
Having entered a new financial year, it’s a good time to start thinking about your tax obligations and available concessions so you can avoid any compliance issues and save time and money. Here are a few tips to help you prepare for tax time.