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With only a few days til' the Federal Election on 18 May, there is a lot of wild speculation and 'fake news' in the media.

We're not trying to recommend who you should vote for. That's a deeply personal decision. Rather, we'd like to help explain how the outcome of the Federal Election will impact you.

It sounds like the beginning of a bar room joke, but in all seriousness and despite their stereotyped images, there are fundamental differences between the three positions.

WARNING TIME

The Australian Taxation Office (ATO) is closing in fast on everyone who doesn't properly declare their income and pay the correct amount of tax.

 As your Tax Accountants, we want to help you be aware of what the ATO is doing and how you can protect yourself.

Do not sell without first gaining professional advice

For the majority of small to medium sized business owners, the value of your business is your biggest asset, and very likely, your retirement fund.

Upon sale of your business it is critical you receive the maximum available net proceeds. However, many taxpayers miss this once in a lifetime chance through poor transactions planning and the holding of assets in inappropriate structures. Just because you consider yourself a small business does not mean you have automatic access to all available CGT concessions.

 

While the rules are complex, if the correct planning is in place, a husband and wife team can receive up to $4 million tax free after the sale of their business. (If you’ve run your business for at least 15 years, all the sale proceeds might be tax free!)

Are you thinking of acquiring, upgrading or replacing capital assets that will be used in running your business?

On 31 March 2019, the Fringe Benefits Tax (FBT) year ended. With the ever increase budget deficits, the ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount.

To help you meet your fringe benefits obligations, we’ve put together a list of essentials every employer needs to know about FBT and review every year, such as:  

• Should I be registered for FBT?
• What information do I need to give my accountant?
• What is exempt from FBT?
• How can I reduce my FBT liability?
• Are the benefits I pay my employees minor and infrequent?
• Do I need to review our salary sacrifice agreements?

How to help a family member who can’t get finance get onto the property ladder without incurring capital gains tax.

BAS time seems to come around quicker and quicker! Here are some tips to try and make it a little easier! We have also included a summary of common errors we see, take a look to ensure you don’t do these.

With the Fringe Benefits Tax (FBT) year end of 31 March 2019 upon us, it is time to assess the annual FBT obligations of your business.
 

One of the advantages of self-managed super funds (SMSFs) is the ability to acquire a business real property (BRP), such as a commercial property, a shop or even a farm through your SMSF.

You started your business with the intention of making it a success yet your long-term vision most likely does not take into account what will happen to your business when you retire or in the event you should not be able to continue working.

Being successful in business demands you have certain essential components in place. Such as a durable business model. A solid plan of action. Sound financial management and bookkeeping.