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Tax – What the 2019 Federal Election means for you
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.
Whats the difference between an accountant bookkeeper and tax agent
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.Read More
ATO don't say we didn't warn you
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.
THINKING OF SELLING YOUR BUSINESS?
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!)
What every employer needs to know about fringe benefits
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?
Should I transfer my business premises to my SMSF?
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.Read More
Exit Strategy: Why a Succession Plan Is Important for your Business and your Family
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.Read More
Don't just talk about it, do it! Business Execution The Key to Getting Ahead
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.Read More