We are extremely proud to announce that Shannon Smit, has been appointed to the Board of Taxation’s Advisory Panel for 2016. The Board's Advisory Panel is made up of "Australia’s most talented and respected taxation experts" (as quoted on the Board's website).Shannon has held a previous position with the Australian Government’s Board of Taxation’s Expert Panel, however this will be Shannon’s first year as a member of the Advisory Panel.
It might seem like a clever strategy - moving surplus business cash into your personal mortgage offset account to save on home loan interest, then shifting it back to the company around tax time. But there’s a catch: the ATO sees this, and they’re not fans.
Running a small business has always been personal. Every sale, every setback, every sleepless night - it all comes back to the same person: the owner.
A staggering 93% of small business owners reported higher costs this year, while 64% saw profits fall. Taxes, wages, and insurance top the list of pressures, with taxes ranked as the number one cost by half of respondents of a recent report.
