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Australian Business Number (ABN)
The Australian Business Number (ABN) is a single identifier used for all dealings with the Australian Taxation Office and other business entities and agencies.
Negative Gearing and Property
The real benefits of negative gearing are only realised when you combine the correct tax and financial advice with a property in the right location funded by the most suitable loan product. You should always seek expert professional advice to make su
Become a Business Brain Surgeon
Are you working longer and taking home less than your staff? Are you working all hours of the day and night and still barely managing to keep your customers happy? Are you unable to delegate or outsource work to give you more time to work on you....
Negative Gearing - Flavour of the Month
Buying and negatively gearing an investment property is a well established practice in this country with approximately 30% of residential properties now owned by investors.
Know Your Key Numbers
A recent article in the Australian Financial Review suggested the three main reasons for small business failures were
2010/11 Tax Return Client Checklist
The following is a checklist for information required to prepare income tax returns for this year. Please ensure that you review the checklist and have all information available when completing your tax returns.
Need Finance for your Business?
If you are looking for a business loan you need to be prepared like never before.
As a small business owner you will have superannuation obligations for your employees.
Capital Gains Tax (CGT)
Capital Gains Tax (CGT) is not really a separate tax but is what you need to include on your income tax return for any net capital gain incurred in a financial year for a Capital Gains Tax event which can include compulsory acquisitions, forfeited de
Business Activity Statement
There are three main areas reported on a BAS being:
Small Business Entities
To qualify for Small Business Entity concessions in an income year you must...
Fringe Benefits Tax (FBT)
Fringe Benefits Tax is generally the tax payable by an employer on a taxable benefit provided to an employee (or their associate—usually family) and can relate to current, past or future employment. The benefit could be in place or in addition to sal
Record Keeping & Retention
As the burden of proof falls upon the taxpayer in event of any dispute it is imperative that adequate, well-organised records are kept for the statutory periods as set out in the Income Tax Assessment Act.
Goods and Services Tax (GST)
Goods and Services Tax (GST) is a tax of 10% in Australia on most goods, services, and other consumables. If you are a registered business, you need to charge GST on most goods and services you sell or supply.
Income tax is levied on taxable income. Taxable income is calculated as [assessable income] less [any allowable deductions]. Deductions include wages, cost of stock, rent, bad debts, and previous year losses.
Pay As You Go (PAYG) instalments is a system for paying instalments during the income year towards your expected tax liability on your business and investment income.
Employers are required to withhold amounts paid to employees and regularly send these payments to the Tax Office.
The imputation system provides a way in which Australian corporate tax entities can pass on credit for income tax they have paid to their members.
Simplified Tax System
The Simplified Tax System (STS) is an alternative method to determine taxable income for eligible small businesses with straightforward financial affairs. Participating in STS is optional.
Starting Or Buying A Business
Starting or buying a business necessitates risk, research, passion and planning. Just like a game of chess, to succeed you need to make the right opening moves.
Recession Proof Your Business
Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.