Welcome to the Business Matters library of articles and information designed to keep you up to date with the information you need to run a better business.
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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 ...
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....
Know Your Key Numbers
A recent article in the Australian Financial Review suggested the three main reasons for small business failures were...
Tax Return Client Checklist
Click here for 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 ...
Business Activity Statement
There are three main areas reported on a BAS being:...
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.
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.
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.