This morning, the Australian Government has announced their second round of policies to further support Australian businesses and individuals as it is expected the Coronavirus will be impacting the economy in the next few months.
This is what we know so far:
For those businesses who are registered for fuel tax credits (FTC), do you know there are THREE different rate changes (so far) in the 2020 financial year?
The following tables will come in handy when you prepare your quarterly BAS.
Remember we are always available if you need a helping hand!
Are you a business owner who is considering selling your business, but is unsure what the tax implications are?
When it comes to selling your business, there are many decisions to make, and sometimes these decisions may impact your tax liabilities on sale. It is therefore wise to speak to an expert about the road ahead before starting the journey of selling.
If a business is sold without having extensive analysis of its tax implications, you may end up having to pay up to 47% tax on the profit. However with proper consultation well before the sale, you may be able to reduce the income tax liability down (sometimes to nil!). The difference can be enormous when the profit is huge.
For example: a business sale with profit of $3m, with 47% tax, your share to keep is $1.59m, however with a 0% tax, you get to keep $3m. That’s a difference of $1.41m!
Below are some concessions you may be able to use to minimise your tax.
The busy season is here, and we are meeting our clients everyday to help with preparing their tax returns, business and tax advisory and bookkeeping queries. Very often during our conversations they raise some interesting questions, let’s have a look at some of them here.
One question we are often asked by clients who are setting up a new business as a sole trader is “Do I need to setup a new bank account for the business?” Legally, the answer is “No” as there is no legal difference between you as an individual and you as the business if you are a sole trader.
However, there are some very good reasons why it is better to keep your business banking separate from your private banking.
