Contractors can claim a wealth of tax deductions, but it’s best to understand how to claim using the methods that will reap the most benefits. Our short report outlines what these tax deductions are, and how you can claim them to maximise your tax return.
Car spaces given to employees may incur Fringe Benefits Tax, and is calculated daily. Recent changes made to the Economic Recovery act has increased the company exemption threshold, as well as car parking spot definitions. These changes can be quite complex. Our short report outlines what these are so you’re not caught short come 21 May when businesses are required to pay their FBT obligations.
It pays to check if your business ABN is inactive or has been cancelled. There are implications for grants, government payments and business obligations.
As a business owner, you’re busy with the day to day running of your business, let alone adding in GST, PAYG, company taxes, fringe benefits tax and personal income tax into the mix. Understanding your real-time cash position, ability to identify fluctuations, plan for tax payments and major expenses will keep your business running smoothly.
As a small business owner, you’re busy enough with the day to day running of your business, making sure your customers are happy and paying all the bills. It’s understandable that your focus is there, however, a big part of business is making sure you stay in business. All sorts of things can and do go wrong and a little bit of insurance planning can go a long way to ensure you stay afloat.
While savvy Australian’s look at ways to cut their expenses, tax is often overlooked. Tax is actually one of your highest yearly expenses, and the truth is most don’t look at ways to cut their taxes. You might think that there aren’t many ways tax can be reduced, but the truth is, it can – and it’s quite easy! A little bit of knowledge and professional advice is all you need.