Posts

Top 3 stresses for business owners & how to manage them

We all know that, left unchecked, stress can grind down your passion and undermine your performance – not to mention, take a serious toll on your physical and mental health. So when you consider the pressures of starting and running a business it seems wise to add effective stress-management to the list of skills you need to develop to build and sustain a successful business.

Everybody experiences stress sometimes. But it is possible to stop stress from derailing your productivity, profits, and overall well-being. Follow these practical tips to avoid the main causes of “business-owner stress.”

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5 tips to avoid FBT on your staff Christmas gifts and work party

Christmas will be here before we know it, and once again many employers will be thinking about recognising their employee’s efforts throughout the year and getting everyone together for some fun and relaxation. While we don’t want to be the party-stoppers, we do think we should let you know that it’s worth thinking about how to manage tax and Christmas. While you should feel free to celebrate, make sure that you don’t get stung with unexpected taxes; particularly fringe benefit tax (FBT) and associated income tax and GST pitfalls.

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Small and medium business: the big 2016-17 Federal Budget winners

Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.”

Australian Small Business Ombudsman Kate Carnell says “… this year’s Budget certainly provides a framework for SMEs to grow and prosper.”

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Considering a change of structure for your small business?

The final tranche of 2015 small business budget announcements have made it into law, now expanding the tax relief available for small businesses to change the legal structure of their business. This new arrangement is designed to provide greater flexibility for small businesses to change legal structures without incurring an immediate CGT liability, and allowing it to defer CGT to a later point in time.

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What is the right legal structure for your business?

Choosing a business structure can be tricky. How you choose to legally structure your business can have many tax, legal and financial implications.

There are four commonly used legal business structures in Australia: sole trader, partnership, company and trust. The advantage and disadvantages of each should be carefully considered before you decide which one is best for you.

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Can you use business assets for yourself?

Is there a problem with using your company’s assets for yourself? Assets that belong to your business, but which are used for your own benefit or enjoyment, can potentially trigger a tax issue known as “Division 7A”.

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SuperStream deadline looming

With less than 100 days until the 30 June 2016 deadline, the ATO is reminding Australian small businesses to get “SuperStream ready”.

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Your business structure: from sole trader to company

Choosing the right structure for your business is a consideration that is not only important from the start, but as your business grows and develops. Here we look at the basic differences between operating under the simplest of structures compared to the most complex business structure.

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Employers: Beware “left-field” FBT liabilities

It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. In other words, a ‘payment’ (other than salary or wages) made, or benefit provided, to somebody because they are an employee.

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Tasmania’s promising economic growth

Tasmania’s economy has grown equal-second fastest in Australia in the December 2015 quarter – equal with New South Wales (0.6%) and second only to Victoria (0.8%) – according to state final demand Trend figures released by the Australia Bureau of Statistics (ABS) this week. Seasonally adjusted figures also show solid growth (0.7%), placing Tasmania fourth in the nation behind Victoria (1.2%), NSW (1.1%) and the ACT (1.0%).

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