Posts

Small and medium business: the big 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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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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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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Tax relief for small business restructure

Yesterday, 29 February 2016, Parliament passed legislation that will allow small businesses to change their legal structure without attracting a capital gains tax (CGT) liability at that time.

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Tax and online fraud: protect yourself and your business

Since July this year, scams targeting both individual and business taxpayers have been running rife.

From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up.  So how can individuals and businesses protect themselves from online fraud and crime?

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How can your business claim website costs?

Your business can claim website development and maintenance costs under various tax rules.

As a business owner you probably know by now that you need a website; whether to display your credibility, ensure you are accessible, target a wider audience, showcase your work or transact with your customers. Since most consumers now search online before making a purchase decision, a professional-looking site is important.

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Can your small business claim tax deductions for employee training fees?

Running a successful small business sometimes requires an up-skilled team. If you need your employees to grow their expertise in a particular area, spotting them for short-courses, seminars, one-day intensives, professional qualifications or a bunch of “101s” can be a worthwhile endeavour.

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Your guide to FBT and Christmas: 5 tips to keep your gifts and party tax free

Christmas will be here before we know it, and it is likely that employers will already be thinking about their yuletide preparations. You may also be thinking about how to manage FBT and Christmas.

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If you think the taxman is wrong, here’s what you can do

You are allowed to disagree with the Tax Office, if they have disagreed with your self-assessment of your tax position.

If you believe your tax assessment is incorrect, the first step is straight forward and pretty informal. You contact us and we start making enquiries; you may need to provide us with extra information to help. If we believe the assessment is wrong we can lodge an amendment with the Tax Office (see our post Making an amendment to your tax return).

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Top 5 tax tips for small business

It’s something of a little white lie, isn’t it? — the one told to aspiring small business owners and entrepreneurs that hard work guarantees success.

Hard work is vital, but it’s not the only quotient.

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