Posts

Tax and the sharing economy

There are more and more sharing economy, or collaborative consumption, websites and apps hitting the market in Australia and they are making their way from the big cities into the Tasmanian market. With the holiday season upon us, short-term vacation rentals through apps like Airbnb and Stayz will be in full swing. And now that Uber has arrived in Hobart – just in time for the silly season – Tasmanians and our tourists are embracing the ride-sourcing phenomenon.

But before you decide to rent your house out for summer with Airbnb or earn some extra money driving for Uber, you need to consider the tax implications – you may need to pay GST and income tax on your earnings and you may be liable for CGT down the track.

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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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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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Startup tax deductions now include professional fees

Startup small businesses are able to deduct a range of expenses associated with launching their venture, such as the costs of professional accounting and legal advice.

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How we should fix the 3 biggest tax barriers to small business success

It’s safe to say Australia has a penchant for small business.

Around 90% of Australian businesses are small to medium-sized entities (SMEs). Taxes on small business are lower than they’ve been in the last decade. It’s one of our healthiest and fastest growing sectors.

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The “sharing economy” in Australia: do you need to pay tax?

Have you ever let a room on the popular accommodation site Airbnb? Thinking of sharing a ride with pseudo taxi service Uber?

If you participate in what’s now called the “sharing economy”, you may have some tax to pay.

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More of the Federal Budget’s small business concessions now have certainty

Our post-budget wrap up looked at many of the announcements affecting small business with the “Growing Jobs and Small Business” package announced by the government on budget night. You can read more about the small business concessions at business.gov.au.

Now the legislation that many small business owners will be glad to see in place has made it through Parliament.

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