Navigating the tax system to ensure you are meeting all your obligations as an employer can get confusing. In this article we look at some common areas of concern for business owners and provide some handy tools and tips.
The FBT exemption for small business employers providing work-related portable electronic devices to employees has been expanded in the 2017 FBT year (that is, from 1 April 2016).
Under the old rules, FBT exemption does not apply to multiple portable electronic devices provided to an employee in the same FBT year, where those multiple items have “substantially identical functions”. This “one device” limit still applies to employers that are not small businesses.
However, small business employers (that is businesses with an aggregated annual turnover of less than $2 million) can now access the exemption for more than one work-related portable electronic device, even where the devices do have “substantially identical functions” (such as the functions of a tablet and a laptop).
Last week Xero released an enhancement to their invoice reminders. The release allows you to bulk-select groups of invoices to switch reminders on or off from the main Invoicing list.
What’s your New Year’s Resolution: “stay fit”, “stress less”, “save more”? The New Year is a welcome opportunity for some personal reflection and goal setting, but are you making any resolutions to help make your business better than ever? January is a great time to consider your business goals and to plan what you’d like to achieve in the coming twelve months.
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.”
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.”
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.
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.
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”.
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.