With tax time around the corner, it’s time to start getting your records in order for your 2023-24 tax return. The Australian Taxation Office (ATO) wants to make it as easy as possible. They have a range of information, digital tools, and services to help small business owners and operators get their tax and super […]
Get Ready for Tax Season: Key Strategies for Small Business Success Read More »
Tracking sales tax, also known as Goods and Services Tax (GST), is crucial for businesses operating in Australia. Accurate tracking ensures compliance with tax regulations and helps in maintaining transparent financial records. Here’s a comprehensive guide on how to track GST effectively. Understanding GST GST is a value-added tax of 10% on most goods and
Effective Methods to Track Sales Tax (GST) Read More »
No one enjoys paying taxes, and Capital Gains Tax (CGT) often tops the list of least favourite taxes. However, CGT has some redeeming features: it’s only payable when you dispose of an asset, and if you’ve held it for at least a year, you get a 50% discount to account for inflation. Additionally, death doesn’t
How to Minimize Capital Gains Tax with Super Contributions Read More »
A family trust can be an excellent way for parents and small business owners to protect their children’s financial futures. However, they are not a guaranteed safeguard. So, should you set up a family trust? That’s the question we’re here to answer. There are several advantages and disadvantages of family trusts that you must carefully
Is a Family Trust Right for You? Key Insights on When, Why, and How to Set One Up Read More »
Throughout their careers, many small business owners reinvest all surplus funds back into their business, intending to use the proceeds from its sale for retirement. This strategy can be highly beneficial, especially when leveraging the various small business capital gains tax (CGT) concessions available upon selling. These concessions not only significantly reduce your CGT liability
How the 15-Year Small Business CGT Exemption Can Help Boost Your Super Read More »
A comprehensive guide on which CGT concessions you can and can’t access when considering selling your business. Selling a business often leads to a significant capital gain, which in turn, means a hefty tax bill. Luckily, there are various CGT (Capital Gains Tax) concessions available that can reduce your CGT by 50% or more. But
Understanding CGT Concessions: Eligibility for Multiple Business Owners Read More »
The Australian and New Zealand dollars struggled near multi-week lows on Tuesday after China’s unexpected move to cut several key interest rates. Meanwhile, the U.S. dollar remained relatively unchanged as it awaited new economic data and central bank meetings. On Monday, China surprised global markets by cutting major short and long-term interest rates, marking its
Dollar Remains Steady as Aussie and Kiwi React to China’s Economic Moves Read More »
What Is Financial Risk Management? Financial risk management involves identifying the potential downsides in any investment decision and deciding whether to accept the risks or take measures to mitigate them. Financial risk management is a continuous process as risks can change over time. There are risks in all investments. Successful financial risk management requires a
Financial Risk Management: Why It Matters and How to Do It Right Read More »
The Australian financial market is a dynamic landscape that continually evolves, presenting both opportunities and challenges for investors, businesses, and financial professionals. Staying abreast of the latest trends and hot topics is crucial for making informed decisions and navigating this complex environment. Here are some key insights into the current trends and hot topics shaping
Staying Ahead: Key Trends and Hot Topics in the Australian Financial Market Read More »
Every tax season, the Australian Taxation Office (ATO) zeroes in on specific areas where taxpayers are prone to making mistakes, either accidentally or intentionally. For 2024, the ATO’s primary focus areas include: Let’s delve into each of these areas to understand why the ATO is paying special attention to them this year. Work-Related Expenses The
ATO’s Key Tax Compliance Focus Areas for 2024 Read More »