In a bid to streamline and simplify the process for start-ups and founders, the Employee Share Scheme (ESS) received a significant revamp with regulatory reforms seeing a relaxation of the rules. Providing a boost for start-ups and founders who want to offer their staff equity, there will be around $550 million in tax incentives for […]
READ MOREWhat is a Div 7A Loan?
If you have a division 7A (Div 7A) loan, you may be wondering, how it arose, what this means, and what your obligations are. This article will explain Div 7A in clear terms and outlines what you need to know to remain compliant. What is Div 7A? Division 7A is an anti-avoidance rule designed to […]
READ MOREWhat’s changing on 1 July 2022
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up and how it will affect your business. 1 July 2022 changes for business Superannuation Guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase […]
READ MOREPayroll tax concerns – is your medical or allied health practice at risk?
Concerns are growing for medical and allied health practices over exposure to payroll tax obligations following the NCAT decision in the Thomas & Naaz Pty Ltd case. This ruling has set alarm bells ringing for many practice owners worrying that the structure of their service agreements will leave them exposed and liable to pay a […]
READ MORETemporary immediate full expensing of assets
Temporary immediate full expensing of assets means businesses can immediately deduct the purchase cost of eligible new and second-hand* assets. Is your business eligible to immediately deduct assets? Businesses that are eligible need to have an aggregated turnover of less than $5 billion. For businesses with an aggregated turnover of less than $50 million, temporary […]
READ MORETax Deductible Superannuation Contributions
There are some excellent tax benefits from superannuation contributions – you can take advantage of these by making your own voluntary superannuation contributions. We want you to take advantage of all opportunities available to you to help minimise the amount of tax you have to pay. Tax benefits from Superannuation Contributions Money invested in super […]
READ MORETrust Distribution Resolutions – lodge by 30th June to avoid 47% Tax
Do you have a Discretionary Trust? (also known as a Family Trust) Yes – well, you need to complete your trust distribution resolutions before 30 June. Failure to do so could see you paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to […]
READ MOREWhat is a Bucket Company and how will it help you save tax?
A bucket company is one of the most effective tax management tools available to business owners with consistently strong profit. It is a private company that sits alongside your family trust and receives distributions of trust income at the company tax rate of 25% – rather than that income flowing through to individuals at personal […]
READ MOREPrepay Business Expenses
Business owners can prepay business expenses making prepayments (up to 12 months) on expenses (e.g. loan interest, rent, subscriptions) BEFORE 30 June 2022 and obtain a full tax deduction in the 2022 financial year. Small Business Entity Concessions Small businesses can access a range of concessions including payment and reporting options. This applies to sole […]
READ MOREAre your contractors actually employees?
Employers can have problems identifying whether a worker is an independent contractor or if they’re actually an employee for tax and superannuation purposes. Two landmark cases in the High Court last month have shone a light on how determinations are made specifically in relation to the totality of relationships. Many business owners assume that if […]
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