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 […]
READ MOREFederal Budget 2022
The Federal Budget 2022 is seen to be a safe, ballot box friendly Budget. Â As expected, there is a focus on jobs, cost of living, home ownership and health, but there are many other highlights. Key highlights include: LMITO increased The Low and Middle Income Tax Offset has been increased for 2021-2022 by $420. Fuel […]
READ MOREProfits guidance finalised for professional services firms
The ATO has finalised its position on the allocation of profits from professional services firms – starting 1 July 2022. For some time, the ATO has been concerned about how professional services firms are structured – specifically, professional practices such as lawyers, accountants, medical practices, architects, engineers, etc., operating through trusts, companies and partnerships of […]
READ MOREGuidance for trust distributions – the ATO cracks down
The ATO has updated guidance for trust distributions made to adult children, corporate beneficiaries and entities with losses. Depending on how arrangements are structured, there is potential for significant level of risk. Released in February 2022, the updated guidance directly targets how trusts distribute income. As a result of the ATO’s more aggressive approach, many […]
READ MOREQueensland Financial Flood Support
If you’re based in Queensland and affected by the recent flood disaster, the government has made available financial support packages and grants. Torrential rain and flood waters have impacted communities along the east coast from Maryborough in Queensland all the way to Grafton in NSW. Across south-east Queensland, at least 33 areas were inundated by […]
READ MOREPandemic sees an increase in SMEs turning to trusted advisors
As challenging conditions brought on by the COVID-19 pandemic continue to put stress and strain on businesses, a growing number of business owners have sought advice and support from their professional advisors as well as their family/friends, colleagues and suppliers. The top 5 challenges facing businesses owners continue to be: Recruitment and labour shortages Supply […]
READ MOREFood and Beverage Manufacturing Grant
The federal government has recently announced a grant of up to $25,000 for small and medium food and beverage manufacturing businesses to assist with energy-saving projects. The aim of this grant is to assist businesses to improve energy efficiency practices and technologies and better manage energy consumption to reduce their power bills. They will be […]
READ MOREWomen in STEM and Entrepreneurship Grant
Women in STEM and Entrepreneurship grants encourage participation of girls and women in science, technology, engineering and mathematics leading to STEM education and careers. This grant opportunity provides funding to grow and expand existing projects that support women and girls regardless of their background to build STEM skills and succeed in high growth employment areas. […]
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