The Australian government and crossbench senators have agreed on legislation that would cut the company tax rate for taxpayers with a combined turnover of as much as $50 million. With $24 million in estimated cost over a 10-year period, the measure is intended to foster economic activity and employment from small- to medium-sized enterprises. Cut […]
One of the popular remuneration schemes for employees is including a car in a salary package. Doing this as part of a salary sacrifice package will result in a ‘novated lease’. Another item that can be salary sacrificed is costs in operating the vehicle. This is commonly called ‘fully novated lease.’ Under a novated lease, […]
A car can be used as an incentive for employees. Employees can use an executive car to meet with their clients. A truck or van can be used to deliver your products. These and more are many reasons why investing in a car for your business makes sense. But having a company car isn’t without […]
Many small businesses in Australia are still up to their neck in paperwork. A recent global survey of 2,000 small businesses by Intuit found that Aussie business owners consume 25% of their time on admin tasks and only 22% are actually working to expand their business. The item that was listed as the “biggest barrier […]
“Don’t waste a good mistake, learn from it” – a piece of wisdom from popular money guru Robert Kiyosaki. But not only should you learn from your mistakes, it is also wise to learn from the mistakes of others. Here are some important lessons that business owners have learned from the terrible experience of losing […]
If you’re feeling like nothing is working the way you want them to or your path towards the future is blurry, you can easily find yourself in a state of paralysis or reluctant resignation. If you want to take control of your destiny, you mustn’t stay stuck or accept defeat. Here are steps to help […]
Same as other deductions, records for home office expenses must be kept for five years. But in reality, it may be difficult to fully comply with the ATO’s substantiation requirements. While it may be easy to keep the receipt for a printer bought for your home office, proving the deductible proportion of a particular utility […]
For taxpayers who could be thinking that the ATO’s recent move to improve and streamline private ruling applications translates into “open slather”, here are some sober facts you need to know. Of course, taxpayers who are worried that their situation may place them in an unfamiliar spot tax-wise can apply for a private ruling. Examples […]
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