Serving Sydney’s Inner West
Many small business owners invest not only financial resources in their business but also significant time, blood, sweat and tears not to mention emotional energy in building their business. When it comes time to sell, it’s good to know that tax concessions are available so that the capital gains you’ve worked hard to achieve aren’t all eaten up by tax. Continue reading “Small business and capital gains tax”
We all know Benjamin Franklin’s quote “In this world, nothing is certain except death and taxes.” But as only an accountant can be macabre enough to find amusing, tax continues after death – even once you’re dead, the Australian Taxation Office (ATO) still requires you to lodge a tax return! Ok, so clearly not the deceased person, but their legal representative (usually the Executor) must assume that responsibility.
I won’t go through the entire legal process of how an estate is administered – I’m an accountant not a lawyer after all. But from a tax point of view, there are a few specific requirements. Continue reading “A guide to administering deceased estates”
We’re in our 20th year of the Goods & Services Tax (GST) in Australia, so it’s only old timers like me who can remember the angst within the business community before it came into being! Largely, there have been very few changes to the system (helped I’m sure by any major changes needing to be approved by state governments) but I often get GST questions from people about to embark on their small business adventure. So, today is a refresher on some GST basics. Continue reading “A quick guide to navigating the GST”
This week I was asked a fairly straightforward question – I am a sole trader, operating with an ABN, can I claim travel to client premises? What’s the big deal you say, of course she can! But as is always the case with tax, the devil is in the detail. The other part of the email gave me some more facts. There is only one client, payment is made on an hourly rate and the travel involves a three hour round trip by car. Suddenly Personal Services Income (PSI) alarm bells were ringing and the answer becomes much more complex. Continue reading “Personal Services Income – Are you affected?”
The new financial year has begun which means Single Touch Payroll (STP) is here for all employers. Have you implemented the new system? Or are you still hoping it will go away? Well the bad news if you’re in the latter category, is NO! The good news is that you still have time to comply with the new system which is now a legal requirement. Continue reading “Single touch payroll, it’s here!”
In my experience, people fall into one of two categories when it comes to cars. There’s me – I couldn’t care less what my car looks or performs like as long as it gets me to where I need to go. In a crisis, I’m able to check the oil and change a tyre, but other than that, I’m just not interested. At the other extreme are some people I know who drive very fancy (think expensive) cars, like to know exactly how it works and how it’s made and take pride in being able to change a tyre in under 3 minutes!
But, when it comes to cars and tax, we all follow the same rules. Today, we’re going through what tax deductions are available for motor vehicles as well as how you can claim eligible GST input tax credits. Continue reading “All about cars (and tax!)”
There has been a lot of noise in the last couple of weeks about changes to superannuation that take affect from 1 July 2019. The changes arise due to some Productivity Commission recommendations. Their purpose is protect your retirement savings by limiting superannuation funds’ ability to charge fees and insurance on certain accounts. So, the big questions: does it apply to you? Will you lose out? and What do you need to do before 1 July? Continue reading “Super Changes from 1 July. What does it mean for you?”
As 30 June approaches, many businesses are asking how they can save tax for the year. There’s lots of noise about the instant asset write off and many of the large retailers are offering discounts to entice you to spend before the end of the financial year. But before you leap in, this is only one of the ways to save tax. Here are 10 tax saving tips for you to think about before you head out to your nearest computer retailer. Continue reading “10 tax planning tips for small business”
The Happy EOFYS adds have started on tv and in the newspapers, so you know we must be only a few weeks until the end of the financial year. But, you’re an individual Pay As You Go salary earner, so nothing to see here – right? Wrong! While it’s true that most of these adds are targeted to the business owner, as a wage earner, there may still a few things you can do before 30 June to reduce your tax. Continue reading “How to save tax in 2019”