Business Activity Statement (BAS) is a tax reporting requirement for all business. The BAS is used to report and pay Goods and Services Tax (GST), PAYG Instalments, PAYG Withholding tax and other tax obligations. How often must you lodge your BAS? The BAS is required to be lodged either monthly or quarterly. If you are a monthly lodger the due...
Luxury Car Tax (LCT) is a tax of 33% on any luxury car sold in Australia or imported into Australia greater than the LCT threshold. A car is considered to be a motor vehicle designed to carry less than 2 tonnes and 9 passengers, however, Limousines are included no matter how many passengers they carry. The threshold for the 2014/15...
It’s tax planning time! If you’re a small business owner you don’t want to have to pay more tax than you have to. The following tips will ensure you get the most bang for your buck come tax time. 1. Take advantage of the $20,000 immediate asset write off Unless you have had your head in the sand for the...
By Tracy Miller
|
External CFO | News
If you’re a small business owner and have the goal of being successful and making money, then you absolutely need to be using an accounting software. Regardless of the structure, sole trader, company, partnership or trust, accounting software will greatly help you run your business. Accounting software has progressed in leaps and bounds in the past few years with fantastic...
By Tracy Miller
|
News | Xero Training
Xero Cloud Accounting Online Moving to xero cloud accounting doesn’t have to be a daunting process. It’s easier and more cost effective than you think. The cloud has changed the world of accounting and it provides mutual benefits xero cloud accounting to business owners and their trusted advisors, as they access the same financial data and work together in the...
Well it’s that time of year again when we focus our attention on tax planning before 30th June. Tax Minimisation Strategies There are a number of tax minimisation strategies that are often forgotten or overlooked by small business taxpayers. These tax minimisation strategies also help you better understand your business. I will discuss six that I have found taxpayers could...
Tax deductible expenses Although we have just started a new tax year, it is still important to understand the value of your tax deductible expenses and the benefit of that spending on your disposable income. I think in general, we tend to view that if we spend a dollar on tax deductible expenses or assets, it will save us a...
By Tracy Miller
|
External CFO | News
Tax planning strategies for year end Tax planning and the management of your tax liabilities is crucial to the success of any small business. There are certain strategies that can be implemented before year end to ensure you pay the right amount of tax. Below are some of the common tax planning strategies for small business owners. 1. Defer your...
“How can I pay less tax?” would have to be one of the most common questions I am asked by small business owners (SMEs), especially given the current economic climate. One great way to save on paying tax is to make sure your business is taking full advantage of the various tax write-offs available to you. Some methods don’t even...