The small business income tax offset can help reduce the tax small businesses pay on business income by up to $1,000. This offset is available from the 2015-16 income year onwards. Small businesses with an aggregated turnover less than $5 million can access the concession from the 2016-17 income year. Business income derived by another…
There are no steadfast rules for saving money. Everyone’s financial situation is different; people earn different amounts, need to save different amounts and have varying expenses. Luckily, the following tips can apply to anyone. Budget Planning ways to cut your expenses and save money is important if you want to save but at the same…
All businesses, at one stage or another, will have to go through significant change. Change is necessary for growth but accepting the need for change can be difficult for some. Change can arise in various ways, i.e., struggling to find quality employees, a demand to change direction, targeting a new target market and so on.…
Recent research has found that an alarming 31 per cent of SMSF trustees consider choosing investments as one of the hardest aspects of running an SMSF. Value investing is one such strategy that SMSF investors can utilise to boost their portfolios. Value investing involves identifying undervalued assets that have the potential to increase in value…
Personal services income (PSI) is income mainly produced from your personal skills or efforts. There are special tax rules that apply if your income is classified as PSI. Almost any trade, industry or profession can receive PSI. The most common are financial professionals, IT consultants, engineers, construction workers and medical practitioners. PSI does not affect…
When looking to establish or improve your business saving money is a smart strategy, but trying to cut certain corners can also be a downfall. There are certain areas you should invest in and perfect, those being: An accountantHiring an accountant means one extra expense, which is why many business owners are tempted to go…
The ATO has changed the conditions of registration for businesses to access the Small Business Superannuation Clearing House. The Small Business Superannuation Clearing House is a free online service available for small businesses to make super contributions for their employees. The Tax Office is now allowing businesses with 19 or less employees or businesses with…
The Australian Taxation Office distributes penalties to ensure individuals are not making misleading or false statements regarding income, business and wealth matters. Studies indicate there is over $5.5 billion lost every year through tax avoidance in Australia, a massive amount of money. One of the reasons these penalties exist is to ensure taxpayers take more…
