Directors of companies need to register for a new identification number called a director identification number (director ID) This is a unique identifier that a director applies for once and keeps forever. You’ll need a director ID if you’re a director of: a company a registered foreign company a registered Australian body, or an Aboriginal and Torres Strait Islander corporation. You can apply for your director ID at Australian Business…
Cash Flow, Small Business, Taxation
With the end of the tax year approaching, now is the time to see what you can do to minimise your tax for 2021. This would mean more money in your pocket for you and your family to enjoy and put some fun back into the tough year it has been. To minimise your Personal tax click here. Business Tax Temporary Full Expensing Businesses with an aggregated turnover of less…
Cash Flow, Small Business, Taxation
Capitalism or socialism, that is the question. The Federal Government has released the budget for 2022 and it is a very socialist focussed budget in a way. As capitalism is what grows economies and the wealth of nations, the government has applied the correct balance of the two systems. As the country is in trouble because of Covid, it has come to the rescue with a safety net. Read below…
The festive season is finally here and I am sure you are all relieved that even Covid-19 could not stop it from arriving. So if you want to treat your employees with a year end party or gifts which they deserve, beware of the fringe benefits tax (FBT), GST and income tax consequences. You might think that the party and gifts are simply a tax deductible expense as they are…
Cash Flow, Small Business, Taxation
In March 2020, the Government increased the value that a business could instantly write off a business asset to $150,000 from $30,000 as part of it’s response to Covid -19. The business needed to have a turnover of less than $10 Million. Currently the Government has boosted this scheme and says there is now no limit on asset value if the turnover is less than $5 billion. From 6…
Cash Flow, Small Business, Taxation
Welcome to the Small Business Treasure Chest. I have opened the lid of the chest and found another amazing jewel once again to share with you. If you have missed our previous Jewels , check them out HERE. This jewel I have found, is all about Capital Gains Tax and Shares. If you have a Capital Gain in 2020, you can reduce this Gain with a capital loss. Now…