Tax Season Tips for Small Business Owners

Preparing for tax season is really a year-round endeavour. Tip number one for SMB owners is to update financials on a monthly basis, using a streamlined software or cloud-based system. This way, come tax time, everything you need is all in one place. And well organized SMBs are better positioned to minimize their tax bill … Continued

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Tax Issues to Consider When Buying a Business

In a corporate acquisition, different tax issues flow from the choice of acquiring shares or buying assets and assuming the debt of a target business. The decision can significantly alter the after-tax return for both the buyer and the seller. This article looks into several key issues that affect the value of the transaction. Satisfying … Continued

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Claiming Tax-Loss Deductions

Future earnings can generally be offset by taking advantage of tax losses, if your enterprise can satisfy certain conditions related to ownership, shareholdings and business activities. There are three main tests that must be satisfied, but they are complex and require professional help. Here are the guidelines for whether your organisation can deduct its tax … Continued

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Hosting Christmas Parties – Key Points for Employers

Festival season is upon us and no doubt many an employer’s attention is drawn to hosting an end-of-year party to celebrate the year’s achievements with staff. However, employers need to be aware of considerations such as tax obligations and health and safety regulations when it comes to hosting events such as a staff Christmas party.

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Professional Firms & Allocation of Profits under ATO Scrutiny

Allocation of profits within professional firms is attracting the ATO’s attention. The ATO is taking a closer look at how certain professional firms carried on through a partnership, trust or company are allocating profits, and whether there are arrangements being utilised which could be giving taxpayers an unfair tax advantage.

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