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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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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When you travel overseas, you can claim a refund of GST paid on items purchased before your departure. Not all items are eligible and the refunds are not paid in cash. Here are the guidelines for claiming refunds as well as what to do when you bring back items you purchase during your trip. Whether … Continued
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Participating in an ESS may let you defer taxes on your beneficial interest for as long as seven years after you acquire it. But that will depend on the type of schemes your employer offers. You will also have to satisfy certain financial tests and meet certain conditions. Here are the details of the … Continued
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Online shopping is growing, figures show. If you run an online business and have been thinking about expanding your operations globally, you need to consider possible offshore tax ramifications. With online shopping becoming the norm and promising strong growth and opportunities, it is not surprising that a number of Australian-based businesses have taken steps to … Continued
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Tax audit and review notices are sent out to thousands of companies each year. If your business receives one, do not panic. Call your tax professional and cooperate with the Tax Office. It may just be a request for additional information or verification. If an audit does result, and if there is a reason to … Continued
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You can trim your company’s assessable income significantly with business deductions. To be eligible, write-offs must be taken by the end of the taxation year. If you plan ahead, you can even deduct costs that relate to future years. Here is a list of 15 strategies that can help maximise your organisation’s tax savings. Smart … Continued
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Superannuation may still be the best total tax deal in town, but some of the advantage has been stripped away by the reintroduction of the surcharge. Recent legislation introduced Version 2 of the surcharge that was abolished eight years ago.
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