We find a lot of businesses get really confused as to what they can/can’t claim and if there are any Fringe Benefits Tax consequences to the entertainment they provide to their staff and associates as a result of Christmas festivities.
Just starting out as a Freelancer in Australia? It’s important to understand your tax obligations. Check out our Freelancer’s Guide to Tax.
With the 2022 Tax season fast approaching, we’ve pulled together 7 tax considerations to pop on your Personal Tax Checklist.
As a small business owner too, we know how busy EOFY can be. So, we’ve pulled together 14 tax considerations for Business Owners, to help you prepare for your 2022 Tax Return.
When you sell an asset (let’s say a property), you will do so at a profit, a loss, or you’ll come out even. If you’re lucky enough to come out with a profit, that profit you receive is called your Capital Gain. When you complete your tax return, you’re required to report your Capital Gains as well as your Capital Losses, but you only pay tax on your Capital Gains (i.e. when you’ve made a profit). This is called Capital Gains Tax (CGT).
While negative gearing is a method commonly applied to rental properties, it can in fact be applied to any type of investment. Essentially, negative gearing is when you borrow money to invest (let’s use the example of property), and you operate at a loss, i.e. your rental income is less than what it costs you to hold the property. When it comes to rental properties, there are a number of things you can claim as a deduction in an effort to boost your costs and come out “negatively geared”.
Making additional contributions into your superannuation is just one method you can use to reduce the tax you pay each year, which can be particularly appealing to higher income earners who consequently see higher proportions of their salaries disappear on tax. However, it’s not just higher income earners who can benefit from this strategy.
Let’s not sugar coat it – each year we pay large sums in taxes (some more than others depending on what you earn…. AND what you can claim). You earnt it, so we want to help you keep it (well, as much of it as possible). Ultimately, that comes down to knowing what you can and should be claiming, and that’s where we come in.
Small businesses in the eligible defined areas listed below who were directly impacted by the recent South East Queensland Rainfall and Flooding, 22 February – 7 March 2022 may now apply for Disaster Recovery Funding of up to $50,000.
From 1 November 2021 (now) all company directors in Australia will need to apply for a unique Director Identification Number (DIN). Your DIN will be used by ASIC in a similar way to how the ATO uses your TFN – that is, it is a unique number that will be issued once you have verified your identity with Australian Business Registry Services (ABRS).
