On 12 March 2020, the government announced a package of measures to help the economy withstand and recover from the economic impact of coronavirus. The following measures will be administered by the ATO. We are here to explain what measures would benefit you. 1. Cash flow assistance payments for SMEs Eligible small and medium-sized businesses [...]
There are many reasons why business people seek a valuation, including: Selling the business – to get an idea of a good price, you need to know what your business is worth. This is a leading motive for conducting a valuation. Even if you don't plan to sell yet, valuing your business early on can [...]
Foreign resident capital gains threshold from 1 July 2017 reduced from $2 million to $750,000.00. Property sold for $750,000.00 is now liable for CGT. From 1 July 2017 the FRCGW rate is expected to increase from 10% to 12.5%. If vendor cannot obtain a clearance from ATO, the purchaser must withhold 12.5% of the price [...]
The Daily Telegraph today reports that foreign person land tax surcharge is increasing to 2%. All family trusts that don't exclude foreign person as beneficiaries will be subject to this tax. Even if the trust is a potential beneficiary of the income from the land. Every family trust that has a direct or indirect interest [...]
Tax returns cover the financial year from 1 July to 30 June, and if you’re lodging your own they are due by the 31 October deadline. MyTax is the quick, easy, safe and secure way to lodge your tax return online. It's web-based, so you don't need to download anything. You can lodge on a [...]
Do you feel you’re paying too much in tax? Many businesses do and aren’t sure what to do about it. Legal tax minisation is a complex field best left to expert accountants in Sydney. One interesting option is through the use of trust, an organisational structure that offers many benefits including tax savings. Tax minisation [...]
Tax Planning Planning is at the heart of a successful tax strategy. Only by thinking ahead can you identify and then maximise deductions and other savings that can lower your tax bill. A tax accountant can help you with the timing of such matters as bad debts and write offs that can lower your tax [...]
When considering the tax treatment of profits and losses on CFD ("Contracts For Difference"), there are some basic scenarios you may need to determine first:- Speculator - a speculator is not a trader or a gambler but who may trade on a one-off or semi-regular basis. If the CFDs were entered into for the purpose of [...]
