Tax offsets (also known as ‘rebates’) can directly reduce the amount of tax payable on a person’s taxable income. While claiming certain tax offsets can reduce a person’s tax payable to zero, on their own, they cannot create a tax refund. Here are three common types of tax offsets some individuals are eligible to claim:…
Pricing a business’s products or services can be a difficult task, even for the most experienced business person. This is because the price a business charges its customers can have a direct effect on the success of the business, no matter the type of product or service being sold. Getting your pricing right can enhance…
The amount of tax an individual pays on their super contributions depends on whether the contributions were made before or after they paid income tax; they have exceeded the super contributions cap or they are a very high-income earner. Before-tax super contributionsConcessional (before-tax) super contributions are taxed at 15 per cent. They include employer contributions;…
The Australian Tax Office has recently collaborated with industry representatives to develop a safe harbour for car fringe benefits. A safe harbour is a guideline that allows Australian businesses to make use of an efficient way to calculate tax where certain conditions are met. This particular safe harbour will simplify the approach for working out…
Many business owners would agree that there are more important things to spend money and time on than simply building their business’s brand. However, having a strong brand is often quite vital to a business’s success. Effective brands – e.g. Coca-Cola, Nike, Bonds etc. – can make businesses stand out from the competition and gain…
Australians are required to meet a condition of release under superannuation law before they are allowed to cash preserved benefits, restricted non-preserved benefits or access any of their super. Some conditions of release restrict the form of the benefit or the amount of benefit that can be paid. These are known as ‘cashing restrictions’. The…
The Australian Tax Office has warned small businesses that time is running out to start paying superannuation contributions in the new and mandatory electronic standard called SuperStream. SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in…
Taking out a chattel mortgage to finance the purchase of a business vehicle is an attractive option for small business owners from a tax-saving perspective. A chattel mortgage is a mortgage on a movable item of property i.e. motor vehicles. A finance company lends money to a business to purchase a car, which the business…
