Despite the Australian Tax Office’s education campaign on GST reporting, many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements. The vast majority of errors are easily unavoidable and relate to the over-claiming of GST credits. Here are the top ten common GST mistakes: Residential…
The name of your business can have a quite an impact when it comes to marketing your brand, how you are perceived by customers and whether or not you stand out from the competition. Strong business names send a clear message to the public to help customers identify with the business. They also make a…
Dividend franking turns 30 in 2017. Despite this, many are unfamiliar with the benefits franking credits can bring, especially to SMSFs. SMSF trustees who invest in Australian shares can benefit from franking credit refunds which can offset the fund’s expenses, such as tax payable or any lump sums. A franking credit, also known as an…
If your small business is registered for GST (Goods & Services Tax), most of your sales in Australia will include GST. Sales which include GST (taxable sales) are:– made for payment (monetary or other)– made in the course of operating your business (including any capital assets sold)– connected with Australia For these taxable sales, the…
The ATO has provided further guidance regarding limited recourse borrowing arrangements (LRBAs) and when non-arm’s length income (NALI) rules apply to a related party LRBA. The Tax Office recently released a Taxation Determination (TD 2016/16) and updated their Practical Compliance Guideline (PCG 2016/5/) to provide further clarification concerning the circumstances where a self-managed super fund…
The holiday season provides the perfect opportunity to connect with customers and leverage off the seasonal shopping period. For many businesses, the upcoming Christmas season presents a peak in sales and revenue. Businesses that fail to maximise the holiday shopping season can miss out on a huge revenue opportunity and risk losing customers to competition.…
The Australian Government has recently passed what it is calling the ‘most significant superannuation reforms in a decade’. The reforms include the introduction of a $1.6 million transfer balance cap, which places a limit on the amount an individual can transfer into the tax-free earnings retirement phase and the introduction of the Low Income Superannuation…
A well-written code of conduct is essential for every business – it can provide guidance to staff as well as stating your business’ values and ethical principles. A code of conduct provides staff with clear guidelines for expected behaviour in a variety of situations, for example, attending work-related social events or taking business trips. A…
