Hornsby Based Accountants, Business Tax Agents and Consultants
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Accessing your self-managed super fund (SMSF) early could land you in serious trouble with the Australian Taxation Office (ATO). For most people, you can only access your SMSF when: * You retire and turn 60 * You turn 65, regardless of whether you’re working Illegally accessing your SMSF early could mean you: * Lose your retirement savings |
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Running a small business is a rewarding endeavour but tax compliance can bring unique challenges. There are a number of common mistakes that small business owners often make that can have significant financial implications.
As a small business owner, you can take advantage of one of four capital gains tax (CGT) concessions offered by the Australian Tax Office.
These allow you to reduce, disregard or defer some capital gain from an active asset used in your small business.
Eligibility
These concessions become available when you dispose of an active asset, provided you meet certain eligibility requirements.
First, you must be one of the following:
Have you paid for external training for your employees? If so, you may be eligible for the skills and training boost from the Australian Taxation Office (ATO).
As a small business with a turnover of less than $50 million, you can claim an additional 20% bonus tax deduction for expenses incurred on training new and existing employees.
This covers external training courses your employees undertake, either in person or online. The training must be provided by a registered external training provider.
As a business owner, you know that keeping records can save you time, hassle and money in the long run. But there might be some records you haven’t thought about.
For tax purposes, you should keep record of your income, expenses, profits or losses. This means keeping your invoices, receipts, bank statements, payroll records and ledgers.
Alongside your financial records, here are four more areas you should keep track of:
* Inventory, including available stock and purchase orders.
Draft legislation to regulate the Buy Now, Pay Later (BNPL) system has been released for public consultation.
BNPL is estimated to add as much as $18.4 billion to Australia’s GDP and supports more than 120,000 jobs according to the Australian Finance Industry Association.
However, it is not subject to the regulatory framework that governs other credit products. The draft legislation amends the law to align BNPL with other types of credit.
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