Category: Small Business Tax

Fringe benefits tax (FBT) returns and payments are due on the 21 May.  Before you complete your lodgement, it’s important to understand changes to one employee benefit that may impact the FBT liability of your business.  A refresher on FBT liabilities A fringe benefit is a ‘payment’ to an employee in respect of their employment,...

The recently announced 2022-23 Federal Budget presented key changes to taxation, business, and superannuation, with the minimum pension drawdown amount put in the spotlight. While the impact of these changes varies from person to person, there are some key factors you should consider if you’re approaching retirement or have a family member on the pension....

When it comes to running a family business, one of the biggest questions that will arise is when and how to pass it on to the next generation. While the specific details of your family business may be different from others, there are some key questions you should ask yourself before beginning the succession process,...

Every business needs a plan. Whether you’re just starting out or you’ve been in business for years, a well-devised business plan is essential for success. Business planning can seem overwhelming, but it doesn’t have to be. There are five core elements that every successful business plan has. Whether you want to start a business, buy...

As the end of FBT year approaches, it’s important to be aware of the benefits you’re providing your employees. One such benefit is fringe benefits, which are ‘payments’ made to an employee in a form other than salary or wages. This incurs a specific kind of tax known as Fringe Benefits Tax (FBT), which is...

It’s never too early to start planning for your business’s cash flow. In fact, the earlier you start, the better off you’ll be. That’s because cash flow is one of the most important aspects of any business. Without it, your business will quickly run into trouble. Cash flow is the lifeblood of any business, providing...

Self Managed Super Funds (SMSFs) are one of the fastest growing structures in Australia, but they’re also one of the most complicated. SMSF trustees need to know all about investments and how to protect their SMSF. They also need to be aware that SMSFs have strict rules around who can contribute or withdraw funds. Trustees...

If you’re a business owner or sole trader, you need to know how to prepare for Business Activity Statements (BAS). This article will take you through the steps you need to take to get ready for your BAS, including when to lodge and what information needs to be included. So whether you’re new to BAS...

The SME Recovery Loan Scheme terms have been amended and expanded due to the ongoing economic impact of the COVID-19 pandemic. The 2022 Scheme expansion will now be available from 1 January 2022 until 30 June 2022. This expansion allows SMEs to access loans of up to $5 million with a 50% Government guarantee. What...

Maximising your super is an important part of managing your finances. The amount you put into it, the way you invest, and how you use the tax concessions available to you can make a big difference in how much money accumulates in your super account over time. Some of the best ways to maximise your...