All too often here at Freshwater, we see small business owners exhausted, burned out, struggling with their cash flow, and working CRAZY hours – wondering why they bother. In most cases, these businesses have had some pretty decent initial success with fast initial turnover growth.
DON’T Transfer money in and out of your company willy nilly/ without a plan!
Borrowing money from your own company might seem convenient / easy / simple / a minor issue that you can rectify later but in so many cases, this practise just results in a tax, legal and administrative NIGHTMARE.
Company directors: here’s our guide to the intricacies of borrowing money from your company…
In Australia, Fringe Benefits Tax (FBT) is like a tax on the extra perks or benefits that employees receive from their employers (apart from their regular salary or wages). These perks, or “fringe benefits,” could include things like private use of a company car, health insurance, or even expenses paid for a work-related party or event.
Every year, our team get tonnes of enquiries from new migrants to Australia who are feeling confused about our taxation system and what they need to do in order to have their personal income tax return prepared.
As a property investor in Australia, you can potentially SIGNIFICANTLY reduce your tax liability by understanding the capital gains tax rules and strategically managing your investments.
In this guide, we take you through the various aspects of CGT, including exemptions, the six-year rule, and ways to reduce CGT payments.
At Freshwater Tax of late, we have been noticing that quite a few clients are earning above the medicare levy surcharge threshold, yet not in possession of Private Health Insurance.
What is the Medicare levy?
Put very simply, the Medicare levy is an amount that you pay in addition to the tax you pay on your taxable income.
During the 11 years that I have been running Freshwater Tax (7 of which I have been doing while juggling little ones); I’ve often hit periods in which I am running multiple projects at once- all while juggling tax work, family, clients and managing the priorities of our team.
Capital Gains Tax (CGT) is a tax liability that gets added to your taxable income for the financial year. It’s important to note that CGT is NOT a separate tax but rather a component of your income tax. (i.e. the more you earned during a financial year, the higher your income tax liability including your capital gains tax is likely to be).
Are you sure that your small business is adequately covered by insurance?
It is crucial for small business owners carefully consider all types of insurance that may apply to their operations because insurance provides essential protection against various risks and liabilities.
Explaining Non-Commercial Losses: Understanding the 5 Essential Rules
It’s quite common for new businesses operated by sole traders or partnerships to incur losses during their initial growth phase. To support their business’s development, these individuals often rely on income from other source
Join thousands of other clients on our mailing list. Each month we’ll send out a newsletter with important tax information, key dates and links to new articles on our website.
"*" indicates required fields
All Rights Reserved.
Tax Agent Number: 26068859
Privacy Policy
Website design by MartinGibson.
Liability limited by a scheme approved under Professional Standards Legislation
