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…
Quite often we get asked by our clients if their side hustle would actually be considered a hobby (and thus not required to be disclosed in their personal income tax return). In 95% of these cases, the answer ends up being that the client is running a legitimate business.
Are you working independently as a contractor, consultant, or freelancer?
Is your income primarily derived from your personal skills and labour?
In this overview, we explore the key aspects of land tax laws in Western Australia, Tasmania and The Northern Territory.
What is Land Tax?
Land tax is an annual tax determined by the cumulative taxable value of all the land you own in Victoria, except for exempt properties like your primary residence. It is assessed as of midnight on December 31st preceding the assessment year.
In Queensland, as an individual in ownership of a property that is not your main residence, you are liable for land tax if the total taxable value of your freehold land (comprising land owned solely and your share in land owned jointly with others)—at 30 June, 2023 is $600,000 or more.
What is Land Tax?
Land tax is a levy imposed on landowners in New South Wales (NSW) as of midnight on December 31st each year. If you possess any property that is not your primary residence, including a vacation home or unit, you may be liable for land tax.
Granny flats have gained significant popularity in recent years as a means to generate rental income or provide additional living space for family members.
It’s all very well to be smashing your turnover targets, but if your net profit margin is poor, or not growing in line with your turnover – then are you really succeeding?
There are three methods for calculating ATO car expense deductions: 1) The “cents per km” method 2) The “logbook” method and 3) The “actual costs” method
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
