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The Small Business Income Tax Offset

The small business income tax offset - Tax Store Clayton

The small business income tax offset (also known as the unincorporated small business tax discount) can reduce the tax a sole trader business pays by up to $1,000 each year. The offset is worked out on the proportion of tax payable on business income.

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Small Businesses Need To Get “Active” To Pay Less Tax

Small businesses need to get “active” to pay less tax - Tax Accountants Chatswood

For small business owners who are disposing of assets that have risen in value during the time they have owned and used them in their business, accessing one or more of the available small business capital gains tax (CGT) concessions can greatly reduce any consequent tax liability.

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Keeping Busy — But Is It Just A Hobby Or Are You In Business

Keeping busy — but is it just a hobby, or are you in business? - Tax Accountants Carrum Downs

It is important to understand the differences between a hobby and a business for tax, insurance and legal purposes among other things. For one thing, there will be certain tax and other obligations that start once you are in business.

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What You Need To Know About Trust Distribution Resolutions

What you need to know about trust distribution resolutions - Tax Accountants Burwood

An essential starting point for consideration of trust income and how that income is to be distributed is to look at the trust deed. This very central document sets out the rules and expectations for the governance and operation of the trust and the powers that can be exercised by the trustee.

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Tax When You’Re Headed Overseas

Tax when you’re headed overseas - Tax Accountants Brunswick

Most people’s “to-do” list when they are planning a trip overseas will likely include items such as travel insurance, phone chargers or taking photos of their passport — but probably the last thing on anyone’s minds will be their likely tax situation before, during or after that trip-of-a-lifetime.

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Businesses Get Increased Access To Losses

Businesses get increased access to losses - Tax Accountants Brisbane

In the first quarter of this calendar year, legislation was passed that will supplement the ATO’s current “same business test” for losses with a more flexible “similar business test”. The new test will expand access to past year losses when companies enter into new transactions or business activities.

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