Starting out in small business? You may be able to use simpler trading stock rules
If you are operating a small business and at the end of the income year you estimate that your trading stock’s value has not changed by more than $5,000, remember (especially if you are new to business) that you can choose not to conduct a formal stocktake. By making a decision to do this, you will not be required to account for the changes in the trading stock’s value.
Is your business prepared for Single Touch Payroll?
Single Touch Payroll is a government initiative to streamline business reporting obligations, which is due to become compulsory from 1 July 2018. When a business pays its employees, the payroll information will be sent to the ATO via the business’s payroll software.
Third party FBT danger – what to look for
Where some businesses have tripped up in the past is where the source of benefits provided is not clear cut — that is, where non-cash components of remuneration are sourced not directly from an employer, but from an associate, a related company or from a third-party provider.
What types of legal expenses are tax deductible?
What types of legal expenses are tax deductible? When a legal expense is incurred in relation to the operation of a business to produce assessable income, it is generally allowable as a deduction.
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Travel allowances (and retaining the exception to substantiate)
A travel allowance is a payment made to employees to cover accommodation, food, drink or incidental expenses they incur when they travel away from their home overnight or longer in the course of their duties.
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Business.gov.au site tool helps small business find the right advice
Need help with starting or growing your business? The government’s small business website business.gov.au hosts a free online tool to help businesses find government advisory services in their local area.
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