6 tax planning strategies to minimise your tax
It is tax planning time! In most instances, tax planning happens in the final quarter of the financial year between April and June. 30 June is fast approaching, so now is a great time to plan and forecast for the end of and new financial years to ensure you’re in the best possible tax position. […]
New FBT exemption for electric vehicles
On 12 December 2022, the Treasury Laws Amendment (Electric Car Discount) Bill 2022 was legislated to provide an FBT exemption for eligible electric vehicles. This retrospectively applies to eligible car benefits provided from 1 July 2022. The objective of the exemption is to encourage a greater take up of electric cars by making them more affordable and […]
Everything you need to know about employee leave when isolating because of COVID
As the majority of Australia has switched to a policy of ‘letting COVID rip’, more employees are now isolating with COVID as a patient or close contact than ever before. Consequently, more employees are relying on their annual or sick leave entitlements to ensure they’re getting paid while in isolation. This article summarises the most […]
How to Improve Business Cash Flow
Everything you need to know about Christmas parties and FBT
As Christmas and the New Year fast approaches, many businesses look forward to celebrating the past year with gift giving and Christmas parties for employees. Many business owners may not fully understand the fringe benefits tax (FBT) implications of providing such benefits and if you’re not informed, it could see you owing unexpected costs for […]
What is your business’ break-even point?
The rise and rise of OnlyFans, YouTube, TikTok and other online platforms offer amazing opportunities for content creators to generate an income from their side hustle. As these opportunities increase alongside the sometimes-considerable income streams, the Australian Tax Office (ATO) has issued warning to the rising industry. How are content creators taxed? An update released by the […]
What is your business’ break-even point?
If you’re a business owner, you need to know your business’ break-even point — the number of units you need to sell (in dollars or units) in order to cover your operating costs. If you reach this point, it means your business is turning a profit and in a more stable operating position. Being aware […]
What is the Best Interests Duty for mortgage brokers?
The best interests duty for mortgage brokers is a statutory obligation for mortgage brokers to act in the best interests of consumers (best interests duty), and to prioritise consumers’ interest when providing credit assistance (conflict priority rule). These two obligations are collectively referred to as the Best Interests Duty. Based on the Royal Commission’s recommendations, […]
Everything a Small Business Needs to know about Personal Guarantees
Author: Hayley Tibbie, Lawyer, JHK Legal What is a personal guarantee? A personal guarantee is a written promise to guarantee the liability of one party for the debts of another party. Commonly, personal guarantees are given by directors and shareholders of companies to personally guarantee the payment of money or obligations on behalf of their […]