5 ways business owners can accidentally trigger a tax audit
It all starts with a notice from the ATO You are busy running your business, juggling the day-to-day and keeping busy with customers, employees and back-end work. Out of the blue, you receive a letter from the ATO telling you that an audit of your company and business operations has been completed. At the end of the letter, you find a full-course […]
Get your personal income tax position right
Get your personal income tax position right We will make sure you pay what you owe, and that you can show why that is the right number. Most people with a complicated tax return did not set out to have one. It accumulated. A rental property, some shares, a family trust distribution, a redundancy payment, […]
Move income and expenses around a group of entities
Move income and expenses around a group of entities We will document the money moving inside your group so each transfer is what you intend it to be. Inside a family or business group, money moves because it is needed. One entity has cash and another has a bill. The group thinks of itself as […]
Keep on top of your business tax obligations
Keep on top of your business tax obligations We will map what your business owes, to whom, and when, so nothing falls due unnoticed. A growing business collects tax obligations faster than it collects the systems to manage them. Pay as you go withholding arrives with the first employee. GST arrives at the registration threshold. […]
Deal with a Division 7A loan from your company
Deal with a Division 7A loan from your company We will put your loan account on complying terms before it becomes an unfranked dividend. Money taken out of a private company by a shareholder is not automatically income, and it is not automatically a loan either. Division 7A decides which. Where an amount is not […]
Meet the tax obligations of an estate
Meet the tax obligations of an estate We will tell you what the estate owes and what you must not distribute until it is paid. An executor who distributes an estate before its tax is settled can be personally liable for the shortfall. That is the fact that matters most and the one least often […]
Work out the CGT and stamp duty on a transaction
Work out the CGT and stamp duty on a transaction We will tell you what the capital gains tax and duty will be, and which concessions you qualify for. Two taxes attach to most transfers of value in Australia, and different governments assess them on different bases. Capital gains tax is federal and falls on […]
Understand the tax on winding up a solvent company
Understand the tax on winding up a solvent company We will tell you how the surplus will be taxed before the liquidator distributes it. A solvent company being wound up usually has money to give back. How that money is taxed depends on what it is made of and how it leaves the company. The […]
Understand the tax when a business winds up
Understand the tax when a business winds up We will map every tax obligation that closing the business triggers, and the order they fall due. Closing a business does not end its tax obligations. It triggers a final set of them, and several fall due after trading has stopped. Disposing of the assets can produce […]
Apply for a private ruling from the ATO
Apply for a private ruling from the ATO We will frame the question so the answer you get back is one you can actually rely on. A private ruling is the only way to make the Commissioner’s view binding before you act. You set out the facts and the question, the ATO applies the law […]