Small Business
The importance of cash flow forecasts
As we enter into the new year, with many economists predicting a slowing of the economy, planning your business’s cash flow is more important than ever. Studies suggest that the failure to plan cash flow is one of the leading causes of small business failure. To this end, a cash flow forecast is a crucial…
Read MoreATO new-year resolutions
According to the ATO, the five new-year’s resolutions to keep if you want to stay on top of your tax and super in 2023 are: 1. Know if you’re in business or not Are you earning an increasing income from a side-hustle? If you answer ‘yes’ to a few of the following questions, the more likely…
Read MoreLook before you leap: the small business CGT concessions
The CGT relief concessions that are available to small businesses can be very generous. However they can also be complex and confusing, so knowing a few of the finer details can go a long way to ensuring your small business can take best advantage of them. It’s never too early to consider an escape plan,…
Read MoreSelling up your business? Don’t forget the “going concern” GST exemption
The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold. The sale of a business may be GST exempt if the enterprise is deemed to be a “going concern” — which refers to an enterprise’s ability to continue trading. The…
Read MoreSimplified depreciation rules for small business
The simplified depreciation rules are attractive for small businesses as, among other things, they allow an immediate write-off for assets costing less than $20,000. In contrast, tax paying entities that do not qualify as a small business must use the general depreciation rules (also known as the uniform capital allowance rules), where certain assets need…
Read MoreActive vs Passive Assets and the Small Business CGT Concession
The small business capital gains tax concessions are extremely valuable. For small business owners who need to dispose of assets that have risen in value during the time they have owned them, accessing these concessions can mean greatly reducing any consequent tax liability, even to zero. But to access the CGT concessions some conditions must…
Read MoreFederal Budget 2016 wrap up.
The Budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million. This will allow a further 90,000 to 100,000 businesses to access a range of small business tax concessions,…
Read MoreAmending your activity statement
Once we have lodged your latest activity statement, you may realise that something has been left out or you have neglected to include a particular item. The Australian tax system is based on “self-assessment”, which means the ATO generally takes your word, under our guidance, and bases its assessment on the information it has been…
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