Authoritative and technically accurate information and guidance on all areas of tax

A quick guide to tradie tax time deductions

For tradies, doing business comes with daily costs. A quick guide to tradie tax time deductions Here are some tradie tax time deductions and expense claims you can make this year. Don’t pay any more tax than you have to this financial year. Your tools, uniform, equipment and vehicle all incur deductible costs.   For

[ Read More ]

GST credits 101

Generally, a business charges its customers, and then pays the ATO, goods and services tax (GST) for taxable sales of goods and services made in the course of business. This is set at 10% of the price of an item. However to isolate the amount of GST from the “displayed” price it is necessary to

[ Read More ]

New company tax rate — beware of franking implications

The recent cut to the tax rate for small incorporated businesses, while generally very welcome, can bring with it some important considerations when it comes to making franked distributions. The rate change to 28.5% means that small businesses could easily frank dividends in excess of the underlying taxes paid on their profits and “overdraw” on

[ Read More ]