small business

5 tips to a tax-free Christmas work party

Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations. 5 tips to a tax-free Christmas work party. But while you should feel free to pop a champagne cork or three for your employees, make sure that you don’t get the

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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

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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

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Template letters and other tools when employing staff

The following may be helpful for your dealings with employees. Here are some template letters from Fair Work Australia for employers to use when hiring, managing an employee or ending the employment of an employee. These templates will continue to be updated over time, so while the templates below will be a guide as to

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