small business

Top 5 avoidable tax mistakes small business owners keep making

The whitest lie ever told to aspiring small business owners and entrepreneurs is that hard work guarantees success. Hard work is vital to success, but it’s not the only quotient. Perhaps your clients have listened when starry-eyed blog writers and charismatic airbrushed suits telling them that they can’t lose if they try hard enough. Well,

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Business costs, and the deductibility of interest expenses

If a business racks up an interest bill from borrowing funds to pay for the expenses of running the business, or to acquire other income-producing assets or investments, this expense is generally allowed as a tax deduction for the relevant year. For business taxpayers under the accruals accounting method, a claim can be made for

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New ‘bright line’ test will deny some the corporate rate reduction

Last week, legislation was introduced that will exclude some businesses from the reduction of the company tax rate for small and medium corporations to 27.5%. The Enterprise Tax Plan will eventually deliver a rate of 25% by the 2026-27 income year, introduced progressively, but with an increase in the qualifying aggregated turnover threshold. This was

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Avoiding the more common BAS mistakes

The ATO knows that business taxpayers can make errors when lodging their business activity statement (BAS) and reporting their GST transactions, even with the best intentions of getting it right. Research the ATO has carried out in the past has indicated that more than 80% of GST errors are unintentional and can be made by

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