There is a big difference between tax planning and tax return preparation. Tax planning is proactive, and highly recommended as advance planning can make it possible for business owners to effectively minimise their tax obligation, and importantly, pay no more tax than they need to.
The ATO will automatically defer lodgments and payments for taxpayers living in identified bushfire impacted postcodes, meaning income tax, activity statement, SMSF and FBT lodgments are deferred until 28 May 2020.
Treasury has released its Mid-Year Economic and Fiscal Outlook for 2019/20, forecasting a surplus of approximately $5 billion.Other tax-related measures incude a discretion for taxpayers to undertake a record-keeping course and a new third party reporting regime for businesses operating in the sharing economy, such as Uber and Airbnb.
The ATO data-matching program is seeking policy information from insurance companies about taxpayers who own marine vessels, thoroughbred horses, fine art, high value motor vehicles and aircraft.
If you want to make the most of tax efficiencies or avoid an unexpected tax bill you might need to change the way you think about tax – Tax planning should start in July. Business owners commonly pay more tax than they need to by leaving their tax planning until the last minute. You can…
For the best possible outcomes for your business, preparation for tax time should start before the end of the financial year. For the 2017/18 financial year, this means now.
MEASURING your performance and gaining a clear UNDERSTANDING of your business financials and defining the goals you have for your business, provide the tools necessary for creating your STRATEGY for business success. However, a STRATEGY without TAKING action achieves nothing. Here’s how we can help you to TAKE the actions you need to transition from…
When operating on gut instinct rather than real-time financial data, it’s easy to become lost in your day to day business operations and lose sight of the big picture. The unfortunate truth is that the bigger the business, the bigger the stresses for the business owners.
You have your financial statements in place, right? You may even have an easy to read dashboard highlighting everything you need to know on one page. But do you really know how to read these figures and what they are telling you about your business?
The management and accounting systems you implemented when you first started your business may no longer be appropriate for your needs today. Without real time figures and information, running your business is equivalent to flying blind.