The benefits of creating a holding company

The benefits of creating a holding company

Once your business gets to a certain size and turnover, there’s real value in assessing the company structure and how to make things more tax-efficient. Setting up a holding company is one way to start creating an ordered and effective group structure. And by...
New Rules for Salary Sacrificing Super

New Rules for Salary Sacrificing Super

Salary sacrificing to super allows an employee to forego part of their salary or wages and have the employer contribute this amount to their superannuation fund instead of paying it as cash. It reduces the taxable value of salary or wages, and is therefore beneficial...
Understanding Your Profit and Loss Statement

Understanding Your Profit and Loss Statement

Your profit and loss statement (P&L) helps you understand your business performance and profitability over time. It’s sometimes called an Income statement and its main purpose is to list income and expenditure. Whereas a balance sheet is a snapshot in time, the...
Do You Need to Report Trust Beneficiary Details?

Do You Need to Report Trust Beneficiary Details?

The ATO is focusing this year on beneficiary tax file number (TFN) reporting for closely held trusts and family trusts. If you are a trustee of a closely held trust you’ll now have additional reporting obligations beyond the lodgement of the trust tax return each...
Report PAYGW Correctly to Claim Tax Deductions

Report PAYGW Correctly to Claim Tax Deductions

From July 1 2019, if you don’t meet PAYG withholding obligations for your workers, by not withholding tax from their payments and not reporting it to the ATO, you could lose your tax deduction. This will apply to income tax returns lodged for the 2020 financial year...