Despite it having been in place for more than 15 years, Division 7A continues to be a high risk area and the Australian Taxation Office (ATO) regularly monitors. Division 7A is part of the Tax Act and it provides provisions to prevent private company owners from avoiding dividend taxation through accessing company profits in other ways other than dividends.
With small businesses making up at least 96% of Australian businesses we know that many Australian’s are working hard to run their own business. Therefore, where you can get a break to get ahead we want to make sure you can.
Here are our top 5 tips for legally saving some money that you may not have known you were eligible to do.
If you own a business that employs people then you need to know about payroll tax. This is a self-assessed State and Territory based tax imposed on businesses in Australia. The tax is payable when the total wages paid or owed to employees exceeds a threshold.
It’s almost that time of the year again! For small businesses there may be a sense of dread or trepidation with tax time looming. Nearly all purchases that help in generating income are tax deductible. So here are our 5 top tax tips for small businesses: