Business owners are naturally keen to be able to absorb a business loss as a tax deduction, but it also pays to not stray too far from the generally accepted rules regarding tax losses — there are circumstances where the ATO is legitimately able to deny such claims. The ATO has the discretion to disallow...
Discussion about reforms to Division 7A has been bouncing back and forth between the tax practitioner community and Treasury/ATO for many years — since the end of 2012 in fact. And while it’s been tempting to conclude that the powers-that-be perhaps don’t really want change, and were stonewalling us all along, a definite crack appeared...
Investors must consider a range of tax laws dealing with income, assets and deductions. Even that term ”income”, the meaning of which most of us would assume, can take on nuanced shades of meaning when considered in regard to investment. For example, investment income earnings such as dividends and interest are typically considered ordinary income....
Several studies and data have shown that more than 70% of small businesses end up insolvent because of poor cashflow planning, poor financial control and ineffective strategic management. A dedicated accountant can help prevent this and help you with the following:   1.SAVING TIME AND COSTS Small business owners spend so much time and effort...
People usually think of accountants as compliance experts in terms of Tax Returns, BAS Statements and other purely financial data. Besides this, accountants are able to add exceptional value to your business if they play a role as strategic advisors. These are 3 value-adding services that an accountant can offer you: Performance measurement and management:...
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