Trust vs Company: Which One to Choose?
As a business owner, an important decision is whether to structure your business as a company or a trust, as what you decide will have significant financial and legal consequences. Choosing the appropriate business structure will directly influence tax, personal liability, and costs. Therefore, it pays to carefully consider the immediate consequences of each choice […]
A Business Owners Guide to Luxury Car Tax in Australia
As a business owner in Australia, you may have heard of the luxury car tax (LCT) and wondered how it applies to your company’s cars. The luxury car tax was initially introduced to protect the Australian car manufacturing industry. This tax can be a big cost when buying or importing high-end vehicles, so it’s essential […]
Sole Trader vs Company – A Side-By-Side Comparison
Navigating through the decision-making process of “sole trader vs company” for your business structure can be confusing because both have pros and cons, and a business has its own individual needs to prioritise. Most people initially choose to start as sole traders. However, as they start to earn more and have to pay more taxes, […]
The 6 Types of Australian Trust Structures – A Side-by-Side Comparison
In Australia, trusts come in all shapes and sizes, complete with their limitations and advantages. These individual differences also make up the finer details you will need to weigh up when deciding on the right trust for your circumstances. A trust deed outlines the terms and conditions governing a trust, impacting the rights and obligations […]
Buying a Car for Business Tax Write-Off in Australia [2024 Update]
Some people buy a business vehicle to receive a business tax write-off, but the process isn’t necessarily straightforward. When a business owner buys a vehicle, they need to consider various things before committing, such as whether they’ll use it for personal trips and how often. It’s also crucial to note where the car will stay […]
How to Reduce Taxable Income for Businesses
In Australia, large and small business owners can claim a tax deduction for many expenses incurred in running their business, as long as they’re directly relevant to the company earning a taxable income and reducing their income tax. While this might sound simple enough, people underestimate how much they can actually claim, especially when they […]
A Retrospective Look At Temporary Full Expensing
As a business owner in Australia, understanding and leveraging tax benefits is a powerful tool that can help you take control of your financial resources and confidently navigate the business landscape. One benefit was the temporary full expensing scheme, which ended on 30 June 2023. This scheme significantly boosted businesses by allowing them to claim […]
How Fringe Benefits Tax Works in Australia
As a business owner in Australia, you’re probably familiar with the various taxes and obligations of running a company. One tax that often confuses people is the Fringe Benefits Tax (FBT). The Australian Taxation Office (ATO) provides guidelines and regulations for FBT, ensuring businesses understand their obligations. In this article, we’ll break down what FBT […]
Instant Asset Write-Off: Buying a Car Through Your Business
As a small business owner in Australia, you always look for ways to streamline your operations, increase efficiency, save money, and grow your business. One of the common hurdles you might face on this journey could be travelling for business meetings or delivering goods and services. But have you considered buying a car for business […]
Why Superannuation is Important
Superannuation is an essential part of every working Australian’s financial life. Also known as “super,” it is a long-term savings account designed to provide income in retirement to supplement or replace the “Age Pension.” But despite superannuation’s importance, recent surveys show that only 1 in 10 Australians are actively engaged with their super accounts beyond […]
