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.  While this might sound simple enough, people underestimate how much they can actually claim, especially when they are unsure which deductions are […]

Tax Deduction for Buying a Car for Business or Personal?

Buying a business vehicle is a path some people choose to take to receive a tax deduction, but the process isn’t necessarily very straightforward. When a business owner buys a vehicle, they need to consider various things before making the commitment, such as whether they’ll be using it for personal trips and how often. It’s also […]

Five Asset Protection Strategies You Need To Know Now

Asset Protection

Many people underestimate the importance of putting asset protection strategies. In a majority of cases, their ability to safeguard their most prized possessions is left until it’s too late. More than ever before, life is bringing uncertainty for all of us, and unexpected events can occur at any time, meaning there’s always the potential for […]

7 Tax Strategies to Reduce Taxable Income

Tax Strategies to Reduce Taxable Income

Waiting the entire year to complete your return is not necessarily the best strategy to follow when it comes to tax. Never fear, though – in this blog, we’ll discuss everything you need to know about taxable income, your obligations and how to prepare in advance.  Ultimately, tax planning should be done continuously throughout the […]

The Difference Between Employees & Contractors

difference between employee and contractor

Whether someone is an employee or a contractor at a company will depend on the relationship between the individual and the employer.  While the two are fairly similar, the difference between employees and contractors come into play regarding things like tax, superannuation contributions, payment and employment laws. Therefore, whether you’re the employer, or the worker, […]

Sole Trader vs Company – A Side-By-Side Comparison

pty ltd vs sole trader which to choose

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, […]

What is Single Touch Payroll (STP)?

what is single touch payroll find out

Single touch payroll (STP) is a government initiative requiring employers to electronically report payroll information such as tax and superannuation to the Australian Taxation Office (ATO) each payroll cycle.  In Australia, all employers are obligated to report their payroll information to the ATO. Therefore, the development of this STP payroll software was implemented to minimise […]

The 6 Types of Australian Trust Structures – A Side-by-Side Comparison

australian trust structures hands together

The Different Trust Structures in Australia 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.  1. Discretionary Trust Discretionary trusts are also referred to as […]

Trust vs Company: Which One to Choose?

board room meeting trust vs company

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.  The business structure you choose will directly influence tax, personal liability, and the costs involved. Therefore, it pays to carefully consider the immediate consequences of […]

Pty Ltd Company Advantages and Disadvantages of You Should Know

Asian woman using calculator and laptop for calaulating home budget finance taxes

Entrepreneurs face many challenges and tough decisions when opening a business, and an important one is choosing whether to operate as a sole trader or a registered company.  Most small businesses in Australia opt to register as proprietary limited companies, known as Pty Ltd. Amongst the different business structures, Pty Ltd companies are the most […]