New small business CGT rollover relief

Dianne KennedyAccounting and Tax, Tax

Small businesses will be able to change their legal structure without triggering a capital gains tax (CGT) liability at that time based on legislation just passed. Eventual disposal of course is another matter. The measure is designed to provide greater flexibility for small businesses to change as the business changes. Small Business and Assistant Treasurer Kelly O’Dwyer said: “Small business owners who find they … Read More

March News

Dianne KennedyUncategorized

Another month in business. Congratulations on your success. We at Small Business Know How want to keep you informed and knowledgeable on matters affecting your business and you as an individual. This month’s edition is again full of information that will help you understand more about Australian tax legislation. Also in this edition: Got your car log book ready? Claiming … Read More

Best Tips for the Small Business Pool Write Off

Dianne KennedyAccounting and Tax, Blog, Strategic Planning

The temporary $20,000 immediate write-off for “small business entities” attracts regular queries, even though it has been many months since the initiative was first announced with the Federal Budget early this year. While most inquiries relate to claiming the immediate deduction, there has also been confusion about the rules in claiming general small business pool balances that are below $20,000 … Read More

december news

Dianne KennedyUncategorized

Another month in business. Congratulations on your success. We at Small Business Know How want to keep you informed and knowledgeable on matters affecting your business and you as an individual. This month’s edition is again full of information that will help you understand more about Australian tax legislation. Also in this edition: Building a new home? Is it exempt … Read More

3 Tips to Beat Bracket Creep

Dianne KennedyAccounting and Tax, Blog, Tax

3 tips to beat bracket creep

The government has said it is looking for ways to combat bracket creep – like making smaller brackets or adjusting them for inflation – but in the meantime, here’s how it affects the average working taxpayer. Jackie earned $179,000 a year (excluding super) during 2014-15. She sat in the $80,001 to $180,000 tax bracket, so her income in that bracket … Read More

7 Key Responsibilities of a Company Director

Dianne KennedyBlog, Corporate Tax

Company Director Responsibilities

Company directors especially need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. Commercial decisions must be made by company directors, and many times these decisions involve some degree of risk. While the distinction between entrepreneurial freedom and delinquent corporate behaviour will be clear cut … Read More

November News

Dianne KennedyUncategorized

Another month in business. Congratulations on your success. We at Small Business Know How want to keep you informed and knowledgeable on matters affecting your business and you as an individual. This month’s edition is again full of information that will help you understand more about Australian tax legislation. Also in this edition: 5 tips for a tax-free Christmas work … Read More

5 Tips for a Tax-Free Christmas Work Party

Dianne KennedyAccounting and Tax, Blog

  Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations. While you should feel free to pop a champagne cork or three for your employees, make sure that you don’t get the tax hangover; particularly with fringe benefit tax and associated income tax and GST … Read More