The Australian Tax Office (ATO) have just released four tax rulings that will stop commonly used trust distributions to family members. It’s one of the most significant developments for the taxation of trusts in over two decades.The key impact from these ATO rulings on your trust are:The ability to spread...
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What is Single Touch Payroll? New updates for 2022
While the thought of doing more reporting to the ATO might seem rather annoying, Single Touch Payroll - introduced by the Australian government in 2018 to encourage small businesses to be more compliant in the way they report superannuation or PAYG instalments to employees - is a good initiative in...
Claiming Your GST Credits: Don’t leave money on the table
You’ve probably heard of GST before – it stands for goods and services tax and is added to nearly everything you buy in Australia. If you purchase goods and services for your business, the price paid is generally inclusive of goods and services tax (GST). Businesses are eligible to claim ‘GST credits’...
What Can a Small Business Claim on Tax?
As a small business owner there is always a lot going on and for many its often a struggle when it comes up to the end of financial year. Knowing what a small business can claim on tax each year can be challenging if you don't have the right support....
How to Set Up a Family Trust
Setting up a family trust is a great way to optimise your tax position and share assets and distributions with family members. In saying that, it is important that you get the right advice before setting up your family trust. We'll break down the benefits of family trusts and how...