The business structure implemented when you first started your business may no longer be suitable. Reviewing your business, and possibly restructuring, may result in substantial improvements in the current business environment. Further, if your business value is down due to COVID-19 circumstances, now may be an ideal time to implement changes for the better, which [...]
As 30 June 2020 approaches, now is the time to consider available options to reduce your income tax in the current financial year (2020FY). The 2020FY has been extraordinary, starting with the devastation of the eastern seaboard bushfires which was followed by the significant economic and social upheaval associated with the arrival of the COVID-19 [...]
by Raul Valois, Partner Australian trust loss rules are complex, poorly understood and onerous to apply. As a result, business or investment trusts risk claiming losses incorrectly, a situation that can result in a significant tax liability. By making a family trust election (FTE), small to medium sized privately-held businesses operating as a trust can [...]
If your company has past tax losses that haven’t been used as a tax deduction, this tip is for you… Check the conditions under which a company’s past losses may be claimed as tax deductions. The benefits may include significant reductions in corporate tax payable. Owners and directors of companies need to be aware of [...]
The end of financial year is an important time for business owners as you complete end-of-year activities and begin planning for the new financial year. End of financial year planning is worthwhile and can help your business to be more prepared to take advantage of opportunities in the year ahead. There can also be consequences [...]
In my last article I highlighted the importance of companies correctly applying Division 7A Â and the significant tax penalties that can arise if you get it wrong. Here, in what is a companion article, I explore what you need to know about Unpaid Present Entitlements (UPE) between related private companies and trusts that arise where [...]
With 30 June 2016 just a few weeks away there are 3 SUPER things you need to consider before then: 1.   Make concessional contributions to receive a maximum tax deduction; 2.   Pay the minimum pension. This ensures your fund’s income is tax free; 3.   Check your NCC cap before making further non concessional [...]
by Raul Valois, Partner Introduced almost 19 years ago, Division 7A and its various exemptions apply to all private companies, their shareholders and shareholder associates across the country. While I consider this matter an Accounting & Tax 101 function, I regularly see it applied incorrectly which is concerning when you consider the significant tax penalties [...]
