Essential Guide to Tax Loss Carry Forward Australia Key Highlights Tax loss carry forward is a valuable tax provision that allows taxpayers to offset losses from one year against taxable income in future years. Understanding the rules and benefits of tax loss carry forward can help individuals and businesses maximise their tax savings. The mechanism […]
Understanding Director Fees: What Are Directors Fees Key Highlights Directors' fees are a form compensation for services performed directors on a company's board, subject to various compliance obligations and taxation regulations. Companies must adhere to PAYG withholding requirements, consider fringe benefits implications, and report payments received to reduce tax liability. Strategies such as smart payment […]
Business Name vs. Trading Name: Key Differences Key Highlights A trading name is the alias your is business is known by, while a business name is your firm’s legal identity. All trading names must be registered as business names with ASIC to operate legally. Registration of a business name is separate from trademark registration; the […]
Redundancy Payment and Tax: Crucial Guidelines for Success Key Highlights Understanding the different types of redundancy payments and their tax implications The criteria for a payment to be considered a 'genuine' redundancy and its tax benefits The tax-free thresholds for redundancy payments and how they are calculated Tax considerations for employer-sponsored early retirement schemes […]
Step-by-Step Guide: How to Fill In Form 492 ASIC Like a Pro Key Highlights ASIC Form 492 is used to rectify errors in previously submitted documents and maintain accurate company records. The form cannot be used to correct omissions or guarantee acceptance by ASIC. Completing Form 492 involves identifying errors, correcting shareholder or officeholder […]
Why & How to Change Accountants Easily Introduction As a small business owner, your accountant plays a critical role in your financial success. However, sometimes, despite the best intentions and efforts, things just don’t work out. Whether it’s a lack of chemistry, communication issues, or a mismatch in expertise, you may find yourself wondering if […]
Payroll Tax Contractors: Mastering the Basics Key Highlights Payroll tax for contractors is an important aspect to understand for anyone working as a contractor. Contractors need to be aware of their payroll tax obligations and exemptions to avoid any potential penalties. There are various exemptions for contractor payments that can help contractors reduce their […]
Payroll Tax Rate QLD Simplified: Your Ultimate Guide Key Highlights QLD payroll tax is a state-based tax imposed on employers for the wages they pay to their employees The current payroll tax rate in QLD is 4.75%, but it can vary for larger businesses Exemptions and deductions are available to reduce payroll tax liabilities for […]
Get the tips and tricks on how to cancel a business name hassle-free. Check out our blog for everything you need to know.
