It is never too early to focus on your tax planning in order to minimise tax, reduce risk and be prepared financially.
Effective tax planning is something that should be considered year round and making it a priority can result in you paying less tax liability. Preparing and updating a forecast of income and outgoings can also help you and your business identify times when money may be short and plan accordingly.
Yes the silly season is almost upon us and while Christmas parties provide you with an opportunity to celebrate the year’s achievements with your staff, it’s also not called the silly season without a reason.
With SMSF members still working through the wide-reaching and complex superannuation changes of the last Budget which take effect from 1 July 2017, this Budget’s minimal changes with regard to superannuation comes as good news.
Many small food retailers buy and sell products that are both taxable and GST-free. Depending on the point-of-sale equipment used, identifying and recording these sales can be difficult for business owners.