There are countless misused tax terms that get thrown around by individuals and businesses alike. Three of these are: Tax evasion Tax avoidance Tax minimisation Despite the similar-sounding names, all three refer to completely different things - you’ll want to know the difference between them! Let’s start with tax evasion For those not in the know, tax evasion refers [...]
You desperately need timber for some long-overdue home-improvement. Fortunately, your workshop has just gotten a shipment of timber that would perfect for the job. Alternatively, you need to refresh your summer wardrobe and there’s a pair of sunglasses that have caught your eye. It might even be a case where you forgot your lunch and decided to take something from [...]
Don't ever let your business get ahead of the financial side of your business. Accounting, accounting, accounting. Know your numbers. - Tilman Fertitta When it comes to business, we’re of the opinion that no truer words have been spoken. Accounting is a vital part of business. And as accountants ourselves, we here at Bruce Edmunds & Associates can’t emphasise enough [...]
Let’s face it, the tax code isn’t exactly a page-turner. Many of us mentally shut off every time the subject of personal tax accounting comes up. We can’t really blame you. While the ATO has taken steps in recent years to streamline the system and boost efficiency, nobody expects you to know it all. Case-in-point: the tax gap. What is [...]
Election years mean big promises from the major parties. And with that comes changes to the tax you pay, your entitlements, and your superannuation. This election cycle is no different. This time, many with self-managed super funds (SMSF) are approaching our SMSF accountants in Melbourne with concerns regarding the ALP’s plan to stop franking credit refunds. There has been a [...]
Any small business owner knows that recruiting can be expensive. It’s not just the additional wages you’ll need to pay, either. According to recruitment agency Kelly Services, the average cost per hire is $5,000 for an entry-level position. This number increases with seniority. And if you hired through an agency, you can expect your final bill to climb even higher! [...]
Eighteen years after the GST was first introduced, there has been significant debate on what should and shouldn’t be exempted. After a long and high-profile campaign, the states have agreed to remove the GST from female sanitary products. Another recent GST change that didn’t quite get the same level of publicity were changes to how GST is applied to low-value [...]
Superannuation - everybody has it, but only 40% of Australians know how much they currently have in their super. Fewer understand the mechanisms behind it. And annual changes to superannuation laws don’t make it easy either. Case in point: as part of the 2016 federal budget, changes were made to the way defined benefit income streams are taxed. Will this [...]
First introduced in the mid 1980s as part of a suite of tax reforms, capital gains tax is a tax charged on - what else? - capital gains. That is to say, it’s tax you need to pay on any profit made from the sale of any capital assets such as real estate or shares. Much newer is Foreign Resident [...]
As a small business owner, you no doubt understand the importance of a budget in keeping your expenses under control and informing your business decisions. What you might be less knowledgeable about is the process of making one, especially if you’re still a new business. Not everybody has a head for numbers, and there’s nothing wrong with that. Struggling with [...]
