Delve into the fiscal changes of 2024 as we explore the impact of rising interest rates on Division 7A loans. Learn how these changes affect bank covenants and discover strategies for tax planning. Explore options like dividends, debt-to-equity conversions, and fund procurement, but remember to consult experts for personalised guidance.
In this blog post, we explore the newly introduced Small Business Technology Investment Boost and Small Business Skills and Training Boost, which provide small business owners with additional deductions on their tax returns. Discover how you can leverage these boosts to maximise your business's tax benefits while embracing digital innovation and investing in employee training. From understanding the eligibility criteria to tips on claiming the deductions and staying updated with Super Guarantee requirements, this post equips you with the knowledge to optimise your business tax return and propel your small business towards success.
This article discusses the Australian Taxation Office's updated guidelines on how to differentiate between employees and independent contractors, and the impact of these changes from a tax accounting perspective. Learn about the new approach, the factors that will be assessed, and what employers can do to ensure compliance with the legislation.
As previously communicated, the Federal Government introduced a regulation that will need to be adhered to by anyone that is a director of an Australian company. This applies to ALL companies, whether they are trading companies, trustee companies (i.e. Companies that are trustees of a Self-Managed Super Fund or a Family Trust), private companies and public companies.
The ATO has now released Draft Taxation Ruling TR 2022/D1 Income Tax: Section 100A Reimbursement Agreements. If you operate within a trust structure, it’s vital you know about this ruling. While it’s complex information, we will try to break it down for you as much as possible. Read on…
At Smith Shearer, we are an accounting firm based in Esperance, and we are more than just an accounting firm who can assist with the complicated taxes for our local farmers, but we can also help you as an individual or sole trader too.
Are you aware of the two new incentives that were released in the March Budget? The Skills and Training Boost, and the Technology Investment Boost were both mentioned and released, however they aren’t legislated yet.
The ATO have recently begun reviewing new legislation regarding a trustee’s ability to distribute trust income across family members with lower tax rates. We initially discussed these rulings with you in our blog post on 28th March. Since then, the ATO have received a significant amount of feedback from Accountants across Australia in regard to a trust operator’s tax planning.