by David Maynard | Apr 9, 2021 | Starting a Business |
To start a business in Australia, you need two things: a phone and a web page. They are the bare minimum. Whilst that will get you started, several other considerations can impact the business setup process… Other considerations can include: Should you have a...
by David Maynard | Apr 7, 2021 | Starting a Business |
Companies Direct has developed a kit for starting a business that has helped thousands of people. It covers topics like: What steps are involved; What business structure to use, How to get started on the right foundations; and It will potentially save you from costly...
by David Maynard | Mar 11, 2021 | ABN, ASIC, Australian Business Number, Australian Business Register, Australian Securities Investment Commission, Starting a Business |
What is the ABR? All businesses with an ABN are listed on the ABR. What’s on the ABR? The information available on the ABR is limited as follows: Entity Name – The name of the entity, ABN Status – Active or not + history of dates, Entity Type –...
by David Maynard | Mar 8, 2021 | ATO, Australian Taxation Office, FBT, Fringe Benefits Tax, Starting a Business, Tax Savings |
Fringe Benefits Tax (FBT) legislation was introduced in 1986 to capture tax revenue on certain employee “non cash” benefits. For example, FBT will capture the private use by employees/directors/associates of a “company” non-commercial vehicle. However, tax...
by David Maynard | Mar 4, 2021 | ATO, Australian Taxation Office, Corporate, Starting a Business, Tax Savings |
The new Loss Back provisions for companies commences with lodgment of 2021 tax return. The Loss Back provisions allows a company to offset a current year loss against a previous year profit, generating a refundable tax offset for the current year for tax paid in a...
by David Maynard | Mar 4, 2021 | Business Structures, Corporate, Franking Credits, Imputation System, Starting a Business, Tax Savings, Trust |
A tax benefits of using a company as a business structure is Franking Credits. How do they work? When a company makes a profit, it pays tax at 27.5% (small companies tax rate). Company tax paid is recorded in the company’s “Franking” account. When...
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