Neil Marshall Tax and Business Advice Pty Ltd is a CPA practice
The amount of tax an individual pays on their super contributions depends on whether the contributions were made before or after they paid income tax; they have exceeded the super contributions cap or they are a very high-income earner. Before-tax super contributionsConcessional (before-tax) super contributions are taxed at 15 per cent. They include employer contributions;…
The Australian Tax Office has recently collaborated with industry representatives to develop a safe harbour for car fringe benefits. A safe harbour is a guideline that allows Australian businesses to make use of an efficient way to calculate tax where certain conditions are met. This particular safe harbour will simplify the approach for working out…
Many business owners would agree that there are more important things to spend money and time on than simply building their business’s brand. However, having a strong brand is often quite vital to a business’s success. Effective brands – e.g. Coca-Cola, Nike, Bonds etc. – can make businesses stand out from the competition and gain…
Australians are required to meet a condition of release under superannuation law before they are allowed to cash preserved benefits, restricted non-preserved benefits or access any of their super. Some conditions of release restrict the form of the benefit or the amount of benefit that can be paid. These are known as ‘cashing restrictions’. The…
The Australian Tax Office has warned small businesses that time is running out to start paying superannuation contributions in the new and mandatory electronic standard called SuperStream. SuperStream is the new mandatory way employers must make super contributions on behalf of their employees. It involves employers sending all super payments and employee information electronically in…
Taking out a chattel mortgage to finance the purchase of a business vehicle is an attractive option for small business owners from a tax-saving perspective. A chattel mortgage is a mortgage on a movable item of property i.e. motor vehicles. A finance company lends money to a business to purchase a car, which the business…
Branding can help small businesses stand out from the competition and gain customer loyalty – but only if it is effective. Businesses with brands that are confused, outdated or simply not appealing to the eye can hurt a business’s reputation and even repel customers. Businesses suffering from a branding problem may need to look at…
Adding your own contributions to your super fund is a simple and effective way to boost your superannuation. Personal super contributions are amounts an individual contributes to their super fund from their after-tax income. These contributions are in addition to any compulsory super contributions an individual’s employer makes on their behalf and do not include…
Following an announcement in July, the Australian Government recently increased the 32.5 per cent tax threshold from $37,001 – $80,000 to $37,001 – $87,000. The new PAYG withholding rates will apply to individual taxpayers who earn more than $80,000 from 1 October 2016. The Australian Tax Office provides a range of tables to assist employers…
It can be difficult for small businesses to grow their customer base beyond the realms of the local community. Generating new business, however, is fundamental to business success, no matter how challenging it may seem. Here are three ideas small businesses can do to help keep their local customer base strong, while at the same…