When you are self-employed or run a home-based business, it is vital that you have a business plan that outlines your goals and financial information. Unfortunately, statistics show that many home-based businesses often fail due to poor financial planning. Therefore, for small business owners should not only develop a financial plan, but also consider developing […]

The Australian Tax Office has launched a new initiative called Super Scheme Smart to help educate individuals about the pitfalls of certain retirement planning schemes and how to protect their retirement nest egg. Each year the ATO discovers complex tax schemes and arrangements designed by promoters solely for the purpose of helping people avoid tax. […]

The Government has announced some changes to the superannuation proposals originally announced in the May 2016 Federal Budget. While these are just proposals, and therefore not law, it is likely that they will be introduced into Parliament as a Bill. The Coalition’s proposal is to reduce the existing annual non-concessional (after-tax) contributions cap from $180,000 […]

Seasonal businesses can confront many cash flow problems if it is not accurately forecasted and monitored. The cyclical nature of seasonal businesses makes them prone to cash shortfalls as they rely on sales to peak at a certain time of the year. The basic operating expenses still remain in their off-season so it is crucial […]

Fringe benefits tax (FBT) is a tax an employer pays on certain benefits they provide to their employees, including their employees’ family or other associates. The benefit may be in addition to, or part of, their salary or wages package. Fringe benefits tax is separate to income tax and is calculated on the taxable value […]

By Westcourt Blogger As the countdown begins to Australia’s tax return lodgment date, many individuals in the country may be hurrying to find a few extra possible tax deductions to claim. However, in the rush before the deadline, it is important not to waste time claiming deductions for expenses or items that are commonly thought […]