In the run up to the end of the FBT year, here are some specific benefits under family business arrangements that the ATO has deemed to be outside the scope of FBT law. The items that do not attract FBT include: a birthday present given to a child who works in a business run by…
“I’m not planning on selling my business any time soon. So I don’t need to know what it’s worth, right?” Wrong. If you value your business, you should value your business. Every business owner should have an up-to-date business valuation — not just those preparing to sell. Put it this way. Do you: own all…
Good record-keeping practices go a long way in assisting with claims in the event of a dispute with the ATO. Cases before the courts and tribunals have demonstrated that the onus of proving a tax claim falls on the business taxpayer. A key requirement is to be able to present the relevant documentation to substantiate…
Minnik Chartered Accountants would like to introduce Julian Nowland, Wealth Strategist and Co-Founder of Plenary Wealth. Our firm has recently partnered with Plenary Wealth and Julian Nowland has joined our team. Leah and Julian will be working closely together on our new Business and Family Advisory services, which focus on a holistic view of our…
Minnik Chartered Accountants is in the process of migrating its practice to the Cloud. This includes practice management accounting & taxation software, database, document storage and email functionality. We look to constantly improve the way we do business and implement online solutions to provide our core function. We are sharing our learnings with our clients…
A report released by independent think tank Grattan Institute concludes that without reducing the thresholds at which Higher Education Loan Program (HELP) repayments are triggered, the costs of the program will escalate beyond sustainability and put other education programs at risk. Reducing the thresholds would also increase repayment money by an initial $500 million in…
The ATO reports that more than 60% of small businesses are already on board with SuperStream, but also warns that if your business is one of tardy, you have a mere 100 days remaining to get it done. With the June 30 deadline rapidly approaching, the ATO is encouraging small businesses to make becoming SuperStream…
The ATO has issued a timely reminder before the end of the financial year on the changes announced in last year’s Budget. Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or second-hand) assets if they cost less than $20,000 and were purchased between 7:30pm on…
The Government has made changes to the tax law to provide tax relief for small businesses that restructure. The tax law changes provide an optional rollover for small business owners who change the legal structure of their business on the transfer of business assets from one entity to another. The effect of the rollover is…