Tag Archives: Businesses

Blog

Income Tax Exemptions for Not-for-Profit Organisations

Leave a comment

Introduction: In the dynamic landscape of not-for-profit (NFP) organisations, understanding the intricacies of income tax exemptions is crucial for financial sustainability. This blog aims to shed light on the factors that determine whether your NFP is exempt from income tax, the various types of exempt organisations, and the steps involved in assessing your eligibility. Determining … Continue reading Income Tax Exemptions for Not-for-Profit Organisations →

Blog

Tax Benefits for Early Investments in Australian Startups

Leave a comment

Introduction: In the world of Australian innovation, the government has rolled out special perks to encourage support for early-stage companies. One key guide in this journey is Taxation Determination TD 2023/6. This document helps investors understand what costs count when deciding if a company qualifies as an Early Stage Innovation Company (ESIC). Let’s break down … Continue reading Tax Benefits for Early Investments in Australian Startups →

Blog

Franking Credits: A Simple Guide for Tax-Exempt Groups

Leave a comment

Introduction: Franking credits can be a helpful perk in Australia’s tax system, lowering taxes on dividends for shareholders. But tax-exempt groups need to be careful not to lose out on franking credit refunds. In this blog post, let’s break down the tricky part of the law, subparagraph 207-122(b)(i) of the Income Tax Assessment Act 1997 … Continue reading Franking Credits: A Simple Guide for Tax-Exempt Groups →

Blog

ATO’s Latest Values for Private Use of Trading Stock

Leave a comment

Introduction: Business owners often use their trading stock for personal purposes, a common practice across various industries like butcheries, bakeries, cafes, and corner stores. To guide businesses, the Australian Taxation Office (ATO) has released 2023-24 income year values for goods taken from trading stock for private use. Understanding the Basis: The ATO determines these values … Continue reading ATO’s Latest Values for Private Use of Trading Stock →

Blog

Tax Troubles: What to Do When Records Go Missing

Leave a comment

Introduction: We’ve all been there—rummaging through drawers, scouring folders, and frantically searching computer files, only to realise that our tax records are nowhere to be found. Whether it’s due to a move, a technological mishap, or the unfortunate aftermath of a natural disaster, the panic that sets in is undeniable. But fear not, for there … Continue reading Tax Troubles: What to Do When Records Go Missing →

Blog

A Look into Australia’s Not-for-Profit Sector in 2024

Leave a comment

As we step into the final stretch of 2023, the Australian Taxation Office (ATO) has unveiled a roadmap for the Not-for-Profit (NFP) sector, outlining significant changes and initiatives set to shape the landscape in 2024. A Shift in Focus: One notable move is the transition of the NFP Centre from the ATO’s Private Wealth business … Continue reading A Look into Australia’s Not-for-Profit Sector in 2024 →

Blog

A Guide for Small Businesses

Leave a comment

Tax time can be a challenging period for small businesses, but with the right tools and information, you can ensure a smooth and efficient process. The Australian Taxation Office (ATO) offers a range of resources to help you manage your tax and superannuation obligations. In this guide, we’ll cover essential information and updates for small … Continue reading A Guide for Small Businesses →

Blog

Australians will save time and money by using digital statutory declarations

Leave a comment

Australia has just made a significant change in how people officially declare things, waving goodbye to traditional pen-and-paper methods. Led by Attorney-General Mark Dreyfus, a new law has been passed, making it possible for Australians to use digital execution, electronic signatures, and video-link witnessing for Commonwealth statutory declarations. This move towards digitization is a response … Continue reading Australians will save time and money by using digital statutory declarations →

Blog

What Small Businesses Need to Know About New Unfair Contract Laws

Leave a comment

Introduction Big changes are on the horizon for businesses in Australia, especially for those dealing with consumers and small enterprises. The Australian Consumer Law is getting a makeover to add more shields for the little guys against unfair contract terms. Starting from November 9, 2023, businesses need to be on their toes to ensure their … Continue reading What Small Businesses Need to Know About New Unfair Contract Laws →

Blog

Protect Your Business Identity with Trademarks

Leave a comment

Introduction In the world of business, your brand is super important. It’s not just a name; it’s what makes your business unique and trusted by customers. That’s why having a trademark is not just a legal thing; it’s a smart move that can help your business grow. In this blog, we’ll talk about what trademarks … Continue reading Protect Your Business Identity with Trademarks →