Are You Running a Small Business? Find Out 3 Tax Survival Tips

Tax season comes with many activities, such as gathering financial records, filing documents and meeting deadlines. It is no wonder many entrepreneurs in Australia dread the tax season. However, as a business owner, you need to learn the survival tips that will take you through the tax season. Discussed are three tips to help you have an easy time navigating the tax season: 1. Have Accurate Records Filing your taxes involves filling in information about your business.

3 Simple Reasons Every Small Business Should Keep a Cash Book

If you’re a small business owner, you’ll already understand the importance of hiring a professional tax accountant to keep your books in good order. This can be done by keeping detailed accounts by hand, but most modern small businesses use an online program that uploads everything from payments to invoices to the cloud for easy access. However, one thing you might want to do is keep a cash book. These are still usually filled out by hand, and they come with several advantages.

4 Tax Planning strategies You Should Consider

Many people do not know that they can reduce their tax burden if they just take some time to engage in tax planning. Below are some strategies that you can use to reduce how much you pay in taxes without contravening any laws. Defer Tax Payments One way to reduce your overall tax burden is by using any available channels to defer making tax payments to a later time. For example, you may choose to invest part of your salary in a retirement scheme.

Why It Is Important to Review Your Depreciation Schedule

A depreciation schedule is a report that guides you about the amount of money that you can claim against the decreasing value of assets that qualify for such a benefit. Each jurisdiction has guidelines showing the different rates of depreciation that can be applied to different assets. This article discusses why you need to review the depreciation schedule of your business on a regular basis, such as each year. Confirmation of Asset Ownership

Tax Exemptions For Foreign Property Investors

The lucrative Australian property market attracts foreign nationals from a number of countries. Tax rules related to the acquisition of residential property by foreigners are often more stringent than those spelt out for Australian citizens. For example, foreign nationals are required have foreign investment approval from the relevant authorities before they can acquire residential property. This article discusses three scenarios in which a foreign investor would be exempted from seeking such approval.