Trust me: ATO cracks down on income rorts

Adam Courtenay Discretionary trusts have been used for years by consultants and freelancers but the process has been abused over time, says tax office.

Vehicle expenses: the best road to take


Business Maxims When it comes to income tax, amounts claimed as business expenses are less likely to be challenged by the tax office than employment related expenses.

Appalled at super rules

Business Maxims Q. I'm self-employed. Why are my voluntary super contributions counted when assessing eligibility for assistance payments?


Taxing questions


Business Maxims I recently did a small photography job, but don't have an ABN. Will I lose nearly half my fee?

Comments 1

Taxing a second business

Taxing a second business.

Business Maxims Q. I want to keep my current job while I grow a second, part-time business. What are the tax implications?

How to pay yourself


Business Maxims What are the advantages or disadvantages of paying myself a wage or taking the wage as drawings?

Michael Baker

Chewing the fat on taxes

Fat tax?

Michael Baker Cigarette taxes, liquor taxes, carbon tax...then why not a 'fat tax'?

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A beginner's guide to fringe benefits tax

Fringe benefits tax.

Alexandra Cain With the May 21 lodgement date for fringe benefits tax documentation fast approaching, tax advisers are urging small businesses to check they have accurate, up-to-date data on their employees' fringe...

Max Newnham

Budget winners and losers


Max Newnham Some will gain, others lose from adjustments to the tax system.


Online retailers positive in face of looming hits

Keeli Cambourne Lucas McEntee and Jason Littlewood run an online electronics retailer, OHKI.


Benefits outweigh the negatives

Changes to the way family trusts operate will mean businessman Ben Perry is able to put only $800 into trusts under the names of his two children, instead of about $6000.


Pain and gain for traders

Pain and gain for traders.

Max Newnham The budget gives to small- and medium-sized enterprises with one hand but takes with the other.

Keeli Cambourne

Hey, cautious spender


THE FALLOUT It's not just the direct measures in the budget that will affect small businesses


Family trust changes will put heat on


Max Newnham Changes to the regulations governing family trusts will put the heat on many small-business owners who have long used them as a strategy to minimise tax.

The taxman gives and takes

Good tax news for many small businesses and investors; not so good for some family trust operators.


Get your head around new super rules

Alexandra Cain New rules that reduce penalties for taxpayers who exceed their super contributions cap have been welcomed by small businesses and finance experts.


Good and bad news for family trusts

Alexandra Cain Small business owners' concerns that there would be a broad tightening of the way discretionary trusts distribute income have been eased.


Buying IT before June 30? Think carefully

Alexandra Cain If you're one of the many business owners planning to buy a new computer before June 30 to reduce your taxable income, here's a tip: you won't get the full tax benefit if you buy IT equipment now.


Act now to make the most of cash flow

Max Newnham The end of each financial year presents business owners with an opportunity to get their financial and taxation houses in order. Once June 30 has passed it's too late to do anything.

Understanding transition to retirement pensions

Gayle Bryant Setting up a transition to retirement pension allows you to access your superannuation while you keep working. But unless you properly understand the rules, this strategy can have its downfalls.