An attendee has asked: “If you’re feeding all the cash deposits from the sales and it goes into your main bank account, and you split off all these different accounts, as far as bookkeeping and all that sort of thing, how does that work with Xero and having all the different accounts, for tax time […]
READ MOREHow To Save Tax & Boost Your Super
A trust doesn’t technically distribute to a super fund like a discretionary trust but you as a member, can contribute the profit you receive from a trust into super.
READ MOREWhat Is Your Magic Number?
Magic Number is one of the strategies that we use to help business owners understand how much sales they need to make in their business so that everyone is paid including suppliers, team, and themselves. They make a healthy profit which a lot of business owners don’t budget for, and any debt repayments that they’ve […]
READ MOREThe Rules For Giving To Churches Vs. Charities
Churches and charities are classed differently in terms of their ability to give pre-tax money. If you distribute tithes or give money to a church, and they are not a deductible gift recipient, then you need to make sure that they have an income tax exemption by looking their ABN on the Australian Business Register.
READ MOREMinimise Tax With A Bucket Company
If you have a trust earning $500K in profit and you have given $120K each for the husband and wife and for whatever reason, you have only given $60K to your grandparent or the parent. If we add all those up, you have distributed $300K and you still have $200K remaining to distribute.
READ MORE4 Categories Of Risks To A Business
Why would asset protection should be talked about when you haven’t run through what the actual risks are? People have had different experiences about getting sued so you may want to be prepared for it, rather than not prepared and have to react.
READ MOREBenefits Of A Self Managed Super Fund
The tax rate of a self-managed super fund is 0% and this is not a trick like the trust was. In certain conditions, your self-managed super fund can actually pay 0% in tax on what it earns. The differentiator between the two is the 15% tax rate is what you pay when you’re accumulating your […]
READ MOREThe Pty Ltd Business Structure Explained
How you tell someone has a company in their structure, is the letters “Pty Ltd” at the end of the name. For instance, our own structure is Inspire Accountants Pty Ltd. So we’ve got a company within our own structure.
READ MOREDraw Vs. Loan – What’s The Difference?
A way to take money out of a company is through a loan and it’s quite complex. If you have a company structure you might have heard your accountant talk about this thing called Division 7A, or maybe a frustration with company loans.
READ MOREThe Cons Of Being A Sole Trader
What is the highest rate of tax you can pay as an individual or a sole trader in Australia?
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