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How much tax do tradies pay?

post image Most tradies declare 25 per cent  to 35 per cent of turnover – most is cash and tax free," was just one reader complaint about research published by MySmallBusiness last week on tradies' earnings.
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Tax debt release application refused

post image TIP: Serious hardship exists when payment of a tax debt would leave you unable to provide for basic living necessities for yourself and dependants
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Preparing Your Business for Sale TUE, 24/11/2015 AT 6:30 PM

post image If you are thinking of selling your business within the next one to two years, you need to be prepared for the sale to ensure you get the best possible price.
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10 WAYS TO GIVE YOUR BUSINESS THE BEST CHANCE AT LONGEVITY

post image 10 WAYS TO GIVE YOUR BUSINESS THE BEST CHANCE AT LONGEVITY

Here are 10 pointers geared to help ordinary people build extraordinary organisations.

1. Consistently innovate
2. Embrace change
While the concept of “embracing change” is particularly significant in the technology sector, it carries weight in many industries. It may be a tough sell to staff (at all levels), but consistently measuring, reflecting, learning and adjusting allows a small business to grow.......

3. Set a fearless goal
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SMSFs in pension phase need to exercise care

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The ATO is of the view that most trustees of self managed super funds (SMSFs) do the right thing. However, it has identified a number of issues concerning SMSFs in pension phase, noting the growing number of people expected to receive a pension in the next 10 years.

 

The following gives a snapshot of some key issues identified by the ATO:

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Bishop needn’t have come chopper a cropper: Six top tips for claiming travel expenses

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Ross Fastuca, co-founder of travel technology company Locomote, told SmartCompany it’s unlikely a small business could claim the sort of expenses that Bishop did.

 

Here are Fastuca’s six tips for small businesses claiming travel expenses.

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“Nomad” was still resident of Australia; $300,000 tax bill

An individual has been unsuccessful before the AAT in arguing that he had “let go” of Australia in 1999 to pursue his “nomadic” working life abroad and that his base of operations was in the United Kingdom.

 
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Tax deductions for small business: Is the hype around the $20,000 instant asset write-off justified?

Before you commit to spend any money, ask yourself these 5 questions.

With the dust now settling on this year’s federal Budget, it’s worth asking whether the temporary increase in the accelerated depreciation threshold to less than $20,000 is worth the hype.

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How well protected is your business?

If you’re like many business owners you have already insured the physical assets of your business from theft, fire and damage.   But have you considered the importance of insuring yourself - and other key people in your business - against the possibility of death, disability and illness ? Not being adequately insured can be a very risky oversight, as the long term absence or loss of a key person can have a dramatic impact on your business and your financial interests in it.  Protecting your assets The business knowledge (known as intellectual capital) provided by you or other key people, is a major profit generator for your business. Material things can always be replaced or repaired but a key person’s death or disablement can result in a financial loss more disastrous than loss or damage of physical assets. If your key people are not adequately insured, your business may be forced to sell assets to maintain cash flow – particularly if credi ...
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Budget Summary 2015

The Federal Treasurer, Mr Joe Hockey, handed down his second budget at 7.30pm (AEST) on Tuesday 12 May. In general, the budget is aimed at supporting small business and growing jobs ($5.5 billion including $5 billion of tax relief), supporting families ($4.4 billion funding boost), ensuring fairness of tax and benefits, national security and progressing budget repair in a measured way.


For a Summary see below. 


Budget Report from CPA.pdf
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