business tax

Company director responsibilities - image

Company Directors, Are You Clear About Your Responsibilities?

Are you a company director? Time to review your responsibilities! Company directors need to keep in mind that the Corporations Act holds directors personally liable for many of the legal and financial obligations expected from a company. Risks and liabilities The corporate regulator, the Australian Securities and Investments Commission (ASIC), says failing to perform your duties …

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Are you eligible for the 'going concern' GST exemption? - image

GST “Going Concern” Exemption

What is the ‘going concern’ GST exemption? The “Going concern” exemption for GST purposes has been in place for many years. A “going concern” refers to an enterprise’s ability to continue trading, with the sale of that business generally eligible to be GST-free if the enterprise is deemed as such. The GST exemption has its …

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Year End Tax Planning

Small business end of financial year planning Interest on loans Any interest that is accrued on a business loan but not physically paid by June 30 may be deductible in that year. If you fund some business activities through your personal credit card or a personal loan, the interest on borrowings may qualify to be …

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