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Tag Archive: Tax strategy and structuring


7 Last minute tax tips

Above all talk to your accountant. Every business is different and you need to take advice from someone who understands your current position.

Having said that, there are some good ‘housekeeping tips’ that almost every business should review. Here are 7 of them.

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Pre June 30 Tax tips that will save you money

We know you’re busy, but with June 30 closing in, we’ve compiled a short list of tax housekeeping tips that could save your business cash and make sure that you don’t pay more tax than necessary.

Forewarned is Forearmed! These will need to be addressed ‘before June 30‘ in order to take full advantage of this knowledge. This is a busy time of year for all of us, so please call us today if you’d like some help with preparing for the EOFY!?
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Changes a plus for vendors

Q. The recent Budget announced a change to the tax treatment of earn out rights. We are in the process of selling our business and we will receive a lump sum in consideration plus an earn out right which will be calculated over the following two years based on the revenue of the business.  What are the tax implications for us and are the recent changes favourable to us?

A. The changes announced in the budget should help to overcome the existing tax treatment of an earn out right based on a tax ruling issued by the Commissioner a few years ago. Under this tax ruling where you sell your business for a lump sum amount plus an earn out right, the deemed consideration for capital gains tax purposes is the lump sum amount plus a valuation of the earn out right at the date of the CGT event.
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Pre-June 30 tax tips that will save you money!

We know you’re busy, but with June 30 closing in, we’ve compiled a short list of tax housekeeping tips that could save your business cash and make sure that you don’t pay more tax than necessary.

Forewarned is Forearmed! These will need to be addressed ‘before June 30‘ in order to take full advantage of this knowledge. This is a busy time of year for all of us, so please call us today if you’d like some help with preparing for the EOFY!?

FIND OUT MORE

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Your Tax Questions Answered – A SmartCompany Webinar with Greg Hayes

Complimentary Webinar: Tuesday June 1 at 2pm AEST

With just over a month left until June 30, entrepreneurs are scrambling to be ready for one of the most stressful events of the year… – tax time.

With this in mind, SmartCompany has asked tax expert Greg Hayes of Hayes Knight to answer your big tax questions.

When you register for this webinar, SmartCompany will give you the opportunity to leave a question for Greg, who will answer the 10 most frequently asked questions plus as many others as possible.

Topics likely to be covered include:

  • What you need to do before June 30 to minimise your tax bill
  • Tax and superannuation
  • Trust tax tips
  • Where the ATO is particularly watching entrepreneurs

Click here to Register for this complimentary webinar

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