General Business News and Information

This is where we keep all of the general information for small business operators, along with details of important updates and changes.

Don’t let a tax debt put you in a spin

Whether you’re running a business or are just an individual trying to make ends meet, there is nothing worse than finding yourself in a situation where you have a tax debt owing to the ATO, which most likely will also be accruing a general interest charge and perhaps even a shortfall interest charge. The Australian […]

General facts about winding up your business

There are times where business owners, whether voluntarily or involuntarily, may need to wind up their business. It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures. For companies, the terms typically used would be to “go […]

Choosing the Right Business Structure

Start up businesses need to make one important decision from the outset – what type of business set-up will suit your enterprise best? And which structure will be best for the future? You’ve got a choice of four basic business structures – sole trader, partnership, company or trust. Of course, there are also more sophisticated […]

Taken stock for private use? Values to use for 2014-15

The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in certain industries. The table below should be used to work out these values for the 2014-15 income year. The basis for determining […]

Changing the makeup of a partnership through ‘reconstitution’

Over time, or due to circumstances, the composition of a partnership can change – for example, a partner may retire or die, or a new partner is admitted. In many such situations, the existing partnership may need to be dissolved and a new partnership formed at general law. The new partnership will need a new […]

The facts about liquidation

It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures, for which the terms used would be to “go into administration” and “liquidation”. A sole trader is also less complicated to wind up because the principal of […]

All you need to know about Bitcoin

Lauded for its convenience and lack of dependence on a central authority as much as it is derided for its unpredictability and the anonymity it grants criminals, global digital phenomenon Bitcoin is spreading to every corner of the world and transforming the very essence of monetary transactions. The question is however, is it safe to […]

Emergency contingency plan for your business

Your business is critical to your financial well being and could also be a necessary service to the wider community, so it’s important to protect what you can in times of crisis. There are of course all the natural disasters such as bushfires, floods and even earthquakes that can strike without warning, but Australian business […]

Tax Office benchmarks: Is your business at risk?

The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios. The benchmarks are developed from information provided by businesses on their tax returns and activity statements. As such, the benchmarks are a useful tool to help you […]

Trusts 101: What are they, and how do they work?

One of the big motivations for considering using a trust will be to protect assets. Property and other assets can be moved into a trust for protection from creditors, to maintain an estate until a beneficiary becomes old enough to have legal possession, or isolate valuable assets from a trading company that may be more […]