Franking credits are essentially refunds given to shareholders of Australian companies. Since these companies have already paid taxes on their earnings, the concept is to prevent double taxation of the same profits for the shareholders. Hence, investors receive a tax credit for these dividends at tax time. Investors typically enjoy franking credits when their Perth… Continue reading What are Franking Credits and How Do they Work?
When conducting international business operations in Australia, it is essential to understand the concept of a Permanent Establishment (PE) under Australian tax law. A PE is a critical element that can have far-reaching consequences on the international tax impact of your operations in Australia. Why is a permanent establishment critical? As international tax accountants in… Continue reading What is a Permanent Establishments for Australian Taxation?
Perth tax accountants have discussed the taxation of frequent flyer points over the years. This blog post provides a comprehensive understanding of the income tax and fringe benefits tax implications surrounding frequent flyer programs and classic reward flights in the wake of the Federal Court’s decision in Payne v. FC of T (1996) 66 FCR… Continue reading Frequent Flyer Programs and their Tax Impact
You generate a taxable capital gain when you sell an asset, like property, for more than you paid. Conversely, you incur a capital tax loss if you sell the asset for less than your original investment. These gains or losses need to be reported on your income tax return, and you’ll usually owe taxes on… Continue reading Understanding Capital Gains and Taxes
Managing cash flow is vital for the growth and sustainability of small and medium enterprises (SMEs). One often overlooked avenue to boost cash flow is claiming Fuel Tax Credits. Specifically, for Perth-based businesses, this article sheds light on understanding Fuel Tax Credits and how they can (through the Australian Tax Office) help your cash flow. … Continue reading How Fuel Tax Credits Can Boost Perth SME’s Cashflow
So What is Payroll Tax Grouping? In the complex world of taxation, understanding nuances such as payroll tax grouping is paramount, especially for businesses in Perth. It’s about ensuring compliance and optimizing operations, financial planning, and preventing potentially significant liabilities. Here, we delve deeper into how Perth tax accountants can be your beacon in navigating… Continue reading Understanding Payroll Tax Grouping by RevenueWA
Navigating the ever-changing terrain of the Australian tax landscape is daunting, but when it comes to GST or Goods and Services Tax, your expert tax consultants in Perth can make it a breeze. The GST is a significant facet of the Australian taxation system, impacting both domestic and offshore transactions. This blog aims to highlight… Continue reading Navigating GST with Offshore Purchases and Sales
Buying a small to medium-sized business in Perth is a considerable undertaking that can propel your business toward new avenues of growth and diversification. But the process has its share of challenges and risks. The vital safeguard against these perils is the comprehensive practice of tax due diligence facilitated by your Perth tax accountant. This… Continue reading Understanding Tax Due Diligence: A Detailed Step Plan
Every business owner operating in Australia understands that preparing and lodging a Business Activity Statement (BAS) is a fundamental responsibility. This is true regardless of your business’s size, industry, and location, be it in bustling Perth or a quiet town in the outback. However, some may wonder why it’s so essential. If you’re a Perth-based… Continue reading 5 Reasons Why You Need to Prepare a BAS – A Perth Accountants Perspective
As a business the use of contractors makes a lot of commercial sense across Perth and the rest of Australia. The flexibility offered by contractors and the shortage of labour makes contractors a classical recommendation given by smart business accountants. And while contractors can be a simple option – there are a lot of tax… Continue reading New Tax Traps to Consider When Employing Contractors