Understanding Division 293 Tax: A Guide for Australian Business Owners
When running a business in Australia, there are numerous tax considerations to factor in when planning your financial position. One tax that might have flown under your radar is the Division 293 tax. But what is Division 293 tax, and why might you need to be aware of it? Let’s break it down for the […]
Division 7A Loans to Shareholders and Their Associates
Introduction If the phrase “division 7A loans” sends a chill down your spine, you’re not alone. Navigating through the Australian Tax Office requirements can be tricky, especially when division 7A loans come into the picture. Are you unsure if you’re on the right track? Concerned about making inadvertent errors? We’ve been there and have assisted […]
Navigating Business Activity Statements and Installment Activity Statement Obligations: Preparation to Lodgement Deadlines
Introduction As a small or medium-sized business owner, keeping up with your tax obligations can sometimes be a steep uphill climb. In particular, understanding Business Activity Statements (BAS) and Instalment Activity Statements (IAS) can be daunting, and ensuring they are lodged on time can be a source of stress. It’s easy to feel like you’re […]
The Essential Guide to Rental Property Repairs: Navigating Repairs, Replacements, and Improvements
As an Australian investment property owner, it’s normal to feel overwhelmed by the complexities around repairs, replacements, or improvements to your rental property. The confusion can be daunting – “What falls under repairs, and what’s considered an improvement?” “How do I correctly categorise these expenses?” “What tax implications should I be aware of?” We understand […]
Reviewing Your Tax Obligations – Business Owners Guide
Navigating the maze of taxation can feel daunting, especially if you’re a small to medium-sized business owner. The terms alone – ‘tax obligations,’ ‘deductions,’ ‘GST,’ ‘capital gains tax’ – can make one feel like they’re stumbling through an unknown territory. This uncertainty can lead to missed opportunities and potentially costly mistakes. At Impala Accountants, we […]
Managing Your Tax Risks: The Key to an ATO Audit-Free Business
For any small to medium-sized business owner, the tax season can be a nerve-wracking time, especially when words like “ATO audit” start circulating. Often, this fear stems from a lack of understanding of the tax requirements and the possible risks associated with non-compliance. Uncertainty and lack of clarity about the implications can make anyone feel […]
The Impact of Property Depreciation Reports on Your Taxes
As a property owner, whether residential or commercial, navigating the intricate world of taxes can be difficult. It’s common to feel overwhelmed and uncertain about how to make the most of your property investments while optimising your tax benefits. One key aspect that often confuses property owners is the concept of property depreciation and its […]
Why Good Bookkeeping is Vital to Business Performance
As a small or medium-sized business owner, chances are you’ve experienced uncertainty and stress regarding your company’s financial records. The ever-growing pile of receipts, invoices, and bank statements might seem overwhelming, and you’re likely, not alone in questioning whether you’re keeping track of everything correctly. At Impala Accountants, we understand the stress that poor bookkeeping […]
Family Trust (Discretionary Trusts): A Guide for Business Owners in Australia
Setting up a family trust (discretionary trust) can seem perplexing. Dealing with terms like trustee, appointor, settlor, and beneficiaries – it can feel like you’re trying to decipher a foreign language. Many small and medium-sized business owners think the same, so you’re not alone. How does family trust work in Australia? In Australia, a family […]
What is a Private Company: Roles, Responsibilities and Risks
Are you grappling with the complexities of starting a private company in Australia? Navigating the maze of responsibilities tied to being a director, shareholder, or even the company itself can be daunting. Often, business owners are left feeling overwhelmed by the stringent regulatory landscape. We understand your struggles, and we are here to help you […]
