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 […]
A Comprehensive Guide to Business Activity Statement (BAS) for Small and Medium Size Business Owners
As a business owner, we understand the constant balancing act you face – juggling business operations, finances, and the often-complex world of tax responsibilities. A key part of this equation is the Business Activity Statement (BAS). It can seem like a daunting task, full of unknowns and potential pitfalls. However, don’t worry, we’re here to […]
Navigating GST Registration: A Comprehensive Guide for Business Owners
Being a business owner comes with numerous responsibilities and questions. One such topic that often arises is Goods and Services Tax (GST) registration. You might find yourself wondering if your business needs to register for GST, what the benefits might be, and how to go about it if needed. Rest assured, we understand the complexity […]
Understanding Employee Payroll Tax and PAYG: A Comprehensive Guide for Small and Medium Business Owners
As a business owner, you’re constantly juggling many responsibilities and roles. One area that can feel overwhelming is managing your employee payroll tax and Pay As You Go (PAYG) withholding. It can be a complex field, filled with obligations, calculations, and deadlines. We understand the pressure that comes with these tasks. The aim of this […]
Understanding the Fringe Benefits Tax (FBT)
Let’s talk about a topic that often leaves many business owners feeling overwhelmed and unsure – the Fringe Benefits Tax (FBT). It’s understandable if you’ve found yourself scratching your head, trying to navigate the intricacies of FBT. You’re not alone. At Impala Tax, we’ve been in your shoes and we can help you make sense […]
A Comprehensive Guide to the Four Types of Small Business CGT Concessions
Understanding the subtleties of taxation is a challenging task, especially regarding the Small Business Capital Gains Tax (CGT) Concessions. These can significantly impact the tax outcome of your business or CGT business asset sale. The four types of CGT concessions available in Australia can provide much-needed relief, but knowing which one applies to your situation […]
Understanding CGT Concessions When Selling Shares in a Company or Interest in a Trust
We understand the intricacies of running a business and the numerous decisions you need to make daily. One of these crucial decisions could be selling shares in your company or your interest in a trust. However, understanding the taxation implications, specifically the Capital Gains Tax (CGT) concessions, might seem like an uphill battle. But don’t […]
Optimising Your Tax Benefits: Integrating the Retirement Exemption and Other Small Business CGT Concessions
We know it can be a challenge to keep up with the ever-changing landscape of taxation, especially when you’re also managing the day-to-day operations of your business. Among these challenges is understanding the complexities of Capital Gains Tax (CGT), specifically the Small Business Capital Gains Tax (CGT) Concessions. It’s a topic that can often leave […]
Optimising Your Tax Benefits: Integrating the Retirement Exemption and Other Small Business CGT Concessions
Navigating the intricate landscape of taxes is an essential part of running your business, especially when it comes to Small Business Capital Gains Tax (CGT) Concessions. Today, our focus is the retirement exemption, a powerful tool in the world of small business taxation. Even more potent, however, is the potential to combine this exemption with […]