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Home as a place of business during COVID: CGT implications

The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home.…

Christmas and the Taxman

When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt? Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas…

The unique needs of small business owners

The main reason people go into business for themselves is quite simple – to have more control. However, owning a small business also brings the higher chance of failure and loss. Is the hard work and extra risk worth it? If you are a small…

A guide for selling or closing your business

As a hard-working small business owner you've spent years building your own livelihood and now, for whatever reason, you've decided the time has come to sell or close down your enterprise. To assist you, the Australian Tax Office provides…

How to treat work-related travel and living away from home costs

The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work. Certain conditions need to be met to ensure an allowance…

Employee or contractor? There is a difference.

We can understand during difficult economic times that business owners search for ways to reduce their costs and outgoings, however sometimes these decisions can affect others detrimentally. Recently we had a phone call from a client who…

Estate planning for your business

It’s not uncommon for business owners to take short, irregular holidays because they don’t have the support to keep their business running without them for a longer break. Aside from taking time off for leisure, have you considered what…

5 small business strategies for kick-starting the financial year

How often do you give your business finances a tidy-up? As another end-of-financial-year rolls by, now is as good a time as any to undertake a bit of housekeeping. The stresses of running a small business often see us rushing, unprepared,…
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Small Business Insurance - why you need it

Several years ago, Steve and Brian started a small web-design business, GotyaOnline. Steve was responsible for growing and supporting their client-base, while Brian designed and built the websites. Expanding to include maintenance of client…