Earn-out clauses for the sale of a business are increasingly common. We look at the positives and negatives that every business owner should consider. Business transactions often include earn-out clauses where the vendors ‘earn’ part of the purchase price based on the performance of the business post the transaction. Typically, an earn-out will run […]
Selling a business? The pros and cons of earn-out clauses Read More »
Just in time for the Fringe Benefits Tax (FBT) year that started on 1 April, the Australian Taxation Office (ATO) has released new details on electric vehicles. The FBT exemption for electric cars If your employer provides you with the use of a car that is classified as a zero or low emissions vehicle
How Does Tax Apply to Electric Cars? Read More »
The deadline for existing directors of Australian companies to obtain a Director Identification Number is 30 November 2022. All directors of a company, registered Australian body, registered foreign company or Aboriginal and Torres Strait Islander corporation (ATSI) will need a director ID. This includes directors of a corporate trustee of a self-managed super fund
30 November Director ID deadline Read More »
We’re often asked the best way to sell a business. There are two key components at play in the sale of a business: structuring the transaction; and positioning the business to the market. Both elements are important and can significantly impact your result. Structuring the transaction covers areas such as pricing the business, the
How to sell your business Read More »
The RBA lifted the cash rate to 2.35% on 6 September 2022, marking a 7 year high. The increase comes a few weeks after Reserve Bank Governor Philip Lowe told the Australian Strategic Business Forum that “…we’re going through a process now of steadily increasing interest rates, and there’s more of that to come. We’ve
How high will interest rates go? Read More »
Everyone knows you don’t pay tax on your family home when you sell it…right? We take a closer look at the main residence exemption that excludes your home from capital gains tax and the triggers that reduce or exclude that exemption. Capital gains tax (CGT) applies to gains you have made on the sale
Tax & the family home Read More »
A series of reforms and changes will commence on 1 July 2022. Here’s what is coming up: For business Superannuation guarantee increase to 10.5% The Superannuation Guarantee (SG) rate will rise from 10% to 10.5% on 1 July 2022 and will continue to increase by 0.5% each year until it reaches 12% on
What’s changing on 1 July 2022? Read More »
The Fringe Benefits Tax (FBT) year ended on 31 March and for those providing benefits to employees it is now time to prepare the FBT return and calculate amounts that need to be included on employees’ income statements. A few of the hot spots for employers and employees are outlined below. Important FBT issues
Fringe Benefits Tax 2022 Read More »
The rules for the Pandemic Leave Disaster Payment, the payment accessible to those who have lost work because they have had to self-isolate with COVID-19, or are caring for someone who contracted it, changed on 18 January 2022. The new rules change the definition of a close contact in line with the harmonised national
Pandemic Leave Disaster Payments rules change Read More »
The Treasurer has announced that PCR and rapid antigen tests (RAT) will be tax deductible for individuals and exempt from fringe benefits tax (FBT) for employers if purchased for work purposes. The Media release can be found here. There has been confusion over the tax treatment of RAT tests with the Prime Minister stating
PCR and Rapid Antigen Tests to be tax deductible, FBT free Read More »
