20 October 2015

It’s something of a little white lie, isn’t it — the one told to aspiring small business owners and entrepreneurs is that hard work guarantees success.

Hard work is vital, but it’s not the only quotient. And while you may be told by starry-eyed blog writers or charismatic motivational speakers that you can’t lose if you try hard enough, the third of new businesses that fail each year can attest to a different reality.

In our experience, a lot of businesses fail because they don’t plan the tax side of things well enough. From payroll tax to super guarantee contributions to GST, we’ve seen businesses blindsided by hefty penalties and tax debts because they put their obligations out of sight and mind.

Here are the five most common tax mistakes that can trip up a small businesses – avoid these mistakes, and you’re likely to more than double your chances of making it.

Continue reading “Top 5 avoidable tax mistakes small business owners keep making” →

13 September 2015

Here are some misconceptions about deductions that many taxpayers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, they have all been genuinely attempted to be claimed — and in most instances knocked back. Other disallowed claims, however, may surprise.

While the Tax Office may reject the following in the first instance, taxpayers who believe they have a “reasonably arguable position” should consult this office for more advice.

Continue reading “Tax deductions misconceptions: What you can’t claim” →