Business Activity Statement A Business Activity Statement is a form registered business entities submit to the Australian Taxation Office. It details their tax obligations and includes GST, pays as you go withholding and installments, fringe benefits tax, wine equalization tax, luxury car, and luxury aircraft tax. It also reports the amount of money they make […]
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Payroll Management Services for SME Business Payroll processing is a critical business process that requires proper processing. This process is complex and mistakes can have serious consequences. Most SMEs outsource payroll processing to a third party or use spreadsheets to keep track of employee details. These methods are error-prone and can negatively affect the
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Buying and Selling a Business Buying and selling a business is a serious endeavor and should only be undertaken after careful planning. You must be ready to meet the needs of a potential buyer. The timing of the sale should be right and there is a minimal risk. This means that the debt and other
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Business Succession Planning Developing a succession plan for your business is an important step towards a smooth transition, both for you and your successor owners. In addition, it will help ensure continuity of services and products, maximize the value of the business, and maintain your lifestyle in retirement. In addition, it will ensure that you
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Affordable Taxation Service Provider Affordable Taxation Service is a company that offers services for tax preparation. Most tax filers need expert assistance, so it’s important to find a service with a proven track record. Also, a quality tax service provider will stay up-to-date with the latest changes in tax laws. You don’t want to hire
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The Small Business Income Tax Offset is a way to lower your tax liability by as much as $16,000. This is based on the percentage of net small business income that exceeds your individual tax liability. This amount is nonrefundable and you will have to pay the difference when you file your tax return. To
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In 2020, the federal government is introducing new tax brackets for small businesses. The current rate is 21 percent for C corporations and will drop to two percent in 2025. For sole proprietors, the rate will be slightly higher than the flat tax. For businesses that file a Schedule C, the new rates are 19%
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When a new company is starting up, there are many things that they need to focus on. One of these is making sure that all of the crucial aspects are addressed. This can include bookkeeping. However, some companies don’t have the time to do all of these things, so they outsource them from an outside
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There are many Small Business Tax Planning Strategies to help you maximize your revenue while minimizing your tax liability. Year-end tax planning can help you minimize your 2022 federal income tax bill, and can take advantage of new tax incentives due to pandemic legislation. You can also work with your accountant to minimize your taxes
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Trust Tax Return A trust tax return is filed every year by the trustees on behalf of the beneficiaries. Unless there are specific restrictions, the primary acting trustee is responsible for the tax reporting. If the trust doesn’t pay, other trustees will be charged. Ambition Accounting can provide assistance and guidance on trust tax returns.
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