- October 5, 2018
Do you run more than one business?
Are all these small businesses, if aggregated?
What tax obligations do you have?
Are you aware of tax concessions available to small Businesses?
Is your strategy crafted correctly and aligned to achieve these benefits? …………………………………………………
Really when you think about the possibilities and permutations for running small businesses, it is a flood of endless question streams that strike your mind. No matter if you are already a business owner or planning to start a small business, your focus should ideally be on the core business. Unfortunately, this is not the case and many people end up struggling to maintain the status quo thus blinding yourself from latent opportunities.
Strategy and business plans are a must and tax is one element embedded in operations. There is a lot more you can do by prioritizing what to and how to do it. Tax, as on the face of it seems a very simple and single word and it really is as simple as it looks provided you know how to plan and comply this effectively. If you have the right advice, you could craft and apply an effective tax strategy. Possible areas where tax strategies are desirable for small business include;
- strategies for assets acquisition
- the timing of capital gains events
- accrual or cash accounting
- aggregation rules
- writing off obsolete inventories
- writing off uncollectables
The right strategy and timely trigger of events could entitle you to tax concessions. Amongst the other factors, these concessions revolve around your business turnover. Different concessions are available for businesses earning turnover:
Less than $ 2 Million
$2 Million to less than 5 % million
$5 Million to less than $ million
These concessions encompass areas covering deductions, calculating and paying income tax, simplified record keeping, GST BAS & Excise, Capital Gains Tax, Fringe Benefits Tax, superannuation etc.
We at Business Mantra work alongside your progress on growth ladder. We advise our clients on how to plan, execute and achieve your strategies including the tax optimization. We act to advise our clients as they grow, enhance their revenues, reach their milestones thus helping them to craft and apply the right strategies. We enjoy it when you celebrate your success.
Please contact our team of experts if you have any questions relating to these concessions or any other operational aspect of your business. We offer end to end business solutions to support your business ambitions.
Please follow us and we shall come up with more write-ups for the benefit of small businesses owners.