Starting out as a sole trader makes a lot of sense. It is fast to set up, low cost to run, and straightforward to manage. For many small business owners across Western Sydney, it is exactly the right structure when you are getting started or testing an idea. But as your business grows, the structure … Continued
Both new and established investment properties attract depreciation deductions for their owners, however, there are differences in what owners are eligible to claim. Here, BMT Tax Depreciation outlines the differences in depreciation eligibility between new and established investment properties. Depreciation overview Depreciation is the natural wear and tear of a property and the assets within … Continued
Here’s How to Know When It’s Time to Restructure Often when starting out in a business, the simplest and cheapest structure to use is either an individual (i.e. sole trader) or partnership. The cost to setup these structures are low, and with the expectation of low revenue in the initial years, it can also be … Continued
Banks Are Everywhere… Why Not Go Straight to a Bank? Of course, you can go to a bank, but this can be more difficult than it sounds. Australia is indeed the lucky country. We are blessed for choice when it comes to the amount of competition that exists across the mortgage market. With so many … Continued
One thing that some businesses forget to consider is, if they will need to pay Fringe Benefits Tax (FBT). Fringe Benefits Tax (FBT) is a tax payable by employers for benefits paid to an employee (or an employee’s associate e.g. a family member) in place of salary or wages. Here are some tips and tax … Continued
Is your business currently looking for new hires? Did you know that there is an NSW government initiative designed to encourage NSW businesses to hire employees & grow? So if you’re planning to hire a new employee, you might want to check out this article, so your business won’t be missing out on up to … Continued