Blogs & Resources
31 August 2014
What are the advantages and disadvantages of operating a business / investment as a Sole Trader?
As they name suggests it is a business / investment entity that is owned and run by one individual. There is no distinction between the owner and the busi…
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28 August 2014
The importance of choosing a business / investment structure
Choosing the correct and most appropriate business structure is a very important part of the due diligence in setting up a business.
There are many examples …
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21 August 2014
What are the different structures / entities available for setting up and operating a business?
Broadly speaking the following structures are available for business / investment operations:
Proprietary Limited Company (i.e., XXX Pty Ltd)
Discretion…
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13 August 2014
What superannuation obligations will you have when commencing a business?
Your primary superannuation obligations occur if you take on employees and / or pay yourself a wage and / or director fees.
The obligations are covered in th…
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10 August 2014
What tax obligations will you have when commencing a business?
In addition to the income tax that you would already be liable for as an employee, others may include depending on certain factors:
Company tax
Go…
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7 August 2014
What should be included in a business plan?
A business plan should ultimately be tailored to your particular situation, be concise and easy to understand and follow.1. Does your business idea …
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2 July 2014
ATO Security Alert!
Scammers impersonating ATO employees to extort money, Australians' personal data sold on black market
http://mobile.abc.net.au/news/2014-07-01/scammers-i…
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1 July 2014
What is a Family Trust?
Also known as a Discretionary Trust, it is essentially a relationship that is set out by a trust deed between a trustee and a beneficiary or beneficiaries. The …
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16 June 2014
Taxation and Accounting Checklists for 2014
2014 Income Tax Returns For Individuals - Checklist
Small Business Tax Return Checklist for 30 June 2014 - http://www.mcnamaraandco.com/blog/small-busi…
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16 June 2014
2014 Income Tax Returns For Individuals Checklist
Income
1. PAYG payment summaries for salary and wages
2. Lump sum and termination payments
3. Employer Allowances (i…
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16 June 2014
Small Business Tax Return Checklist for 30 June 2014
1. Income
a. Income from sales and/or the provision of services
b. Debtors listing as at 30 June …
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5 June 2014
How can I reduce and defer my tax liability when selling my investments?
Firstly if you defer the sale of an asset until after 30 June 2014 this will create a liability in the 2015 financial year. Typically the tax liability wi…
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3 June 2014
2014 Taxation Checklist and Update
If you would like to receive information on a 2014 Taxation Checklist please subscribe to our newsletter - http://www.mcnamaraandco.com
Information includes:…
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24 May 2014
How can I reduce my tax liability by paying superannuation?
By paying superannuation contributions prior to 30 June 2014 you will be able to claim the contribution as a tax deduction.
You will need to be mindful of th…
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21 May 2014
How can I reduce my taxation liability by reviewing my trade debtors?
Prior to 30 June 2014 you should review the trade debtors of your business for any bad debts.
Providing that your business is assessed for income tax on an a…
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