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Trading Stock Tax Rules in Australia: Inventory & Stocktake

If you own or manage a retail business in Australia, there are times where you purchase more inventory than you can sell in a year—especially for products that do not have an expiration date. This inventory overstock can affect your taxes and your total profits.   Businesses are taxed based on profits, meaning that unsold trading

How is a Small Business Valued? 4 Common Methods Explained  

If you are thinking of selling or buying a small business, one of the top priorities will be valuing the business correctly.  Many factors will affect the market value of a small business. When you put your small business up for sale, you and your advisors must consider what method to use for its valuation. 

How To Prepare A Cafe Business

How to Prepare a Cafe Business for Sale

How To Prepare a Cafe Business For Sale With the world’s overwhelming reliance on coffee, it is no wonder that aspiring entrepreneurs and business tycoons gravitate toward starting a cafe. Coffee is the most consumed beverage globally; however, there’s a lot more to running a successful coffee shop than just serving brews.  The typical time

Capital Gain Tax on Selling

Capital Gains Tax on Selling a Business: What You Need to Know

Capital Gains Tax on Selling a Business: What You Need to Know With so many things to consider when selling a business, many people overlook capital tax gains (CGT). If you are strategic about getting in the business or getting out of it, you have the opportunity to make a profit while minimising the amount

Working Away From Home: Tax Deductions & Allowances Explained

Working Away From Home: Tax Deductions & Allowances Explained 2022 

Working Away From Home: Tax Deductions & Allowances Explained 2022  In Australia, it’s common for employees to undertake work-related travel or even live away from home for a period when their role requires it. However, navigating tax deductions and allowances at tax time becomes more complex when working away from home.  For example, an employee

Uber Driver Tax Deductions for 2022: All Your Questions Answered

Uber Driver Tax Deductions For 2022: All Your Questions Answered

Uber and Uber Eats Driver Tax Deductions For 2022: All Your Questions Answered Uber and other ridesharing platforms have become a daily part of life in Australia. Uber drivers take people from point A to point B in a quick, safe, and convenient way, with the flexibility to work their choice of hours and use

Defence Force Tax Deductions for 2022: The Ultimate Guide

Defence Force Tax Deductions For 2022: The Ultimate Guide

Defence Force Tax Deductions For 2022: The Ultimate Guide As Australian Defence Force (ADF) members still pay income tax on salaries and allowances, members of the military in Australia can claim a wide range of tax deductions on their annual return. The Australian Defence Force (ADF) includes the Royal Australian Air Force employees, the Royal

What Can FIFO Workers Claim on Tax? 2022 Tax Deductions Explained

What Can FIFO Workers Claim On Tax? 2022 Tax Deductions Explained

What Can FIFO Workers Claim On Tax? 2022 Tax Deductions Explained Fly-In, Fly Out workers (FIFO) have an out-of-the-ordinary work arrangement, and with it comes some unique questions about what is deductible at tax time. The nature of their job requires FIFO employees work long continuous hours with limited downtime, and when they are rostered

TAX – WHAT THE 2019 FEDERAL ELECTION MEANS FOR YOU!

TAX – WHAT THE 2019 FEDERAL ELECTION MEANS FOR YOU! There is only a short time before the Federal Election on 18 May 2019, and there’s a lot of wild speculation and “fake news” in the media. We’re not trying to recommend who you should vote for, but instead we believe that it is vital

SINGLE TOUCH PAYROLL – HAVE YOU REGISTERED? WE CAN DO IT FOR YOU!

SINGLE TOUCH PAYROLL – HAVE YOU REGISTERED? WE CAN DO IT FOR YOU! Single Touch Payroll now required for all Australian Businesses Single Touch Payroll (STP) was introduced on 1st July 2018 for all businesses with 20 or more employees. The laws to extend the Single Touch Payroll (STP) reporting requirements so they apply to

A “WATCH OUT” AND A “HOW TO” FOR THE YEAR END!

A “WATCH OUT” AND A “HOW TO” FOR THE YEAR END! With the year-end holidays coming up, there are 2 urgent and very important things we’d like to briefly make you aware of. Unpaid Superannuation – Penalties for Directors Christmas Parties, Employee / Client Gifts and Fringe Benefits Tax (FBT) Each article is a 2

Ryan and Aaron, Wealthvisory Directors.

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