by Peter McCarthy | Jun 27, 2017 | Taxation
With the 2017 Financial Year coming to an end we want you to be aware that if you use a trust, you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 49% of Trust profits. Trustees who distribute income of a...
by Peter McCarthy | Jun 22, 2017 | Taxation
There is good news and there is bad news. This may sound like an odd rule, but claiming a deduction for interest borrowed to pay your tax debt is an allowable expense, as long as you are running a business. In 1990, the ATO was asked about the tax deductibility of...
by Peter McCarthy | May 12, 2017 | Taxation
The Federal Budget has been released and Team #PTAandM have completed out Budget Breakdown on some of the key points and features of this year’s announcement. Unlike recent years where there have been many initiatives dealing with Small Business and...
by Peter McCarthy | May 4, 2017 | Taxation
Tax planning season for 2017 is well underway and Team #PTAandM have already saved our clients thousands of dollars in tax by taking decisive action now. 30 June will be here before we know it. Let us help you get the most out of the upcoming months. Too often, we end...
by Peter McCarthy | May 2, 2017 | Taxation
Parliament has finally passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation, which has finally passed the Senate, brings into effect the following changes for small business: Progressive cuts to...
by Peter McCarthy | Apr 27, 2017 | Taxation
From 1 July 2017, a new tax measure will come into play for small businesses with a tax debt, and we’re here to help prepare you for this tax change. Businesses that haven’t engaged with the Australian Taxation Office (ATO) to get their tax debts under control...
