Steer clear of these GST traps

Max Newnham Three areas to watch out for: GST, asset use and claims after a business closes.

Business Maxims

Avoiding the please-explain on GST

Business Maxims Max Newnham answers your tax questions.

How do I structure my employment and business incomes?

Max Newnham Over the years there have been many attempts by taxpayers to try and have employment income treated as business income so it can be split with spouses and children.

Warning on carbon tax rorts

Adam Cooper The ACCC is warning small businesses to justify prices if they use the carbon tax to rort customers.

Buying a bargain could be risky business

Christopher Niesche Many small businesses are going cheap right now, but potential buyers shouldn't be seduced by low prices and the chance to be their own boss.

How to calculate your tax rate

Max Newnham When you run a small business you can potentially be subject to countless state and federal taxes.

How to write off business costs

Business Maxims Q. We recently set up an office - can we claim painting and other costs?

FINANCE

Write, which way should I pay my tax?

Business Maxims Q. I am a UK citizen, and am doing a spot of freelance writing. Should I be taxing myself through my ABN number?

Claiming company expenses

Business Maxims Can I claim my $6000 car purchase as a company expense in my BAS?

Can't pay the ATO? Don't do a runner

Max Newnham Often the first financial commitments that cash-strapped businesses ignore are payments due to the tax office.

BUSINESS MAXIMS

Hey Max, what about my tax?

Max Newnham Q. I know I need to obtain an ABN from any supplier but do I need to get one for the people I do work for?

Hey Max, what about my tax?

Business Maxims There are many anomalies in the income tax act, some of them relate to motor vehicles.

Getting on top of tax is crucial

Paul Drum How to handle GST in a small business with Paul Drum, of CPA Australia.