Income

BUSINESS MAXIMS

A question of profits

Tax.

Business Maxims Operating a business through a company can be a great idea when starting out. But the tax benefit can be outweighed when profits have built up.

Don't buy the wrong wheels

Work car.

Max Newnham Many small business owners stumble in buying and financing the right sort of work vehicle.

Super savings total $1.5b over four years

Super.

Federal government to reduce what it gives to low and middle-income earners through super co-contribution from mid-2012.

FINANCE

Write, which way should I pay my tax?

Keyboard.

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

Car.

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

We owe ourselves salaries

Max

Business Maxims Q. Can we claim our salaries - which we don't have the money for - as a tax deduction?

All debts are off

Many consumers are determined to hold on to their cash.

Alison Bell Small businesses are facing a debt repayment strike that could send many of them broke.

Casual workers, freelancers facing rent battle

Michelle Griffin Casual workers and freelancers are even more likely to struggle with their rents than the unemployed.

BUSINESS MAXIMS

The ABCs of GST

ABC.

Max Newnham When you own a business there are countless rules and regulations that must be met.

ATO issues? Just ask small business

ATO.

Henrietta Cook Small businesses welcomed a review of the Australian Taxation Office's cash-economy benchmarks.

Business Maxims

Making the most of fruitful labours

Fruit and the tax question.

Business Maxims The ability to offset business losses against other income depends on a taxpayer passing one of four tests. Where these tests cannot be passed the loss must be carried forward to later years.

BUSINESS MAXIMS

Help! Our debt is crippling us

Debt.

Max Newnham Q. We have incurred a debt to the ATO of more than $100,000. The interest is making it nearly impossible to pay off.

BUSINESS MAXIMS

How do I get rollover relief?

Swiss ball.

Max Newnham Q. I'm a physio doing home visits and need better equipment. Could I claim these under CGT rollover relief?

Do your homework before buying a franchise

Steve Wright. Business. 4 March 2012.

Steve Wright What to consider before parting with your hard-earned.

Hey Max, what about my tax?

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

Don't get caught without cover

Business dink.

Business Maxims There are many ways to own and operate a business. Some of them are simple, such as a sole trader or partnership, where the owner earns income as a share of profits.

Insuring for when the door stays shut

Christopher Niesche Most small businesses insure their property and stock against damage like fire and theft, but few take out business interruption insurance against the loss of cash flow caused by a prolonged shutdown.

Be prepared for a rude interruption

Christopher Niesche A loss of trade after an unexpected calamity can be devastating.

Business Maxims

Avoiding the please-explain on GST

Tax.

Business Maxims Max Newnham answers your tax questions.

Can I claim my mortgage on my business tax?

house

Max Newnham Many small businesses operate from the owner’s home. This could mean the factory is a shed in the backyard and the office a corner of the kitchen or dining room table.