Bookkept - Melbourne Accounting & Tax Blog
Take a peek inside our thought process and see how we think about accounting & tax issues
A franking credit is a tax credit attached to “franked” dividends that shareholders receive from companies. Is it where the company issuing the dividend has already paid taxes on the income used to pay the dividend. To an individual, it is similar to PAYG taxes than your employer pays on top of your net wages.
Directors are legally responsible for ensuring that their company meets its pay as you go withholding, GST and superannuation obligations. If a company fails to comply with their obligations, company directors are held personally liable for the amount the company should have paid.
Asset protection is needed as early as possible to protect yourself from a disastrous first few years of trading -it’s not only for the wealthy! It can mean the difference in protecting your family home and not.
Allowances are separately identified payments made to an employee to cover expenses they incur while performing their role. Allowances paid in conjunction with normal salary and wages are not treated separately for PAYG withholding, but can still have special treatment in the eyes of the ATO.
When you’re at the stage of asking this question, it’s often the case that there’s no right answer. Many businesses will start out as hobbies, and there will be a point when you could say it’s either. Your accountant can help you consider the differences in the characteristics of commercial business and a hobby to make sure you’re lodging your taxes correctly.
There’s no doubt that claiming for your work-related car expenses at tax time is one of the great joys of life! However, you must be certain that you have strong documentation to substantiate your claims.
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