When estate planning, most people focus on what will happen to their family and their assets after they pass, often neglecting to consider what would happen if they were to become ill or incapacitated. Falling ill can be a very stressful and traumatic time for you and your family, especially if you are the primary…
At the worst time of your life, the last thing you want to think about is tax. However, when a loved one dies, their affairs must be dealt with at some stage. This includes their tax obligations. You must lodge a date of death tax return if any of the following apply to the deceased…
Making your business seem more significant than it actually is can go a long way in helping you secure larger clients. Appearing larger can help customers feel more secure when dealing with you and possibly give your voice or presence more authority. Exaggerating elements of your business regarding first impressions is easier than you might…
While the hustle and bustle of operating and managing a business can occupy your mind, it’s important not to forget your superannuation obligations to your employees. Those who fail to meet their super obligations risk facing severe and even damaging liabilities, penalties and even potential imprisonment. Are you aware of your obligations? Employees (after entering…
In Australia, any income earned by a job may be considered taxable income. Those who receive their income via the sharing economy are no exception to the rule. In fact, further complications can result from incorrect understandings of how the income tax and goods & services tax may apply to those individuals. ‘ The sharing…
There are critical differences between having a hobby and running a business, and they mostly have to do with your tax, insurance and legal obligations. Understanding the characteristics of businesses and hobbies is essential to ensure you correctly determine your activities. Are You In Business? While there is no single, defining factor that determines whether…
Have you ever wondered what happens to superannuation when someone claims bankruptcy? Bankruptcy is a legal process that can be commenced when you are declared unable to pay your debts. It is a process that can release you from most debts, provide relief and allow you to make a fresh start. However, bankruptcy is not…
Small business owners may be able to claim deductions for the costs of using their home as a principal place of business when filing their income tax returns. A home-based business is one where an area of your home is set aside and used exclusively as a place of business. If you do not have…
The superannuation gender gap has been a subject of serious concern for at least half of Australia’s population. Women are more likely to have significantly less money saved for their retirement, less assets and far less super than men, putting them in a place of greater financial stress and concern. For example, a woman in…
Throughout the financial year, there may be periods where your business finds itself facing a recurring problem with its cashflow. Small businesses with cash flow issues may find themselves more at risk of failing or suffering significant financial hardship – during these critical times in the business landscape, this is not an ideal situation. Cash…
Patane Accounting Pty Ltd is a CPA Practice