In the process of buying a business, the purchaser should conduct a due diligence review to establish that they are buying what they believe they are buying. The review identifies areas of risk and contingent liabilities that the business may have and to factor these risks in the purchase price. When buying a business or [...]
Browsing Posts in Tax Returns
If you operate a business as a sole trader or a partnership, you are required to lodge an individual tax return and pay your tax dues annually. So the question arises: What items must appear in my tax return? Completing your tax return generally requires the declaration of income and expenses you will deduct in [...]
The Australian tax return that you need to lodge yearly depends on the structure of your business whether you operate it as a sole trader, a partnership, a company or a trust. Sole trader A sole trader structure is essentially the same as the individual who owns it; thus, your personal assets may be made [...]
Generally, all Australians who receive or earn income are required to lodge an individual tax return each financial year. Income you must declare It is important to declare all of the income you received during the financial year, such as employment income and allowances, lump sum payments you received when you leave employment, pensions, annuities [...]
When operating your business as a company, it is your duty to lodge an annual company tax return showing your taxable income and the amount of tax due on that income. Limitations of deductions Taxable income is computed by deducting certain expenses (also referred to as allowed deductions) from your assessable income. For these expenses [...]
Depending on the business structure you operate, you may be required to lodge different tax returns. Australian tax laws lay down specific rules and guidelines for reporting and computing amounts subject to various taxes which every business person must be familiar with or risk the assessment of penalties. Income tax return Sole trader If you [...]