Hiscox Partners Chartered Tax Advisers | Businesses

Hiscox Partners Chartered Tax Advisers

Phone: +61 8 9721 3088

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• Businesses
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• Financial service
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25.01.2022 How do you need to count stock? 1. At the lowest cost; or 2. At net realisable value... Meaning? If an item has been sitting on the shelf for a long time there is a chance the value is lower than the cost. Therefore, lower value and therefore lower tax. It is wise to keep a track of stock and see what it is. Normally, high stock will mean less money in the bank. Small business does have some simplification with stock adjustments of $5,000 or less. Do you have any questions regarding stock for your business? Simon will be in Exmouth from 15 March 2021 to 26 March 2021 and can call in for a chat! Give him a call today on 0458 171 326.

22.01.2022 Do you currently trade under the right structure? Whether that be a Partnerships, Company, Trust or other It is important you get this right and make sure the business name and ABN are in the right structure as well.... Choose wisely to determine what the best tax rates are under these structures. Want some help understanding the right structure for you and your business, Simon will be in Exmouth from 15 March to 26 March and can call in for a chat! Give him a call on 0458 171 326.

16.01.2022 ? The ATO guidelines are very clear and specific. How much you spend per person and whether the event is regarded as entertainment are what the guidelines are based on. So can you claim that bottle of champagne, carton of beer and food at the work Christmas party?... The ATO considers this entertainment. Entertainment is considered a benefit for your staff and is therefore dealt with by the Fringe Benefit Tax Legislation. Spend less than $300 per person for food and alcohol for your Christmas party, then you will avoid Fringe Benefit Tax, however, you cannot claim the GST and cannot claim a tax deduction. ’ : $, . . Let’s summaries this: to maximise deductions and GST claims and minimise the Fringe Benefits Tax, the cost of your Christmas party needs to be less than $300 per person. Have any questions regarding your company deductions, give us a call on 9721 3088.

08.01.2022 Employing Contractors or You are a Contractor Who pays the Superannuation?... Who pays the Insurance? Do I pay the Long Service Leave? Who supplies the tool and equipment? It is really important to not "Muddy the Water" between Employees and Contractors. Get is clear right from the start! any issues? Simon will be in Exmouth from 15 March to 26 March and can call in for a chat, feel free to call 0458 171 326.

04.01.2022 What business questions/concerns do you have? - Sole Trader, Partnerships, Trusts and/or company? - Starting a new business, it can be a costly mistake if it is not set up correctly from the start - Paying a lot of tax and maybe the structure is not right?... - Worried about legal liability and an accident at work and protecting your assets? - Do you really know how you trade? Simon will be in Exmouth from 15 March 2021 to 26 March 2021 and can call in for a chat. Give Simon a call on 0458 171 326.

01.01.2022 Payroll Tax Yes, it is a dirty word! However, make sure you aren't paying too much. A lot of people just think this is a simple calculations and send the payment to the State Government.... You need to make sure you have the calculation right, including allowances, LAFH. travel etc. Any questions, do not hesitate to give Simon a call! Simon will be in Exmouth from 15 March to 26 March and can call in for a chat, feel free to call 0458 171 326.