Keeping pace with the changing dynamics of the Australian economy, Australian Taxes are changing and some of these changes may affect you as taxpayers. Presented below is a summary of the top tax changes in 2017-18.
Managing your business’s cash flow is one of, if not the, most important task you must do. This delicate balancing act can be difficult and stressful — you have to make certain you have the money needed to run your company, pay your vendors, and pay your employees, but you don’t always collect money from your customers right away. A good business owner will be able to prioritize what needs to be paid while holding out for income. If you’re uncertain if you’re managing your cash flow well, here are a few tips.
The world has had an enormous shift from what it was a decade ago to what it had set for itself to be; and yet in the rat race, this desire of human civilization seems to be ever growing and insatiable. Be it in the world of technology or commerce; business or society, the pace of development is quite certainly leaving the human civilization behind. Does it scare you of becoming obsolete? Or are you one of those, who constantly strive to keep up with the changing times?
A recent ATO publication highlights the importance of planning for year-end trust distributions. If, for instance, the trustee makes a resolution after 30 June, no beneficiary was presently entitled to trust’s income by 30 June and there was no default clause in the trust deed, then the trustee will be assessed on the trust’s taxable income at the highest marginal tax rate, plus the Medicare Levy.
