Finance

Correcting income tax and GST mistakes

Max Newnham 10:00 AM   If you've made a mistake the ATO enables taxpayers to amend returns and forms lodged.

'I pay more tax than Uber'

Alyce Tran, founder of The Daily Edited, says her business is slugged with more tax than Uber.

Cara Waters   Small businesses are getting slugged while large multinationals pay minimal tax.

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Timelio to link super funds with SMEs

Timelio co-founders Charlotte and Andrew Petris have created a peer-to-peer platform for invoice funding.

James Eyers   Large superannuation funds are preparing to enter the invoice financing market via the fintech start-up Timelio, which has created a peer-to-peer platform to provide capital to small companies seeking to expand. 

Company or a sole trader?

Max Newnham

Max Newnham   Max Newnham answers readers' taxation questions.

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Avoiding tax black holes

Max Newnham

Max Newnham   Don't let your business expenses fall into a black hole with no benefit from the expenditure.

Why do businesses fail – ego or ignorance?

Dick Smith is just one of the high-profile collapses this year.

There have been some high-profile business collapses already this year but in the vast majority of cases, business failure can be avoided.

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Tax payments all in the timing

Max Newnham

There's a knack to paying tax as you go so that you avoid a massive tax bill at the end of the year.

Betting the house on the business

Whole Kids founders Monica and James Meldrum with daughter Chloe.

Small-business owners are remortgaging their homes and going cap in hand to family and friends to fund their business ventures.

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How to get cash to start your business

Cedar Anderson and his father Stuart Anderson used crowd funding to finance their Flow Hive business.

Emily Chiantri   From crowd funding to government grants, here are five top ways to get funding for your venture.

Budget blowout of $370 million for instant asset write-off

Treasurer Scott Morrison on 2GB radio in Parliament House, Canberra, on Monday.

Cara Waters   The popularity of the small business instant asset write-off measure has resulted in a short term hole in the budget.

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To be or not to be registered for GST, that is the question?

Max Newnham

Max Newnham   There is much debate at present concerning Australia's GST system. There appears to be a movement growing to increase GST from 10 per cent to 15 per cent, and also to tax all goods and services rather than having some items being exempt.

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It's all a matter of trust

Max Newnham

Max Newnham   Small business owners have the ability to organise their affairs in the most tax effective way using a variety of business structures and one of the most popular is a discretionary trust.

It's still the economy, stupid

Peter Strong, chief executive of the Council of Small Business of Australia, says confidence is up amongst small ...

Cara Waters   Our exclusive survey of small business owners and operators show their top concern is the Australian economy.

Claiming a tax deduction for cars

Max Newnham

Max Newnham   In a family-run business, property and assets are often used for both business and private purposes

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Paying the GST piper after ceasing business

Max Newnham

Max Newnham   What happens when you have ceased trading but you appear to still owe GST?

The perils of funding business with your mortgage

Entrepreneur Emily Carding with daughters Violet, left, and Holly on North Curl Curl Beach.

Duncan Hughes   There may be hidden costs and expensive consequences for entrepreneurs chasing cheaper home loans, writes Duncan Hughes.

George Gregan-backed franchise goes into administration

The chain of franchises is part-owned by former Wallabies captain George Gregan.

Cara Waters   Home ventilation franchise Ventis HQ, which had a turnover of $10 million, has entered into administration.

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Traps to avoid when buying

Max Newnham

Max Newnham   It's a case of buyer beware when you purchase a business with a complicated business structure.

Bags of cash and blackmail accusations

Allegations of misconduct have arisen as the administration of My Baby Warehouse continues.

Cara Waters   My Baby Warehouse's 65 staff have lost their jobs and are owed an estimated $1 million in super payments as allegations mount against the chain's owners.

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Single Touch Payroll sweetner

Small Business Minister and Assistant Treasurer Kelly O'Dwyer says the government will roll out a pilot of Single Touch ...

Cara Waters   A tax discount of $100 is to be given to businesses which implement the government's Single Touch Payroll system.

'We knew it was going down, down, down'

The owners of My Baby Warehouse are linked to other failed businesses.

Cara Waters   Inside the collapse of My Baby Warehouse, which has the same owners as a host of other failed companies.

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Small business cashes in on $20,000 tax break

Small Business Minister and Assistant Treasurer Kelly O'Dwyer is "delighted" with the take-up of the instant asset ...

Cara Waters   Treasury data shows more than 99,000 small businesses have claimed the tax break in the period from July 1 to December 15, 2015, with claims totalling $418 million.

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Family discretionary trusts maximise flexibility

Max Newnham

Max Newnham   You can put your family's assets at risk if you don't use the right business structure to own and operate your business through.

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My Baby Warehouse collapses

The owners of My Baby Warehouse are linked to other failed businesses.

Cara Waters   A major retailer of baby products has gone under just before Christmas.

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When is the best time to register for GST?

Max Newnham

Max Newnham   Make sure you get the timing right on when you charge GST to your customers.

The real cost of a GST increase

Samantha Jayne, founder of Blue Label Life, says a 5 per cent increase to GST may seem small but will add up.

Louis White   If the federal government follows through on its very public musings on raising the GST to 15 per cent and broadening its tax base every small business in Australia will be affected.

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Five ways to kick-start growth

Conor O'Shea is the chief executive of Centenary Landscape Supplies which he says was in "dire straits".

Christine Long   Is your business bogged at a particular level of turnover?

Easy tax deductions

Max Newnham

Max Newnham   Unsure of what you can claim as a small business tax deduction? This guide should help.

Do tradies dodge tax? Popular wisdom says yes

An ATO spokesperson says there is nothing wrong with paying cash, the problem is when income is not reported.

Cara Waters   Is research on the income of self-employed tradies' flawed because it is "notoriously understated"?

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How much do tradies really earn?

Marcelle Bagu earns more as a self-employed tradie than she did as a political adviser.

Cara Waters   For the festive season, Fairfax Media has compiled a selection of stories that resonated with readers in 2015. This story was originally published in November.