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Tax For Small Business: A Survival Guide



Tax For Small Business: A Survival Guide

Max Newnham

ISBN: 978-1-118-31944-4 March 2012 Wrightbooks 256 Pages


Don't just survive tax time -- discover how your business can thrive through tax time!

Operating a small business isn't easy. Each day business owners are challenged with everything from supervising staff and negotiating with suppliers to managing payroll and inventory -- and, ultimately, turning a profit.

Thankfully, ensuring that your business is tax-compliant is no longer the ordeal it used to be. Tax for Small Business: A Survival Guide is a must-have reference for Australian small businesses, with all the information you'll need to legally minimise your tax and maximise your business's profits. Topics covered include:

  • the Simplified Tax System (STS)
  • income tax
  • superannuation
  • capital gains tax
  • fringe benefits tax
  • GST, BAS and PAYG
  • worker's insurance
  • land tax.

Acknowledgements vi

1 Tax through the ages 1

2 Getting started: establishing the correct business structure 11

3 The Small Business Entities Simplified Tax System 34

4 Income tax 48

5 Paying your employees and your income tax as you go 73

6 Capital gains tax 88

7 Fringe benefits tax 98

8 GST 110

9 State and territory business taxes 133

10 Tax planning tips 142

11 Cars and tax 160

12 Minimising tax on selling a business 173

13 Surviving a tax audit 187

14 Getting the right advice 198

15 Questions and answers 204

Appendix 223

Glossary 237

Index 243

Resources 249