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Business is booming for trades people. 

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Fringe Benefits Tax - The New Rates

A new personal income tax rate came into effect on 1 April 2021, which increases the amount of gross income that the government deems subject to tax.
 
This outcome will impact current Fringe Benefits Tax (FBT) rates for all employers. The Government estimates that the change would affect 2 percent of earners and deliver an extra $550 million for the 2021 financial year, rising to $634m by 2024.
 
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Current Payments To Assist Your Business

COVID-19 may have affected your business’s profits over the past year, but government subsidies and schemes were introduced to ensure that operations could continue as intended.
 
Many of these schemes and subsidies have since stopped receiving applications. The government has recognised that in this state of flux and change, a level of support still needs to be provided to businesses to ease the burden.
 
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Bright Line Test Amendments

The bright-line test is the primary rule regarding the length of time that owners/investors have to hold onto additional property to avoid paying tax on the money they receive when they sell the property.
 
Other than the family home, any sold properties will have the profits treated as income and taxed.
The bright-line tax applies to residential properties that are purchased and sold within specific periods of time.
 
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What To Do If You’ve Made A Mistake On Your Tax Return

Tax Returns are one of the most important documents that you will fill out this year, particularly when it comes to your business.
Despite the care that you may take in doing so, mistakes can still happen. An incorrect tax return isn’t the end of the world, but it’s important that you take the steps necessary to fix it once the error is noticed.
 
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Get Paid Fast - Invoicing Tips For You

The easiest way to ensure that your business is receiving the payments from invoices without delay is to remain transparent with your customers throughout the process.
Getting an invoice paid on time starts with making it easier for your customer to pay.
 
Create Detailed Invoices
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Restructuring - The Right Roles for the Right People

So that they can operate to their full potential, businesses need to have the right people in the right roles.
 
As a business develops and its market changes, the right roles and people may need to change.
Restructuring can be a difficult process to go through as either an employee or an employer. However, it is often a necessary process to ensure that the customer needs are being met and that the business is operating at the highest level.
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Business Debt Hibernation

If you own a business that COVID-19 has impacted, business debt hibernation might be an avenue for you to explore when it comes to the future of your business.
 
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