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January 31, 2018
A dividend is an allocation of profits from a company to its shareholders. In small businesses it usually works like this – a company has made a profit for the year and paid income tax on that profit at the company tax rate of the time (currently 28%). The shareholders have not yet had the use of this money. When the shareholders decide they’d …
Read morePeople often ask us if it’s a good idea to spend money to save tax. The idea is by creating additional expense the business can claim the cost as an expense in the business income tax return. This does work but it depends on a few factors. The key thing to understand is that when a business buys something it doesn’t “get back” the …
Read moreMany people have Income Protection insurance policies – these are claimable in your personal income tax return (whether you are in business or in paid employment) as long as any proceeds upon making a claim are treated as taxable income. Usually your insurance company will send out a letter after the end of each financial year detailing the amount you’ve paid on your premiums …
Read moreWhen you operate a business, each year you are required to prepare financial reports showing all of the business income and expenditure incurred which will result in an overall net profit or loss for the year. If your business makes a profit you will pay income tax on this profit in your income tax return – if you’ve got wages income as well the …
Read moreQuestion: I have just started work and my employer has informed me I am responsible for paying my own tax. Does this require me to put away 20% of my wages? What are my tax responsibilities? Answer: In this case you’re effectively a self employed contractor – not an employee, so this means you’ll need to put aside some of your gross income to …
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