Tax For Small Business A Survival Guide

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.

Max Newnham has worked as a chartered accountant for more than 30 years. For the past 15 years he has been a regular contributor to The Age and The Sydney Morning Herald on small business, tax and finance matters. Max is the author of two previous books: Super Made Simple: A Survival Guide and The GST Survival Guide — for Families and Small Business.

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

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Tax For Small Business A Survival Guide

Summary

Author Biography

Table of Contents

Supplemental Materials