The correct business structure is essential for business improvement, tax minimisation, wealth creation and asset protection. Broadly, asset protection entails minimising your exposure to risks so that you may be able to protect or quarantine assets to reduce the damage if someone were to make a claim of some sort against you or your business.
"No way. I can't reduce my expenses. I’m running as lean as possible."
We sometimes hear this from our clients, but with respect, it’s rarely true. Businesses often have hidden expenses, or costs that contribute little to the growth of the business that can be cut.
The holiday season is nearly upon us, and business owners may be thinking about hosting Christmas parties or buying gifts for their loyal staff and customers. Read on for general information on the deductability and FBT implications of providing employee gifts and entertainment .