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Most people are familiar with the concept of breaking even. Your breakeven point tells you how many units you need to sell or what dollar value in sales you need to achieve just to cover your costs. Once you know that, you know the point you need to pass to turn a profit. Pretty easy right? But...

It may seem extraordinary but if someone forgives you a debt, from a tax perspective, you have taxable income unless the debt is forgiven for natural love and affection. In this context the lender can only have natural love and affection for their relatives or a trust where those relatives are b...

When you look at your accounts, can you read your profitability? Here are some things to look for. Gross profit Gross Profit = Net Sales – Cost of Goods Sold On your Profit and Loss Statement, gross profit is the difference between revenue and the cost of goods sold (or services provi...

Proposals to change the rules governing look-through companies (LTCs) and closely held companies are currently going through parliamentary hearings and consultations. If passed, the Taxation (Annual Rates for 2016–17, Closely Held Companies, and Remedial Matters) Bill is expected to take start t...