Taken stockfor private use? Here’s the values to use for 2014-15 The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private…
Your $20,000 immediate write-off questions answered In the recent Federal Budget, the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000. This measure,…
Here are some misconceptions about deductions that many tax payers commonly believe to be claimable, but are typically rejected by the Tax Office. While some are obviously not allowable, they have all been genuinely attempted to be claimed — and…
While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself…
The Tax Office may soon audit businesses at random Companies could be in line for random audits as soon as next year under advice being considered by the Tax Office. The plan, proposed by Australia’s counterparts in the UK and…
Introducing the Small Business and Family Enterprise Ombudsman The government this month introduced into Parliament a bill to establish an independent Australian Small Business and Family Enterprise Ombudsman. If passed by the Senate, it will replace the existing Australian Small…
The Tax Office stipulates that a business must use “ordinary time earnings” to calculate the minimum compulsory superannuation guarantee contributions for employees. It says that using ordinary time earnings will ensure all eligible workers are treated the same, and will…
End-of-year super planning To get your superannuation into its best tax position, for this year-end and into 2015-16 and beyond, consult your tax agent on which strategies suit you best. But to start with, the following tips may help point…
Auditors play a crucial role in the compliance regime of self-managed superannuation funds (SMSFs). The legislation that governs the SMSF sector requires that accounts, statements and all compliance needs of an SMSF be audited every year by an “approved auditor”,…
Crowd funding road for start-ups: Budget promises to fill some potholes The high failure rate for new start-up businesses is more likely to be headline fodder than hard reality, although start-up failure data’s glass half full/empty nature means there is…