Allowance for travel (and some common mistakes) The idea of making allowances to cover the cost of necessary travel by employees is not a new area of tax, but it is becoming increasingly significant, especially with today’s fast-moving and ever…
Draft guidelines have been released by the Tax Office on how the general anti-avoidance legislation should apply to professional firms that allocate profits to individual professional practitioners with proprietorship in the firm. Firms potentially affected include those providing services in…
It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The Tax Office classifies these into two different categories (or three, if you…
Allowance for travel (and some common mistakes) The idea of making allowances to cover the cost of necessary travel by employees is not a new area of tax, but it is becoming increasingly significant, especially with today’s fast-moving and ever…
The facts about liquidation It is generally less complicated to wind up the business of a sole trader (who has declared “bankruptcy”) than to wind up a business run through other structures, for which the terms used would be to…
The idea of making allowances to cover the cost of necessary travel by employees is not a new area of tax, but it is becoming increasingly significant, especially with today’s fast-moving and ever more global economy. Businesses are increasingly moving…
Time is running out to disclose offshore income The Tax Office has issued a final warning — taxpayers with undeclared offshore assets or income are running out of time and need to act now if they want to take advantage…
ASIC warns SMEs of dodgy foreign exchange firm The Australian Securities and Investments Commission (ASIC) has pinpointed an online foreign exchange scam snagging Australian businesses. ASIC named a website advertising First Forex, a foreign exchange broker, at the centre of…
A tax deduction for your commercial website – October 2014 There is no denying that the internet pervades our everyday living in multiple and various ways these days. The commercial world is not only similarly tied-in with all things “cyber”,…
Tax Office says the cost of managing tax affairs has increased – October 2014 Every year, the Tax Office issues a comprehensive statistical report based on the most complete set of data at its disposal. Its most recent Taxation Statistics…