Property developers warned on contrived structures that muddy income/capital divide – October 2014 The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income, warning that it has found…
The Tax Office’s penalties administration: What the Inspector-General found – October 2014 The Inspector-General of Taxation’s (IGT) recently issued review of the Tax Office’s administration of its penalty regime was prompted by concerns expressed by both tax professionals and ordinary…
SMSFs: Lodge on time or risk removal from Super Fund Lookup – October 2014 If you belong to a self-managed superannuation fund (SMSF) with two or more years’ worth of overdue returns, your fund will have its details removed from…
Dates of effect for small business tax concession repeals announced The government has announced the dates from which the small businesses concessions attached to the repeal of the mining tax will no longer apply. Abolition of the company loss carry-back…
For taxpayers with a career that is taking them places, literally, there may be an allowance available that will make the change a little easier. If earning a living means an employee needs to be away from their usual place…
Dun & Bradstreet’s tips to ensure prompt payments – October 2014 Credit reporting and receivables management company Dun & Bradstreet (D&B) said that while business owners often find themselves focused on the job at hand, the job isn’t really over…
As long as tax has existed, citizens of the world have paid a host of weird and wonderful dues. Throughout history tax has been implemented to raise revenue, bring about social change, and strengthen the leadership of governments. It has also…
Insight Accounting News – October 2014 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…
Change to Commonwealth Seniors Health Card eligibility – October 2014 Current and prospective holders of the Commonwealth Seniors Health Card should be aware of changes made to the eligibility requirements of this entitlement. The income test that applies to this…
Compensation considered for small businesses that are found to be unfairly fined – October 2014 A recommendation from the Inspector-General of Taxation (IGT) is being seriously considered by the government. The recommendation would see small businesses that have been fined…