With the year steadily making its way towards the festive period, businesses that are turning their attention to end-of-year celebrations will need to keep in mind the tax implications of throwing a Christmas party or handing over gifts to staff.…
If you identify a goods and services tax (GST) error for a previous period or on an already lodged business activity statement (BAS), there is always scope to make a correction. The Tax Office has realized that it is necessary…
Fate of unresolved tax reforms announced by Treasurer Joe Hockey The government has outlined its plans regarding several announced but as yet un-legislated or unresolved tax and super proposals. Treasury will “definitely not” proceed with seven initiatives – including the…
What are “ordinary time earnings” for calculating the super guarantee? 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…
Super contributions and problems of excess The treatment of excess superannuation contributions has been a contentious issue for some years, with many people falling victim to the punishing excess contributions tax through inadvertently going over the limits. The reasons this…
Act now to secure these business deductions–December 2013 Small businesses may want to act now and bring forward their capital purchases if they still wish to utilize the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in…
Can interest and borrowing costs on investments be claimed as deductions? Investors are frequently faced with questions and issues regarding the correct tax treatment of certain aspects of financial products, and sometimes the various features of these products. An important…
Correcting GST errors and making adjustments on your business activity statements If you identify a goods and services tax (GST) error for a previous period or on an already lodged business activity statement (BAS), there is always scope to make…
The tax implications of natural disasters Bushfires, floods, storms – natural disasters come in many forms. Even strong winds and heavy rain are very capable of wreaking a lot of damage, and with these destructive events can come loss of…
Act now to secure these business deductions Small businesses may want to act now and bring forward their capital purchases if they still wish to utilise the instant asset write-off of $6,500 or the $5,000 motor vehicle write-off in 2013-14.…