Australia is the most giving country on the planet according to a new global index that measures charitable giving, from both companies and individuals. Compiled by the international Charities Aid Foundation (CAF), the World Giving Index for 2012 put Australia…
The ATO has small businesses, trusts, wealthy individuals and self-managed superannuation funds (SMSFs) firmly in its sights this year as it outlined which high-risk businesses and individuals it will focus on in its 2013-14 compliance crackdown. Below are the key…
Record keeping 101 Tax time can be a challenge for every business, especially when you’d rather be out spending some “me-time” than trapped behind a desk doing paperwork. Good record keeping is one of the often-neglected but crucial elements of…
Carbon tax to ETS: How will it affect your business? The government announced that it would move from a carbon tax to a market-based emissions trading scheme (ETS) from July 2014, a year earlier than originally intended, in a change…
Hurrah! Loss carry-back measures finally law Businesses can rejoice in the fact that the much talked about loss carry-back measures were finally passed by Parliament just days before 2012-13 ended, in a move to benefit more than 110,000 Australian companies.…
Who and what is on the ATO’s radar this year? The ATO has small businesses, trusts, wealthy individuals and self-managed superannuation funds (SMSFs) firmly in its sights this year as it outlined which high-risk businesses and individuals it will focus…
How the Wine Equalisation Tax works When the goods and services tax was introduced on to the Australian tax landscape in 2000, there was a lot of angst about the negative effect on the cost of living that this blanket…
What’s the best way to spend your tax refund? A few good ideas It is not unusual for a person to let out a big whoop of joy when they receive their tax refund but bear in mind – the…
Employee or contractor? Some common myths The ATO still finds that there are several assumptions adopted by both workers and employers when determining the tax status of a job appointment, and that employers continually rely on some inaccurate factors when…
Tax and working from home: What you need to know The ATO usually views expenses associated with a person’s home as those of a private nature. But if you produce your income at home, or some of it, and incur…