Trustees: July 31 deadline for new beneficiaries to provide TFNs Closely held and family trust beneficiaries are reminded that they must quote their tax file numbers (TFNs) to trustees before July 31. Otherwise, the trustee is obliged to withhold tax…
ATO warns business: Don’t claim loss carry-back…yet Business owners are being warned that a back-log of bills sitting in parliamentary in-trays means that one of the government’s long-promised business tax breaks, the $700 million loss carry-back legislation, will most likely…
Do-it-yourself superannuation, in one form or another, has been around for about 30 years. But it has only been over the last few years that these smaller super funds (or as they are more commonly called, self-managed superannuation funds, or…
The goods and services tax (GST) costs businesses money in two ways. The most obvious is the tax levied on a business’s goods and services, but there is a second, more subtle, cost — the professional fees, time and other…
Where your tax dollars are spent Ever wondered where the most tax money comes from? Or once in the government’s coffers, where it might be spent, eventually? The revenue comes from individual income tax, and most expenditure is directed to…
Superannuation Taxation of superannuation Several changes have already been announced to the taxation of superannuation. Under the change, from July 1, 2013, individual superannuation accounts in their pension phase that have more than $100,000 annual earnings will be taxed at…
Business Increase in ASIC fees The government has revealed an increase in the cost of registering a business name, with the Australian Securities and Investments Commission (ASIC) increasing fees from $30 for one year and $70 for three years to…
The budget delivered by Federal Treasurer Wayne Swan could be reasonably described as anti-climactic in many respects. It comes as no surprise therefore that the budget was devoid of any attempt to genuinely work towards true reform of the overall…
Providing certain benefits to staff instead of cash as part of their remuneration is fairly common practice. The usual outcome for employers is an exposure to the joys of fringe benefits tax — at the FBT rate of 46.5%. There…
Lodging your business’s annual income tax return Tax time is when all the efforts you have made over the financial year to keep the right records pays off. Lodging your annual income tax return starts by gathering all the information…