Small business CGT concession common errors Small business owners may be eligible for various concessional treatments for transactions that involve capital gains tax (CGT). These concessions can reduce, defer or at times even eliminate tax payable from capital gains. Applying…
“Mortgage offset account”, “offset home loan”, “interest offset account” or simply “offset account” — they are all interchangeable labels for the same financial product provided by banks. It is essentially a savings account that is linked to a loan account.…
If you’re keen to escape the winter chills and head off to warmer climes overseas, there is a scheme available that may take some bite out of your travelling costs. The Tourist Refund Scheme (TRS) lets you claim a refund…
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. The loss carry-back law provides a…
From the 2012–13 financial year (so for your current tax return), the private health insurance rebate is being income tested against three income tier thresholds. This means if you have private health insurance, the amount of rebate you will be…
To help you keep abreast with the latest changes, we have compiled a guide to which reforms did and did not make it as of July 1, 2013 – including ones that affect self-managed superannuation funds (SMSFs). What made it?…
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…