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…
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…