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…
Seller beware: ATO targets eBay sales More than 11,000 individuals and businesses who may be evading their tax obligations through various online selling websites such as eBay and Gumtree will be targeted by the ATO as a part of its…
The last thing on your mind when you first go into a business is the day you lock the door and walk away for the last time. But whether through selling up, retirement, or even due to health reasons, it’s…
Business owners of private companies often borrow money from their own companies for all sorts of reasons. However there is an area of the tax law that covers situations in which private companies dole out money to those within a…
Every so often, a person’s career will take them places — but not necessarily in an ‘upwardly mobile’ way. If earning a living means an employee needs to be away from their usual place of residence for an extended period,…