News

Selling your business

April 3, 2013

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 inevitable that you will one day need to consider what is involved in winding up…

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What can small businesses claim this year?

March 4, 2013

As a small business owner, there are a plethora of tax benefits, incentives, concessions and offsets that can potentially be used. This represents a significant challenge when you have 1,001 matters to think about and an enterprise to run. Here are three changes to the simplified depreciation rules that you may have missed (they apply…

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Changes to employers’ super obligations in 2013

March 4, 2013

With the new year well underway, businesses should watch out for the changes below, all of which are effective from July 1, 2013: a. Changes to the super guarantee rate As you most probably make super payments on behalf of your employees based on the minimum 9% super guarantee rate, you will need to increase…

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Should you transfer your business premises into your SMSF?

November 5, 2012

There can be some solid reasons to consider having the ownership of your business premises in the name of your self-managed superannuation fund (SMSF). To start with, if your business is travelling along steadily, it will provide a steady source of rental income for the SMSF and capital growth. It may also provide a level…

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FBT and your Christmas party planning

November 5, 2012

End of year Christmas celebrations are a chance to get everyone together for some fun as well as thanking the team for a job well done. Business owners may have the option to unlock the bar fridge for employees, but should make sure they are not the ones stuck with the tax hangover. As with…

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Selling up? Don’t forget this GST exemption

November 5, 2012

The concept of a “going concern” exemption for the purposes of the goods and services tax (GST) can still cause confusion when businesses are sold, despite the fact the tax has been in place for more than a decade. A “going concern” refers to an enterprise’s ability to continue trading. The sale of a business…

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Company directors face new liabilities

November 5, 2012

If you are a company director or an associate of a director, you are likely to be affected by changes to the Personal Liability for Corporate Fault Reform Bill 2012 which reduced the scope for companies to engage in fraudulent activity or evade their employees’ entitlements. The changes not only render company directors personally liable…

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The mechanics, and tax consequences, of insolvency

November 5, 2012

It is unlikely to be an aspiration for any individual or business owner, but the words “going broke” can still have unfortunate resonance — even though there are many instances where “fault” lies with circumstance rather than personal or even a business’s shortfall. But hitting the wall does not necessarily mean there can be no…

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Paid paternity leave set to become a reality

September 8, 2012

The government’s newly legislated Dad and Partner Pay provides fathers – including adopting parents and parents in same-sex couples – with two weeks paid paternity leave at the pre-tax rate of $606-a-week minimum wage. Effective from January 1, 2013, the payment is an extension to the Paid Parental Leave scheme that began on January 1,…

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Business performance benchmarks

September 8, 2012

The Tax Office’s business performance benchmarks provide a snapshot of an average business by providing a measure of costs and income (expressed as a range) that the Tax Office would normally expect a business to report when operating in a particular industry. So far, benchmarks have been developed for small businesses in more than 100…

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