News

A guide on family business succession planning

June 5, 2013

While it might be unsavoury and tough to think about, it is inevitable that you will leave your business someday. Whether you decide to sell up, retire or leave due to health reasons, it is important that you prepare yourself for that eventuality. A recent nationwide survey revealed that more than 40% of family businesses…

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Federal Budget 2013-14

May 21, 2013

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 tax system (rather than periodic band-aid measures) to adequately meet the challenges facing Australia. Many…

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How long can the ATO hold on to your GST refund?

May 3, 2013

Have you ever been under pressure with cash flow problems and wondered how long the ATO is able to hold on to your goods and services tax (GST) dollars? Up until relatively recently, the common practice with regard to GST credit refunds, should something about the return seem to the ATO to be untoward or…

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Seller beware: ATO targets eBay sales

May 3, 2013

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 data matching program. Individuals who are involved in selling goods and services of a total value of $20,000 or greater will…

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Can your business dig a deduction out of expenditure’s “blackhole”?

May 2, 2013

If you haven’t heard of “blackhole” expenditure before, it is a term used to describe some legitimate capital business expenditure that, by accident, design or otherwise, falls outside of the ambit of other provisions of Australia’s tax legislation. It broadly refers to certain outgoings that are neither depreciable nor deductible in general terms, and that…

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Did you know…

May 2, 2013

Change to tax refund From July 1, 2013, your income tax refunds will be deposited into a bank account when we lodge your tax returns for you via the electronic lodgement service (ELS). Depending on the arrangement you have with us, refunds can be deposited straight into your account, or in some cases where we…

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ATO revving up its car FBT crosschecking efforts

April 3, 2013

The fringe benefits tax (FBT) year has just ended and the FBT return lodgement deadline is now on the horizon. The ATO has taken the opportunity to remind employers that it is actively using data matching to identify potential FBT obligations associated with motor vehicles. Businesses that have bought a vehicle in the last two…

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Tips on how to avoid paying excess contributions tax

April 3, 2013

No one wants to pay more tax than required, especially when it is due to inadvertent mistakes that could have easily been avoided. This can occur when it comes to making super contributions that exceed contribution caps. The ATO takes a hard line on excess contributions – whether they are concessional (pre-tax) or non- concessional…

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Tips to prepare for the R&D Tax Incentive deadline

April 3, 2013

Active innovation and constant resourcefulness are vital to a business’s success. Tax incentives are available for those businesses undertaking research and development (R&D) activities. Such businesses should take note that the deadline to register R&D activities for the 2011-12 financial year is April 30, 2013 if they haven’t yet done so. The R&D Tax Incentive,…

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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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