News

A-Z on public rulings and how they can help you

March 4, 2013

Unbeknownst to many a taxpayer, the ATO issues public rulings that provide advice on the interpretation of various tax laws. Public rulings deal with priority issues that require clarification, so you may find that many of your concerns are shared by others and may have already been addressed. Public rulings provide taxpayers with certainty and…

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Data matching, and how the ATO uses it

February 12, 2013

Tax in Australia is based on a system of “self-assessment”, which means every taxpayer is required to provide all the information needed to complete a tax return. Under self-assessment, any information you give to the ATO is accepted as being accurate and complete, and the ATO does not take on the responsibility of completing people’s…

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Correcting BAS errors

February 12, 2013

There can be some confusion among businesses about correcting errors made on a business activity statement (BAS), with a good proportion of the lack of clarity centred on the distinction between errors that require an adjustment and errors that are straight-out mistakes. Whether or not there is then a requirement to amend a previous BAS…

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Key tax and superannuation changes in 2013

December 11, 2012

With the year end approaching, we run through tax and superannuation changes you can expect from January 1, 2013. January 1, 2013 The Dad and Partner pay will be available to eligible working fathers and partners who: a)  care for a child born or adopted from January 1, 2013 b)  work full-time, part-time or are…

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Death benefits: Tax exemption win for super funds

November 5, 2012

The government has shone some light on SMSF death benefits after a long period of uncertainty with the recent release of its “Mid-Year Economic and Fiscal Outlook” paper for 2012-13. The welcome news for the many retirees who are taking pensions from their SMSF is that super death benefits will be spared the prospect of…

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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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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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ATO says the cost of managing tax affairs has increased

November 5, 2012

Every year, the Tax Office issues a comprehensive statistical report based on the most complete set of data at its disposal. Its most recent Taxation Statistics is compiled from tax return information from 2009-10 as well as FBT, GST and activity statement data from the 2010-11 year. One item of data listed in Taxation Statistics,…

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Tax and your business’s website costs

September 8, 2012

There’s no doubt that the internet can be a crucial tool for small business, and many businesses are essentially just ‘online’ enterprises (no web, no business). But no website is a ‘one-size-fits- all’ proposition, as the purpose behind having an online presence varies greatly depending on the business involved. Is it just for promotions and…

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