News


Helping you to start a small business: New Enterprise Incentive Scheme

11

Sep 2010

Helping you to start a small business: New Enterprise Incentive Scheme

Helping you to start a small business: New Enterprise Incentive Scheme Eligible job seekers who are interested in starting and running a small business can access assistance through the New Enterprise Incentive Scheme (NEIS).NEIS provides accredited small business training, business advice and mentoring for eligible job seekers, as well as ongoing income support for up to 52 weeks. Your NEIS provider will help you decide whether...

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First home saver accounts – what you need to know

08

Aug 2010

First home saver accounts – what you need to know

  Introduction First home saver accounts offer a tax-effective way of saving for your first home through a combination of government contributions and concessional tax rates. These accounts are available from certain financial institutions, including banks and credit unions.To help you work out if a first home saver account will suit you, visit the Australian Securities and Investments Commission (ASIC) website – FIDO – at http://www.fido.gov.au/firsthomesaverFIDO’s...

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Free money from the government: super co-contribution

15

Jul 2010

Free money from the government: super co-contribution

The super co-contribution is a government measure to boost super savings. If you are a low or middle income earner, you may be able to receive the super co-contribution from the government by making eligible personal superannuation contributions to your fund. You do not have to contribute the full $1,000 to be eligible – any amount up to $1,000 will attract the super co-contribution. The...

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Let the ATO help fund your business: The new and improved Research and Development Credit

22

Jun 2010

Let the ATO help fund your business: The new and improved Research and Development Credit

On 12 May 2009 the Government announced it will replace the existing Research & Development (‘R&D’) Tax Concession with a new R&D Tax Credit. The R&D Tax Credit is planned to come into effect from 1 July 2010.The benefit of a refundable tax credit over a tax concession is that R&D companies are often cash poor and ideas rich. R&D outlayed during the year can...

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Confused about the new mining tax?

11

Jun 2010

Confused about the new mining tax?

This has proven to be a very contentious topic with strong opinions for and against the ‘big new tax’ as some politicians like to call it. There has been so much debate through the media which has left most of us scratching our heads wondering what outcome is other than a new Prime Minister. Firstly the name ‘Resource Super Profits Tax’ has been abolished with...

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2010 Federal Budget, and other exciting news!

12

May 2010

2010 Federal Budget, and other exciting news!

Exciting news, the 2010 federal budget was released last night. Please find attached a summary of the proposed amendments.  The attached document is reasonably detailed so feel free to contact myself if you have any queries. Link to the 2010 Federal Budget A brief summary of the budget:•    An expected return to surplus in 2012-13;•    Funding of a renewable energy future fund;•    Funding of a new...

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Can a yacht, tent or underground dwelling be your house and therefore tax free?

28

Apr 2010

Can a yacht, tent or underground dwelling be your house and therefore tax free?

Can the following comprise a ‘dwelling’ and therefore be eligible for exemption as a main residence? (i) a structure built underground? (ii) a yacht? (iii) a tent? The meaning of ‘dwelling’ is defined in section 118-115 of the Income Tax Assessment Act 1997 (ITAA 1997). A ‘dwelling’ includes: · a unit of accommodation that is a building or is contained in a building and consists wholly or mainly of...

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ATO expands cash economy data matching program

20

Mar 2010

ATO expands cash economy data matching program

[News release from the ATO on 29 March 2010] In its continuing effort to detect businesses operating in the cash economy, especially in high risk industries, the ATO has recently expanded its data matching program on two fronts. The program now includes data from banks that identify credit card and EFTPOS sales made by Australian businesses, and data from the sale of plasterboard in NSW...

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08

Mar 2010

Stretch hummer was a “limousine” subject to Luxury Car Tax

The Federal Court (Kenny J) has affirmed the decision of the Tribunal that a stretch Hummer imported by the applicant, Dreamtech International Pty Ltd (Dreamtech), was a “limousine” and therefore a “luxury car” for the purposes of section 7 of the Luxury Car Tax Act 1999 (the LCT Act). The sole issue before the Tribunal was whether the stretch Hummer met the statutory definition of...

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01

Mar 2010

Research & Development Tax Concession

What does it offer? The R&D Tax Concession is the principal Commonwealth Government initiative to increase the amount of research and development (R&D) undertaken in Australia. The aim is to encourage innovative, competitive and export-oriented Australian industries. The concession is available to all Australian companies and offers the following: •    a tax deduction of up to 125% of expenditure incurred on R&D activities •    an...

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