Tag: TAX


Tax Planning – 2014

15

Jun 2014

Tax Planning – 2014

Last Minute Tax Planning Tax planning isn’t limited to the last few weeks of the tax year.  The best tax planning forms part of your business structuring and is incorporated into decisions throughout the year.  Having said that we appreciate that most business owners are very busy so we have listed a few last minute tax planning ideas: What is new? There are two interesting...

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Business Matters – January 2014

27

Jan 2014

Business Matters – January 2014

Newsletter This newsletter includes the following interesting articles: Protecting personal information Be wary of GST clauses in contracts PPSA deadline looms Update on employment laws New Year’s resolutions for 2014 Planning for the Super Guarantee rate rise ATO reminder about RFB Record keeping for businesses Important tax dates


Why is the Australian Tax System Unique?

07

Apr 2011

Why is the Australian Tax System Unique?

As per the Australian Institue of Chartered Accountants magazine for April 2010:  Australia has one of the most complex tax systems in the world  There are roughly 5,700 pages of income tax legislation in Australia  Australians currently pay 125 taxes; of these, 10 taxes collect 90% of the revenue  The number of taxes rise to 259 when you consider that states have different taxes  73%...

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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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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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