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 Read more about Why is the Australian Tax System Unique?[…]

Super contributions – too much of a good thing?

Last year approximately 40,000 people contributed too much to their superannuation, with these excess contributions attracting up to 46.5% tax. While the Government encourages us to top up our super by offering a favourable tax environment for super contributions and earnings, it also sets a limit on the amount of contributions that can be made Read more about Super contributions – too much of a good thing?[…]

Quarterly Business Newsletter (2011 Quarter 1)

Please click on this link to view our quarterly business newsletter.   Topics for the first quarter of 2011 include: Starting 2011 on a positive note Learning new business strategies Business, marketing and social media Watch out for sham contracting Time to update your business systems ATO extends business relief Book review: The one page business Read more about Quarterly Business Newsletter (2011 Quarter 1)[…]

You are being watched: The ATO data matching program

I have noticed an increasing level of sophistication in recent years regarding the Australian Taxation Offices (‘ATO’) data matching capabilities. Below is an extract of information gathered from the ATO discussing their ability to gather and analyse your information. From my perspective I would prefer to sleep well at night than worry about a few Read more about You are being watched: The ATO data matching program[…]

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 Read more about Helping you to start a small business: New Enterprise Incentive Scheme[…]

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 Read more about First home saver accounts – what you need to know[…]

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 Read more about Free money from the government: super co-contribution[…]