Listing alphabeticallyClick on an article heading to view the synopsis and link to read more. 2009 Year End Tax Planning GuideThis guide is prepared for clients to review their tax planning before the end of the financial year. Amendments To The Tax Law To Reduce Compliance Costs For Small BusinessThe Minister for Revenue and Assistant Treasurer, Peter Dutton MP, has announced amendments to the integrity rules concerning distributions by private companies (Division 7A of the Income Tax Assessment Act 1936). ATO focus on 2007 Tax ReturnsThe Tax Office has advised that it will be paying particular attention to the following in 2006/07: Bonuses and Superannuation GuaranteeIn a recent case, the AAT has affirmed the Commissioner’s decision that bonus payments paid by an employer to its employees should be taken into account when calculating the employees’ superannuation guarantee. Business Establishment CostsIn two separate but related Interpretative Decisions, the Tax Office states the deductibility of business establishment costs for a proposed business to be carried on. Changes to SuperannuationThe superannuation system is changing from 1 July 2007. According to the Government the changes should mean most people would receive more from their super. Changes to the CGT concessions for small business – 2006/07 yearIf a small business taxpayer disposes of a business, including goodwill, and is able to use the small business CGT concessions, it can potentially reduce the capital gain to nil! Compliance MattersSome important compliance information from the tax office. The cash economy and businesses, excess superannuation contributions, minors and the tax-free threshold and overpaid income tax instalments. Concessions for small business entitiesFrom 1 July 2007, small businesses with an annual turnover less than $2 million are called small business entities and may qualify for a range of tax concessions. Culture Is Important!There are many attributes to creating a successful long-term business. No one attribute makes a successful business, but a combination of attributes will significantly contribute to long-term successful business performance. Delegate or Die!There is not a single management skill more critical to your personal and professional success as an entrepreneur than learning to delegate. But delegating successfully is much more than simply handing out assignments. Employee leaving ? Know your employer obligationsAre you aware of your obligations when an employee leaves? Employment termination paymentsEligible termination payments as they currently exist will be replaced by "employment" termination payments and superannuation benefits from 1 July 2007. Financial Priorities in your 20's and 30's
Franking Credits Available To Life TenantsThe Government will amend the income tax law to allow income beneficiaries of testamentary trusts (such as life tenants) greater access to franking credits on dividends received by the trust. How is Australia changing?There are some interesting statistics from the latest census. What are the opportunities and what are the issues ? Is Self Managed Super Right for you?Your super is your investment for your retirement. A self managed superannuation fund (SMSF) is great for some people but they don't suit everyone. We are please to provide you with four key questions from the Australian Securities and Investments Commission (ASIC) and the Tax Office could help you decide whether self managed super is the right decision for you. Its Fringe Benefit Tax (FBT) Time AgainThe deadline for Fringe Benefits Tax is 31 March 2007. We are pleased to provide you with a recap on FBT. Maintaining the Value of your BusinessThe majority of business owners want to realise their investment in the business at some point, but how many work at keeping their business at its optimal value and attractive to buyers ? Recent decisions and rulingsRecent decisions have been made by the AAT concerning bonuses and superannuation guarantee, self education expenses, and business establishment costs. SMSF Compliance Program – audits to double in 2007In 2005/06, the ATO completed 4,530 audits of SMSFs and is planning to double their compliance coverage in 2006/07. SMSF trustee compliance checklistThis article contains a checklist outlined in the Government's Role and Responsibilities of Trustees paper which details what you must be aware of as a trustee of a SMSF. SuperSeek and you may find some of the lost $billions is yoursWith $9.7 billion of lost superannuation lying in Australian funds, you’d think people would be lining up to claim their share but, despite easy ways to track it down, the amount of money in lost super accounts is steadily growing. Tax Compliance Program 2008/09The Commissioner has released the Tax Office Compliance Program 2008/09, which sets out the Tax Office’s compliance priorities for individuals, micro enterprises, small businesses and superannuation for that year. Tax mining – making sure you get every dollarFor the last few years, every Federal Budget has brought tax cuts. It’s important to make sure you dig deep to find every dollar of tax saving possible. Tax Office Compliance Program 2008/09 – what it means for individualsThe Tax Office has released its Compliance Program for 2008/09, which sets out the Tax Office’s compliance priorities for individuals for the financial year. Tax Office Compliance Program 2008/09 – what it means for micro-enterprises and small businessesThe term ‘micro enterprises’ refers to taxpayers (including SMSFs) with an annual turnover of less than $2 million. The key priorities that the Tax Office are focusing on in accordance with its Compliance Program for 2008/09 include: The latest on SMSFThe latest rulings from the Tax Office on self managed super funds have been released. The rulings outline the prohibition of trustees giving financial assistance to a member of a fund and the application of the sole purpose test in the superannuation legislation. The latest on SMSFThe latest rulings from the Tax Office on self managed super funds. Trustees giving financial assistance to a member of a fund and the application of the sole purpose test in the superannuation legislation. Unpaid Tax or SGC – the ATO could come callingIn this year’s federal budget the ATO received extra funding of $125.7 million over four years to work on reducing debt and collecting superannuation guarantee charge debt owed by employers. What is a share capital account?This article answers some questions on how shares are paid for what can be used to pay for shares. Where self-education expenses are not deductibleIn the case of Lloyd v Federal Commission of Taxation a taxpayer tried to argue that there was a perceived connection between the education expenses she had incurred while doing her PhD in Interactive Digital Media and Telecommunications and the increased income she received from her bank employer as a result of promotions. |
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