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Loss Carry Back for Small Business
March 28th, 2013As noted in our September newsletter, starting in the 2012-13 income year, companies (and entities like companies) will be able to carry back up to $1 million of tax losses incurred in the 2012-13 year to offset against tax paid in the 2011-12 income year. From the 2013-14 income year, tax losses will be ableread more
Tip of the Day
March 28th, 2013With 30 June fast approaching, the best time to do something to reduce your tax is before 30 June, it’s too late after 30 June! For our business clients, we complete extensive file reviews in March / April & will send you an email to prompt you to consider how the year has gone. Ifread more
McKinley Plowman Newsletter – March 2013
March 28th, 2013Click here to jump straight to the newsletter. Welcome to the March 2013 Newsletter! In this issue we cover many topics, but just to name a few - how to prepare for 30 June, ways to improve your business performance, SchoolKids Bonus update, how to purchase property using your super fund, an update on SMSFread more
McKinley Plowman Newsletter – October 2012
October 28th, 2012Click here to jump straight to the newsletter. Spring is one of the four temperate seasons, the transition time between winter and summer. Spring and 'springtime' refers to the season, and also to ideas of rebirth, renewal and regrowth. Our newsletter is all about ways in which we can assist you and your business inread more
Stick To Long-Term Investment Strategies
October 25th, 2012It is understandable that many investors are becoming disillusioned about investing in the share market. Particularly for those who have been investing over the last 5 years, it feels like one disappointment after another with returns continuing to disappoint. Even the most hardened investors could be forgiven for starting to question whether “investing for theread more
Company Director Penalty Regime – Important Changes
October 25th, 2012As from 29 June 2012 company directors may be subject to automatic personal liability with respect to unpaid PAYG withholding and superannuation guarantee obligations. The changes apply retrospectively from the date of commencement of the legislation and will: expand the director penalty regime to include superannuation guarantee charge amounts meaning that directors will also beread more
Company Loss ‘Carry-Back’ Scheme
October 25th, 2012Currently, businesses are able to carry forward tax losses to offset future taxable income and reduce future tax liabilities. Subject to meeting eligibility requirements, the new initiative will allow businesses to also carry back their tax losses to offset past taxable income and get a refund of income tax previously paid. The measures apply toread more
The Economic Scene
October 25th, 2012In the early months of the financial year, the economic scene is sluggish, with lower than normal economic growth, low inflation and a cut in interest rates. There are still major problems in certain business activities and locations around Australia. The key areas for small business operators to monitor are: Growth of the Economy (GDPread more
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