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Accounting

Schoolkids Bonus

March 28th, 2013

The new SchoolKids Bonus, which replaces the Education Tax Refund, starts on 1 January 2013 and will be paid each January and July. The SchoolKids Bonus will be paid in two instalments, totalling $410 for each primary school child and $820 for each secondary school child per year. See your tax agent to find outread more

Changes to the Superannuation Guarantee (SG) Regime

March 28th, 2013

From 1 July 2013 the SG rate will gradually increase each financial year until it reaches 12% in 2019.  The first increment applies from 1 July 2013 when the SG rate increase from 9% to 9.25%. If you are an employer, we suggest you update your payroll and accounting systems to apply the appropriate increase toread more

Fringe Benifits Tax (FBT)

March 28th, 2013

Did you know that tax is payable on 'payments' to an employee that are made in a different form to salary or wages (non-cash benefits)? Common benefits include the provision of a company car, meals and entertainment, and expense payments on behalf of employees. This tax is referred to as Fringe Benefits Tax (FBT). Employersread more

Trusts & Resolutions

March 28th, 2013

A reminder that trusts require trustee resolutions relating to distributions to be made by the end of the income year. Please note that this requirement has been a strong focus point by the ATO recently. This resolution will determine who is to be assessed on the trust’s taxable income. Please see the article on Taxread more

Loss Carry Back for Small Business

March 28th, 2013

As 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

Stick To Long-Term Investment Strategies

October 25th, 2012

It 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

Small Business – Big Risks

October 25th, 2012

Protecting your growing business When you are a small business owner, your heart and soul goes into your business. It’s your baby. And there is a lot at stake both emotionally and financially. Business debts, running costs, employee wages – they all depend on your ability to keep working. Then there is your household expenses,read more

Taxable Payments Reporting for Building and Construction Industry

October 25th, 2012

If you are in the building and construction industry and you have an Australian Business Number (ABN), you may need to report certain payments you make to contractors for certain building and construction services. You need to report certain details in relation to the contractor to whom you make payments, including their ABN, name, addressread more

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