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Taxation
Businesses – A Quick Checklist of Changes
June 9th, 2013With the end of the financial year approaching, it is time to update you on some of the changes that are taking place. Particular attention should be paid to the Building and Construction Industry. TAXABLE PAYMENTS ANNUAL REPORTING – Building and Construction Industry From 1 July 2012, businesses in the building and construction industry needread more
Interest in Advance – Property Investors
March 28th, 2013Interest - in - Advance (IOA) is a repayment option that offers fixed rate Investment Property Loan customers an interest rate discount for paying 12 months’ worth of interest up-front. Effectively bringing forward your next 12 months interest repayments to pay in one lump sum during the final week of this financial year. This amount canread more
Schoolkids Bonus
March 28th, 2013The 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
Fringe Benifits Tax (FBT)
March 28th, 2013Did 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
Individuals – 30 June is Fast Approaching
March 28th, 2013The end of the financial year is fast approaching and it’s time to start planning to prepare for your 2013 Income Tax Return. Now is a good time to start thinking about your tax affairs. Some things you could look at are: Make sure you gather all your receipts to claim work-related expenses that exceedread more
Businesses – 30 June is Fast Approaching
March 28th, 2013The end of the financial year is fast approaching ad it’s time to start planning to prepare for your 2013 Income Tax Return. Now is a good time to start reviewing certain assets and liabilities owned by your business and consider what should be done prior to 30 June 2013. Some suggested areas for reviewread more
Trusts & Resolutions
March 28th, 2013A 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, 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
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