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Taxation
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
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
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
Taxable Payments Reporting for Building and Construction Industry
October 25th, 2012If 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
Private Health Insurance Rebate and Medicare Levy Surcharge Changes
October 25th, 2012From 1 July 2012, access to the private health insurance rebate becomes means tested by reference to how much income an individual earns. Not all taxpayers will be entitled to the 30% rebate. Some higher income -earning taxpayers will be entitled to a lesser rebate amount and individuals and families whose income is higher thanread more
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