Tax

Tax agents still in demand despite tech advancements

The Abbott government has bypassed upper-house approval to reintroduce the twice yearly indexation of fuel excise — a measure frozen by the Howard government — in a move that will increase input costs for many small business owners.

Tax experts and small business advocates have urged that any increase to the rate or base of the GST be accompanied by other tax changes that will help ease the burden on SMEs.

The Australian Taxation Office is encouraging self-lodgers who are yet to hand in their tax return to use myTax, the revenue collection agency’s new streamlined system designed for those with straightforward tax affairs.

The government retrospectively axed several tax concessions for small business when it repealed the mining tax. And the question that many small business owners may ask is, does this apply to me?

The start-up community is set to benefit next year from changes to employee share schemes and progress on the setting of clear crowd source funding rules. The start-up and venture capital sectors have loudly complained about tough conditions for aspiring tech entrepreneurs, warning they are forcing many to relocate overseas and damaging Australian competitiveness. The […]

Workers will miss out on an increase in their super payments under a new deal finalised between the government and the Palmer United Party to axe the mining tax. Small businesses are also set to lose out on key measures including the loss carry-back provisions and reduction in the instant asset write-off, both of which […]

Clive Palmer has caused a headache for the government on carbon, but his positioning on the mining tax repeal has heightened uncertainty over a key small business tax break.

The Abbott government has suffered a humiliating defeat in the Senate at the hands of the Palmer United Party which sided with Labor and the Greens to block the repeal of the carbon tax.

Woolworths’ use of a “voluntary levy” to help fund its marketing campaign featuring celebrity chef Jamie Oliver has been labeled as “very unusual” by a leading competition lawyer.

Tax compliance is costing Australia’s 1.7 million small and medium sized businesses about $18.4bn a year, according to new research. The figures produced by the Institute of Chartered Accountants Australia show the average gross tax compliance cost for small to medium sized Australian businesses is running at $11,000 per firm each year. The Institute’s Head […]

With one month to go until the end of financial year, around one third of SMEs are making inroads into their financial reporting obligations – the majority will leave it to the last minute.

Small business has emerged as a relative winner from Joe Hockey’s tough first budget containing long-term structural reforms including painful savings in the areas health, welfare and education.

Tax specialists have acknowledged that reintroducing the indexation of fuel excise will hurt smaller business owners who will find it harder to pass on costs to consumers and compete with their larger competitors.      The move, likely to be revealed in tomorrow’s budget, is thought to see the 38 cents a litre excise to be […]

Advocates for Australian-made products have slammed the nation’s treasurers for political cowardice after they deferred a decision on reducing the $1,000 GST low value exemption for overseas online purchases.

The common question we’re asked by many clients is, “how much of client Christmas entertainment can I claim as an income tax deduction?”

On day three of the official federal election campaign, Opposition Leader Tony Abbott will today announce a plan to cut the company tax rate by 1.5 per cent.

The Rudd government has today announced that it will make no major changes to superannuation tax policy for a period of five-years – if they’re re-elected to government.

The 2013 financial year is coming to a close and the joys of tax season kick off. While you’re busy gathering documentation and filing your return, it’s pedal to the metal for scammers, phishers and criminals – keep your bases covered.

Own or operate a building or construction business that pays contractors? Under new taxation legislation you’re required to submit a Taxable Payments Annual Report to the ATO in late July.