Tax

If you think that bookkeeping and accounting fees are high, consider this horror story, which could be the one tale that gets business owners thinking about their own business.

A business with good systems in place will know when a cash crunch is coming and will be ready for it. Unfortunately, most SMEs are not as well organised and, when a problem occurs, it tends to hit them right between the eyes.

The ATO has today announced the extension of information sharing powers for Phoenix and Trust Taskforces, aiming to tackle Australia’s phoenix businesses and misused trust structures.

New research reveals the average SME spends over two full working weeks (84.1 hours) every year in gathering tax on behalf of the Australian Government.

Tax cuts, higher household incomes and a boost to Australia’s economy will all be the result of a reform to the GST, according to a new report released by CPA Australia.

According to the Inspector-General of Taxation (IGT) Ali Norooz, there are a number of changes the government could make to the landscape of taxation…

The report, titled Economic Policy Reforms 2015: Going for Growth, said Australia would see a rise in productivity performance if taxation in the corporate sector was lowered.

The Australian Taxation Office is ramping up its response to rogue phoenix operators who exploit seasonal workers, and pocket their superannuation entitlements.

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The government retrospectively axed several tax concessions for small business when it repealed the mining tax.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.