Tax

The recent budget has given small businesses a lot to think about, and it’s no wonder some are struggling to prioritise what needs to be done in the next couple of weeks.

The top 1 per cent of Australia’s high incomes couples set for retirement in 2055 will be receiving over $5 million in government assistance, according to estimates revealed by Industry Super Australia (ISA).

Medium and large-sized businesses now have more time to ensure they are SuperStream compliant after the ATO extended the June 30 due date.

With the End Of The Financial Year on the not so distant horizon, it’s a good time to organise your financial affairs and assess whether your investments are structured to give yourself the best tax advantage.

There were certainly plenty of announcements for small businesses across Australia to think about in this budget. Let’s take a walk through the major announcements…

As a small business owner, you need to be clear what this means, where you can save money and what new legislation you are able to take advantage of. Here’s what you should note…

If this time of year fills you with regret and disappointment, don’t despair. There is still time left to get to work on finishing this year off as well as we can. Set out to make it a Personal Best.

After going over endless details of starting your own business, you’re finally ready to make your dreams a reality, but you don’t want to go at it alone. Like any other form of business, a partnership business has many pros and cons.

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.