Tax agents are facing cashflow problems as the Australian Tax Office’s (ATO) new income tax processing system has been delayed. The common practice of accountants deducting their tax preparation fee from taxpayers’ refunds has been put into turmoil as the ATO have not processed 705,000 tax returns since last year. Adrian Raftery, CEO of accountantsRus, […]
The National Institute of Accountants (NIA) has recommended to the Federal Government that small businesses should be compensated for the time they spend being unpaid tax collectors. Increases in the level of complexity of tax laws have meant compliance has become more onerous with the costs on small business being disproportionate to their ability to […]
Businesses are looking at the fundamentals of demand for green initiatives from customers as political debate rages on the best way to reduce Australia’s carbon emissions, with a new report finding that consumer demand outweighs tax incentives as a key driver to operate a more sustainable business. Over 250 businesses across Australia were analysed by […]
Tony Abbott took Australia to the cleaners today, visiting the NSW town of Queanbeyan to meet with a dry cleaner operator who it is claimed will be worse off under the Australian Government’s planned emissions trading scheme legislation. Mr Abbott continued to drive home the Coalition’s message that the ETS will be a “great big […]
There is a collective shudder throughout the nation any time fuel prices are mentioned. But don’t be so glum, it’s good news this time. Fuel tax credits have been expanded, so it’s no longer just fuel used in heavy vehicles that can be claimed. Whether you’re using fuel in your whipper snipper or chainsaw, your […]
Is tax time a dreaded chore? A combination of annual accounts and audit fears? Mark Muller and Peter Bembrick look at how you can maximise the time and effort spent on preparing annual accounts and becoming audit ready by turning this into a valuable activity for improving your business. While not all businesses need to […]
Small businesses are set to benefit from wide-ranging changes to tax concessions. The changes are a boon for small business, says Mark Morris, CPA Australia’s senior tax counsel. “Small businesses can obtain significant benefits by being able to write off any depreciating assets costing less than $1,000, and by pooling assets over $1,000 and depreciating […]
While staff incentive schemes are effective, Michael Derin says first you should consider the tax implications of your new staff retention plan. With unemployment at its lowest in 33 years, it has become a challenge for businesses, particularly SMEs, to attract and retain effective and productive employees. One way of doing this is by offering […]
Exporting is a complicated business, especially with different tax traps waiting in every country. The most common mistakes include failing to protect Australian assets, lack of compliance with local country tax rules, and entering into an arrangement with an unreliable local agent, says Merv Burton, William Buck tax services director. “Many businesses are not aware […]
Whether it’s the end of the financial year, or not, you can always take some time out to reduce your tax liabilities. Take a look at this checklist to see how you can reduce your tax. Pay expenses before 30 June to get any tax deductions this year If payments for liabilities are made on […]
