Employee bonuses and directors’ fees can be incurred and be deductible for tax purposes before an actual payment is made.
Federal Budget Bulletin May 2013
16 May 2013
The Federal Treasurer handed down his sixth Budget last night. The Budget was framed in the context of a $19.4b deficit for 2012/2013 (as against an originally projected $1.5b surplus) and a Federal election to be held in September. The Budget is designed to support the big ticket reform items of the Rudd/Gillard years being the completion of the N...
Superannuation Bulletin April 2013
9 Apr 2013
On Friday 5 April the Government announced the long awaited superannuation reforms which have been subject to much speculation leading up to the Federal Budget in May. Broadly, the reforms are aiming to remove the concessions available to taxpayers with significant superannuation balances. Together with the change announced in last year’s Federal B...
Private ancillary fund - the vehicle of choice for tax-effective philanthropy
31 Oct 2012
“True charity is the desire to be useful to others with no thought of recompense”, declared Emanuel Swedenborg. Luckily, it does not have to be that way. There is a way to have your cake and eat it too, or at least get a tax deduction for it
What's YOUR risk profile?
31 Oct 2012
The ATO recently released, for the first time, an overview of its approach to assessing the tax compliance risk profile of small-to-medium enterprises (SMEs) and wealthy individuals. The ATO defines these as follows:
Directors' personal liability extended
31 Oct 2012
Legislation passed on 29 June 2012 extended the director penalty regime to:
Building & Construction industry - new reporting requirements!
31 Oct 2012
From 1 July 2012 businesses in the building and construction industry are required to report to the ATO the total payments they make to contractors for building and construction services.
Mid-Year Economic and Fiscal Outlook Update
31 Oct 2012
The Government recently released its Mid-Year Economic and Fiscal Outlook (‘MYEFO’), which contained a number of revenue saving measures.
Are you planning to purchase substantial assets or a motor vehicle in your small business?
26 June 2012
The timing of investment in your business is likely to have significant tax consequences depending on the nature of the investment. As previously advised, substantial tax concessions will be available from 1 July 2012:
Business Tax Planning Issues to Consider Prior to 30 June 2012
26 June 2012
Issues to Consider Prior to 30 June 2012