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East Maitland Accountants & Financial Advisors, Newcastle Accountants & Financial Advisors

Debt & Equity

Debt & Equity The New Business Tax System (Debt and Equity) Act 2001 determines what is equity in a company and what is debt in an entity for tax purposes with effect from 1 July 2001.The debt and equity rules aim to improve certainty in the tax law by establishing tests that provide a clearer […]

Why you should correct a Dispute with the ATO

Why you should correct a Dispute with the ATO There are times you can make a mistake on the various tax and superannuation returns, statements and other reporting documents you lodge with the ATO. The ATO always accepts that you are trying to be honest in your tax affairs and that the information you provide […]

Tax Rules for Contractors

Tax Rules for Contractors There are special tax rules for independent contractors to ensure that you do not use business structures to avoid your income tax obligations. You may also have to arrange to pay your own tax. It’s important to speak with your accountant to ensure you understand your tax obligations. Contact Maitland Accountants […]


Consolidation The Commonwealth Government introduced consolidation to reduce compliance costs for business, remove impediments to the most efficient business structures and improve the integrity of the tax system. Consolidation allows wholly-owned corporate groups to operate as a single entity for income tax purposes from 1 July 2002. Where a wholly-owned group does not choose to [...]

What is Capital Gains Tax?

What is Capital Gains Tax? Capital gains tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. The most common way you make a capital gain (or capital loss) is by selling assets such as real estate, shares or managed fund investments. […]

What is UCA?

What is UCA? Capital allowance measures contain the rules for calculating the decline in value of depreciating assets. New provisions operate from 1 July 2001 and apply to depreciating assets acquired both before and after that date. The new provisions consolidate a range of former capital allowance measures. From 1 July 2001, uniform capital allowance (UCA) […]

Business Tax Break

Business Tax Break The small business and general business tax break provides an additional tax deduction for expenditure on certain qualifying assets. It provides a bonus deduction of 50% for small business and 30% or 10% for all other businesses providing certain eligibility criteria are met. How to claim the business tax break: You claim […]

Annual Investment Income Reporting Details

Annual Investment Income Reporting Details Information for Australian businesses paying investment income to Australian and non-resident investors. If you are not sure if you are an investment body or you are new to this area contact Maitland Accountants today to discuss how we can help you. When you need to have an AIIR: If the […]

Why you need an ABN?

Why you need an ABN? The Australian Business Number (ABN) makes business activities easier. It’s your key to a quicker and smarter way of dealing with other businesses and government. The Australian Business Register gives you instant electronic access to ABN information. Available 24 hours, seven days a week – it’s easier, smarter and saves you […]