5 tips to grow sales in your small business Sales drive a small business forward, but too often they’re a sideline rather than a focus. From owning and selling a small business to being CEO of a billion dollar company, I’ve seen sales from every angle. Here are my suggestions to grow sales by creating […]
Small business benchmarks update
Small business benchmarks update The ATO has advised that their small business benchmarks have been updated with data from the 2010/11 financial year. Their benchmarks are updated annually using the latest available income tax data. Editor: The NTAA’s Benchmark Minder Software is now in the throes of being updated as well. What are the small […]
Labels 53A and 54W in the 2013 trust tax return
Labels 53A and 54W in the 2013 trust tax return A consolidation of labels has meant that the labels numbered 64A (income of the trust estate) and 65W (beneficiary’s share of income of the trust estate) in the 2012 trust tax return are now numbered 53A and 54W in the 2013 trust tax return. Amounts […]
South Yarra accountant pleads guilty to ASIC charges
South Yarra accountant pleads guilty to ASIC charges South Yarra accountant Mark Ronald Letten, the former director of LGH Holdings Ltd (in liquidation) and the principal of the accounting firm Lettens Pty Ltd, formerly The Letten Group, has pleaded guilty to 27 criminal charges, including charges of operating 21 unregistered managed investment schemes and of […]
Conflicts of interest
Conflicts of interest The Tax Practitioners Board (TPB) has released an information sheet (TPB(I) 19/2014), which provides guidance for registered agents on managing conflicts of interest, which is one of the requirements under Code item 5 of the Code of Professional Conduct (Code), as contained in the TASA. It details the principles, provides practical examples […]
IGT reaches out to punters to work out where to go next
IGT reaches out to punters to work out where to go next The Inspector-General of Taxation (IGT), Ali Noroozi, has announced that he will now consult the public to develop his new work program for 2014 and beyond, inviting all interested parties to have a say. “My work program seeks to target areas that potentially […]
Enhanced third party reporting, pre-filling and data matching
Enhanced third party reporting, pre-filling and data matching The 2013/14 Budget contained a measure called “Tax compliance – improving compliance through third party reporting and data matching”. Basically, this measure consists of a number of different elements to improve and increase the information reported to, and gathered by, the ATO. The proposed reporting regimes are […]
High risk industries targeted for super obligations
High risk industries targeted for super obligations The ATO has identified that employers in the following industries have a higher risk of not meeting their super obligations: hairdressing and beauty; clothing retailing; and management advice and consulting. The ATO is currently running an education campaign for business owners in these industries to help them better […]
Super update 3013
Super update 3013 Some SMSF statistics As at 30 September 2013, there were over 516,000 SMSFs holding around $531 billion in assets. Although SMSFs are nearing one million SMSF members (980,000), or 8% of the 11.6 million members of Australian super funds, they account for 31% of the $1.6 trillion total super assets as at […]
The ATO, TFNs and Australia Post
The ATO, TFNs and Australia Post The ATO has announced that red tape affecting Tax File Number (TFN) applications has been removed thanks to a partnership between the the ATO and Australia Post. TFN applications are now simpler and easier, as they can now be applied for online at www. ato.gov.au/TFNapply and a printout of […]
CPI- December quarter 2013
CPI- December quarter 2013 The CPI indexation factor for the December 2013 quarter is 104.8 (an increase of 0.8 from the September quarter of 104.0). This indexation factor is now basically only used (in a taxation context) for FBT purposes in relation to remote area housing. Interested in joining our team? Why not apply […]
Small business super clearing house reform
Small business super clearing house reform The Government has announced that the ATO will take over the running of the Small Business Superannuation Clearing House. Editor: The Small Business Superannuation Clearing House is a free online service that helps small businesses with 19 or fewer employees meet their superannuation guarantee obligations by allowing employers to […]
Charities Act took effect from 1 January 2014
Charities Act took effect from 1 January 2014 According to the Australian Charities and Not-for-profits Commission (ACNC), recent parliamentary proceedings have confirmed that the Charities Act 2013 would be implemented from 1 January 2014. Editor: The Government amended the Social Services and Other Legislation Amendment Bill 2013 in the House of Representatives, to defer the […]
Tax practitioners to receive SMS alerts from the ATO
Tax practitioners to receive SMS alerts from the ATO Just before the Christmas/New Year break, the ATO instituted a system of sending SMS alerts to tax agents to tell them when the Tax Agent or BAS Agent Portal is unavailable for more than an hour (as long as the ATO has their mobile phone number […]
ATO compliance: Taxable payments annual reports
ATO compliance: Taxable payments annual reports The ATO has advised tax agents that it is phoning some businesses in the building and construction industry to: test the levels of understanding of the new reporting requirements for businesses in the industry; and help businesses to comply with their taxable payments annual reporting obligations. They have also […]
