Australia’s weirdest tax deductions Xboxes, dogs and pedicures might sound like strange tax deductions for small businesses, but for the right sort of business they’re perfectly legal. With not long until the end of the tax year, small-business owners are turning their minds to deductions. The introduction of the $20,000 depreciation tax concession in the […]
Tax time: Talking to the professionals
Tax time: Talking to the professionals The feedback from the accounting profession is small businesses are delighted by the range of proposed tax incentives announced in this year’s federal budget. In particular they are happy with the $20,000 immediate tax deduction for assets, as it gives them an incentive to invest in their enterprise now. […]
ERA not seeking investors to replace Rio Tinto, says exiting chairman
The uranium miner operating beside Kakadu National Park has not sought to find new investors to replace Rio Tinto, and looks set to obey the wishes of its largest shareholder and proceed with closure and rehabilitation of the Ranger mine site. Despite internet chatrooms buzzing with predictions that a new suitor may come into Energy Resources of Australia […]
Rio Tinto’s Mike Fitzpatrick on the RBA, BHP and managing a mining boom
Rio Tinto’s Mike Fitzpatrick on the RBA, BHP and managing a mining boom When Michael Clifford Fitzpatrick was a kid growing up in Western Australia, it was hard to avoid talk of the huge mines being developed “up north”. “I grew up in Perth when the last really big mining boom was taking place in the […]
ATO Reminder EFT Refunds
By Bottrell Group on June 24, 2015 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
ATO Reminder EFT Refunds The ATO has reminded tax agents that the fastest and most secure way for clients to receive their refund is to have it paid directly into a nominated Australian bank account using electronic funds transfer (EFT). From 1 July 2013, where a refund is expected, individual tax returns will require bank […]
Regulars on the BRW Rich 200 List
It’s been a wild ride for Skilled. Its own ups and downs have many similarities with the broader Australian economy as the demand for contract labour now shrinks in resources. Frank Hargraves, who handed over the reigns as chief executive to son Greg in 2004, always had a pragmatic approach befitting his early days as […]
Skilled Group swallowed by rival Programmed Maintenance
Skilled Group swallowed by rival Programmed Maintenance Programmed Maintenance’s acquisition of Skilled Group with a sweetened offer of $1.79 per share is highly symbolic of what’s happening to the Australian economy as the mining boom fades. Frank Hargrave was a self-employed electrician who set up Australia’s first contract labour business in 1964, outsourcing the services […]
ASIC investigates Padbury’s botched $6b Oakajee deal
The Australian Securities and Investments Commission has launched civil proceedings against resources minnow Padbury Mining and its chief executive Gary Stokes over a botched $6 billion financing deal for the Oakajee port and rail project in Western Australia. In April last year Padbury, with a market capitalisation of just $70 million, told investors it had found an […]
BCI taxpayers new reporting requirements
By Bottrell Group on June 24, 2015 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
BCI taxpayers new reporting requirements The ATO is reminding contractors in the building and construction industry (or ‘BCI’) to take extra care with their returns this year. Also, businesses in the building and construction industry are now required to report to the ATO the total amount they paid to each contractor for any building and […]
Myer creates breathing space by refinancing $600m debt
Myer creates breathing space by refinancing $600m debt Myer chief executive Richard Umbers has created some breathing space to implement his new strategy by refinancing $600 million of debt, $75 million of which was due to be repaid in two months. Myer said on Wednesday it had successfully refinanced a syndicated facility totaling $600 million […]
Scandal-plagued IOOF Holdings launches internal review
Embattled financial services giant IOOF has buckled to shareholder pressure and appointed an “independent” adviser to conduct a full review of breach reporting as well as the company’s research division. The move follows revelations in Fairfax Media of serious misconduct by senior staff including insider trading, front-running, misrepresentation of performance figures and cheating on training […]
Massive change to treatment of FBT on car fringe benefits
By Bottrell Group on June 24, 2015 in Australian Tax Office Updates, Hints & Tips, Interesting Articles
Massive change to treatment of FBT on car fringe benefits Editor: The government has announced that it will bring forward the commencement of the emissions trading scheme so that there will be a floating, rather than a fixed, price on carbon emissions from 1 July 2014. As this will affect government revenue, the government has […]
Change in Various Ministerial Positions
Change in Various Ministerial Positions Gavin: As we’re sure you all know by now, Kevin Rudd is the Prime Minister . . . again . . . but this has also resulted in a change in various Ministerial positions of relevance to the Tax World, including Chris Bowen becoming the new Treasurer (after Wayne Swan […]
October Tax Forum Update
October Tax Forum Update The Government has released a discussion paper in the lead-up to the Tax Forum on 4 and 5 October to inform public debate on priorities and directions for continuing tax reform. The Tax Forum is intended to help the Government build on their other tax reforms, and help identify further reforms […]
Government committed to increasing super guarantee
Government committed to increasing super guarantee At a recent speech commemorating the twentieth anniversary of the introduction of the superannuation guarantee regime, the Assistant Treasurer and Minister for Superannuation reaffirmed the Government’s commitment to increasing the minimum superannuation guarantee percentage from 9% to 12%. Although it has yet to be legislated, the plan is to […]
