Key Considerations for Starting a Business in Australia Starting a business in Australia can be an exciting and rewarding experience. However, it can also be a complex and challenging process, especially if you are not familiar with the legal and regulatory requirements involved. In this article, we will outline some of the key considerations […]
Improving Workplace Productivity for Small Businesses
Improving Workplace Productivity for Small Businesses As a small business owner, you understand the importance of maximizing efficiency in the workplace. Every hour counts and every task must be approached with a sense of urgency. That being said, it’s not always easy to keep productivity levels high. With so many competing priorities and distractions, […]
CGT Rollover relief for changes to entity structure
CGT Rollover relief for changes to entity structure On 8 March 2016, the Tax Laws Amendment (Small Business Restructure Rollover) Act 2016 received royal assent. This roll-over was announced in the 2015-16 budget as part of the Growing Jobs and Small Business package. Broadly, this Act : provides greater flexibility for small business owners to […]
Employee share scheme changes
Employee share scheme changes The ATO has announced via an article on its website that, from 1 July 2015, there are new rules for the tax treatment of employee share schemes, including tax concessions for start-up companies. The employee share scheme changes allow employees to now own up to 10% of shares in their employer […]
Change to the way taxpayers claim work-related car expense deductions
Change to the way taxpayers claim work-related car expense deductions Currently, taxpayers have an option to use one of four methods to determine their work‑related car expense deductions. The government is proposing to reduce the number of methods by removing the ‘12% of original value method’ and the ‘one-third of actual expenses method’. These methods […]
Three more tax changes for small business
Three more tax changes for small business The government has introduced legislation for the following three small business measures that, if passed, will apply from 1 July 2015: A tax offset to individuals who run small businesses (with an aggregate annual turnover of less than $2 million), or who have a share of a small […]
GIC and SIC rates
GIC and SIC rates The ATO has published the 2015 September quarter rates for the General Interest Charge (GIC) and the Shortfall Interest Charge (SIC): GIC annual rate 9.15% GIC daily rate 0.02506849% SIC annual rate 5.15% SIC daily rate 0.01410959% Interested in joining our team? Why not apply today? About Our Traineeships:- Join the […]
The maximum annual government contribution- First Home Saver Accounts
The maximum annual government contribution The maximum annual government contribution is based on the contribution threshold that is indexed periodically in $500 increments. Income year Contribution threshold Maximum government contribution 2013-14 $6,000 $1,020 2012-13 $6,000 $1,020 2011-12 $5,500 $935 2010-11 $5,500 $935 2009-10 $5,000 $850 2008-09 $5,000 $850 Changes to first home saver accounts The […]
Superannuation Taxation Arrangements
Superannuation Taxation Arrangements Superannuation taxation arrangements should be reformed to place policy settings on a more sustainable footing over the long term. Superannuation taxation arrangements should be targeted to achieve the objectives of the superannuation system, reduce the cost of the retirement income system to Government, better position Australia to meet the fiscal challenges of […]
June 2014 Super Update from the ATO
June 2014 Super Update from the ATO On 12 March 2014, new privacy laws came into effect and mainly relate to what we do when we collect personal information. These amendments affect how we collect, store, provide access to and disclose personal information. This includes information that is provided to us from third parties including […]
Car Expense rates 2014
Car Expense rates 2014 Car expense rates 2014 Car expense rates per kilometre have increased for the first time since 2009. For the 2014 financial year, the Cents per Kilometre rates are as follows Small Car Medium Car Large Car $0.65 / Km $0.76 / Km $0.77 / Km Interested in joining our […]
