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Taxation
Loss Carry Back for Small Business
March 28th, 2013As noted in our September newsletter, starting in the 2012-13 income year, companies (and entities like companies) will be able to carry back up to $1 million of tax losses incurred in the 2012-13 year to offset against tax paid in the 2011-12 income year. From the 2013-14 income year, tax losses will be ableread more
Tip of the Day
March 28th, 2013With 30 June fast approaching, the best time to do something to reduce your tax is before 30 June, it’s too late after 30 June! For our business clients, we complete extensive file reviews in March / April & will send you an email to prompt you to consider how the year has gone. Ifread more
Company Director Penalty Regime – Important Changes
October 25th, 2012As from 29 June 2012 company directors may be subject to automatic personal liability with respect to unpaid PAYG withholding and superannuation guarantee obligations. The changes apply retrospectively from the date of commencement of the legislation and will: expand the director penalty regime to include superannuation guarantee charge amounts meaning that directors will also beread more
Company Loss ‘Carry-Back’ Scheme
October 25th, 2012Currently, businesses are able to carry forward tax losses to offset future taxable income and reduce future tax liabilities. Subject to meeting eligibility requirements, the new initiative will allow businesses to also carry back their tax losses to offset past taxable income and get a refund of income tax previously paid. The measures apply toread more
Taxable Payments Reporting for Building and Construction Industry
October 25th, 2012If you are in the building and construction industry and you have an Australian Business Number (ABN), you may need to report certain payments you make to contractors for certain building and construction services. You need to report certain details in relation to the contractor to whom you make payments, including their ABN, name, addressread more
Private Health Insurance Rebate and Medicare Levy Surcharge Changes
October 25th, 2012From 1 July 2012, access to the private health insurance rebate becomes means tested by reference to how much income an individual earns. Not all taxpayers will be entitled to the 30% rebate. Some higher income -earning taxpayers will be entitled to a lesser rebate amount and individuals and families whose income is higher thanread more
Government Grants for SME’s
October 25th, 2012Creative Industries Can Obtain Grants of up to $20,000 The Australian Government’s Enterprise Connect Program has grant funds available for eligible businesses operating in creative industries, which include: Design Publishing Writing Architecture Photography Visual arts Television/Radio Advertising Film Performing arts Music Games Interactive Content Grants can help creative industry businesses improve their operations, productivity andread more
Warning – Review Your Super Contribution to Avoid Excess Tax Penalties
June 25th, 2012Concessional superannuation contributions are employer contributions as part of the super guarantee or a salary sacrifice arrangement, or personal contributions for which you claim a tax deduction. There are limits on how much you are able to contribute as a concessional contribution. For this financial year the limits are $25,000 if under age 50 andread more
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