Compliance in Focus sets out the compliance issues and risks attracting the attention of the ATO This information is useful for taxpayers who want to adopt a more strategic approach in managing their tax risk. Compliance in Focus is not an exhaustive list of all compliance activities that the ATO will undertake, but it describes […]
Fuel Tax Credits Fuel tax credits provide a credit for the tax that is included in the price of fuel. Most businesses are able to claim fuel tax credits when using fuel for business activities in machinery, plant, equipment or heavy vehicles. Since 1 July 2013 fuel tax credit rates have changed. There have been […]
CONTRACTOR OR EMPLOYEE? Business owners need to be aware of the difference between an employee and a contractor so that they are able to meet their tax and superannuation requirements. It is illegal for businesses to incorrectly treat their employees as contractors. This is because it allows businesses to unlawfully reduce their labour costs and […]
Overcoming the biggest problems in business often comes down to the simple things. Here are a few simple things you can do to capitalise on your opportunities and reduce your risks in 2013/2014. “I didn’t get time to…” No more excuses Most people simply don’t set aside the time to do the forward planning they […]
End of year is usually a time when things get completed. After 30 June, this year, there are still many changes ahead, particularly in the superannuation area. Here is a list of the major changes planned for 2014. The age threshold for superannuation guarantee (SG) contributions increases Employers will now have an obligation to make […]
Testamentary Trusts can be incorporated into a Will to provide greater flexibility for the beneficiaries of a deceased estate. A Testamentary Trust operates under a Trust structure whereby assets are managed by one person or persons, such as a trustee, for the benefits of others, known as beneficiaries. Under a Testamentary Trust, the trustee is […]
New rules introduced as part of the ‘Stronger Super’ reforms will compel trustees who break super laws to undertake mandatory education The measures, which came into force on 1 July 2013, will tighten the responsibilities of SMSF trustees. In order to remain compliant with SMSF rules, trustees should be aware of their obligations. The primary […]
HAPPY NEW YEAR !! Now is the time to start planning for the New Financial Year and there a few important things that need to be done first. We have prepared a list of these important things to help you get started: THINGS TO DO TO PREPARE FOR A NEW FINANCIAL YEAR MYOB & […]
Business Interruption Insurance While many see the importance of car or home and contents insurance, many small businesses have not considered what they would do if something unexpected were to happen which would force their business to temporarily close. With many small businesses being the livelihood of entire families, it is important for owners to […]
Attracting return customers Most business owners know that it costs more to attract a new customer than to keep an existing customer happy. In the current economic climate, working on maintaining a relationship with existing clients is worth investing the extra time and money to build business loyalty. Outperform Give customers more than they expect […]
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