The Australia Tax Office has issued a fact sheet providing taxpayers with a timely reminder in relation to the documentation that needs to be kept when a CGT event is triggered. Although its title refers to small business, the fact sheet is useful for a wide variety of taxpayers. Documentation would need to be kept for the […]
Concessional contributions cap The Government has reduced the cap on concessional contributions from $50,000 to $25,000 p.a. for the 2010 financial year, and the transitional cap for those 50 or over from $100,000 to $50,000 p.a. from 1 July 2009 to 30 June 2012. (See table below) Concessional contributions include: employer contributions (including contributions made […]
Medicare is the scheme that gives Australian residents access to health care. To help fund the scheme, resident taxpayers are subject to a Medicare levy. Normally, the Tax office calculate the Medicare levy at the rate of 1.5% of your taxable income. A variation to this calculation may occur in certain circumstances. The 2010 income […]
Transitional measures: Reduction in annual minimum payments for the 2010 financial year The Federal Government is providing temporary relief for individuals receiving payments from income streams by halving the minimum drawdown rate payable on income streams for 2010. The relief applies to allocated pensions, account based pensions, market linked pensions (term allocated pensions) and transitional […]
Business owners arriving back to work after the New Year’s break will be facing a brave new world of industrial relations. The second leg of changes under the Rudd Government’s Fair Work industrial relations regime came into effect on January 1. These changes include the new National Employment Standards and the Modern Awards system. The […]
The Rudd Government recently released draft legislation for the new R&D (research and development) Tax Credit. The draft legislation is intended to provide a more generous, more predictable, and less complex tax incentive by replacing the existing R&D Tax Concession. Under the new R&D Tax Credit, companies will be able to invest with certainty, in […]
Safety Solutions Rebate Program The safety solutions rebate program offers small business owners and sole traders up to $500 (excluding GST) for identifying and implementing safety solutions in the workplace. You can claim the rebate for a range of safety solutions including: Safety technologies – such as closed chemical delivery systems, non-slip floors, machine guarding […]
FACT: If you’re currently trading as a private business, whether incorporated (Pty Ltd) or unincorporated (sole trader, partnership, other) the Fair Work Act (and the related new industrial relations system) applies to your business now (as of January 1st 2010). Unincorporated businesses that worked under a State award prior to the state Government handover on January […]
The Minister for Superannuation, Chris Bowen MP, and Minister for Small Business, Craig Emerson MP, have announced that the Government will deliver its free superannuation clearing house service for small business through Medicare Australia. The clearing house service will be available for small businesses with less than 20 employees from July 2010. “To meet their […]
The Investment Allowance (or tax break) was part of the Government’s stimulus package designed to ensure that business investment remained consistent, despite the dwindling economy. Unfortunately, a lot of time passed between when the Government first announced the tax break and the rules being enacted by Parliament. As a result, there was little guidance on […]
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