The bill implementing the new temporary investment allowance has received Royal Assent and is now law. Businesses can now act with certainty when claiming the allowance. In the May 2009 budget, the Government announced that it planned to increase the rate of the one-off bonus tax deduction available to small businesses under the small business […]
Today it has become essential for businesses to take steps to protect assets. An often overlooked area relates to intellectual property and, in particular, trademarks. Trademarks protect the rights of owners of a company, keeping others from using their names on similar or competing products or services. A trademark protects ‘intellectual property’ – valuable company […]
In light of recent global events, businesses may need to prepare for emergency or crisis. Businesses should determine what kind of crisis they are likely to face and what would be critical if those events occurred. Start by listing the types of emergencies that could reasonably affect your business, paying attention to the potential effect. […]
Most companies, especially large corporations, have developed clear ethical guidelines and policies. Because employees continually face many situations that have ethical implications, it is extremely useful to have a set of clear and consistent policies. Some of these issues include protecting customer confidentiality or receiving gifts, gratuities or special favours. A clear policy can ensure […]
Age pension age to increase to age 67 from 1 July 2017 The qualifying age for the Age Pension and the Commonwealth Seniors Health Card for men and women will increase to 67 years of age from July 2023. The Henry Tax Review report on the retirement income system also recommends aligning the superannuation preservation […]
Closely held trusts and TFN withholding arrangements from 1 July 2010 This measure ensures that assessable distributions to beneficiaries of closely held trusts (including family trusts) align with amounts declared in tax returns by beneficiaries. This will not apply to income where tax is directly payable by the trustee, such as minors’ assessable income. Taxpayers […]
Employee share scheme eligibility from 13 May 2009 Under the current rules an employee can elect to be assessed on discounts provided on shares or rights in the year they are acquired under an employee share scheme. If no election is made the discount is taxed at a later time. If the employee makes an […]
Small business CGT concessions The Government will make several changes to the small business capital gains tax (CGT) concessions provisions so that they operate flexibly and as intended. A transitional rule will extend the time for taxpayers to choose to access the concessions where the choice arises from changes to the concessions announced in the […]
Taxation of Special Disability Trusts To help support people with severe disabilities as well as their immediate family and carers, the Government has announced a number of changes to the taxation of Special Disability Trusts. These include: From 2008-2009, the Government will ensure that any unexpended income of a Special Disability Trust will be taxed […]
Tightening access to non-commercial business losses from 1 July 2009 From the 2009-2010 financial year, where taxpayers with adjusted taxable income of over $250,000 incur excess deductions from non-commercial business activities, those excess deductions will be quarantined to that business activity. The existing rules will continue to apply for taxpayers with adjusted taxable income of […]
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