Director Penalties Company directors should review their company’s reporting mechanisms to ensure that they are informed of their company’s financial position. Directors are personally liable where their company fails to make PAYG Withholding and SGC payments by the respective due dates. Carry Back of Company Losses The loss carry back rules are proposed to come […]
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Building and Construction Taxation Reporting From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year if all of the following apply: you are a business that is primarily in the building and construction industry you make
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Mr Wayne Swan announced a deficit of $18bn in 2013-14 The Federal Treasurer, Mr Wayne Swan delivered his sixth budget on 14 May 2013. The Treasurer announced a deficit of $18bn in 2013-14. The Government said it expects the deficit to fall to $10.9bn in 2014-15 and return to a small surplus ($800m) by 2015-16.
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Your accountant can help you legally maximise your tax return Here are some changes you may want to keep in mind: Changes to the tax-free threshold for low-income earners From 1 July 2012, the tax-free threshold increased to $18,200, and the low-income tax offset reduced to $445. A low-income earner’s effective tax-free threshold is now
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The ATO warned trustees of self-managed superannuation funds (SMSFs) to be cautious when investing in property. Acting Commissioner Bruce Quigley said, “Trustees need to be sure that property is the right investment for their SMSF and that the arrangement is legal.” “if structured incorrectly, some of the arrangements cannot simply be restructured or rectified. The
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Federal budget 2012-2013 The Australian Federal Government announced a $1.5bn Budget surplus for the 2012-2013 fiscal year, after estimated $44.4bn deficit for 2011-2012. As with many budget announcements, much of the practical detail of the Government proposals is yet to see the light of day, but some of the budget changes that will have practical
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