The Tax Office has issued a final warning — taxpayers with undeclared offshore assets or income are running out of time and need to act now if they want to take advantage of an amnesty that runs out by December 19. The Tax Office said that the rare opportunity provided by its offshore voluntary disclosure...

If the prospect of punishing electricity bills continuing to arrive has led you to think about installing solar panels at your business premises, further considerations could include the fact that not only will you be helping the environment, but you could also be helping your own bottom line — and not just through reduced energy...

It is possible to receive amounts that you do not need to tell the taxman about, and don’t have to include as income on your tax return. The Tax Office classifies these into two different categories (or three, if you count “other” as a category). Exempt income. This is simply amounts that have been deemed...

There is no denying that the internet pervades our everyday living in multiple and various ways these days. The commercial world is not only similarly tied-in with all things “cyber”, but in fact many businesses rely to such an extent on being “online” that they couldn’t survive without it. Of course the internet is not...

The Tax Office has warned property developers against using trusts to return the proceeds from projects as capital gains instead of income, warning that it has found many instances that had subsequently been shown to be contrived arrangements to allow developers to inappropriately claim CGT concessions. In a statement, the Tax Office said it had...

SMSF fun facts… SMSFs are growing at the rate of around 2,600 new funds each month There are now 500,000-plus self-managed super funds in Australia 31% of all super now sits within an SMSF – the largest segment of the super industry There are now more than one million SMSF members in Australia 3,000 to...

For taxpayers with a career that is taking them places, literally, there may be an allowance available that will make the change a little easier. If earning a living means an employee needs to be away from their usual place of residence for an extended period, the government has a special consideration called the living...

Credit reporting and receivables management company Dun & Bradstreet (D&B) said that while business owners often find themselves focused on the job at hand, the job isn’t really over until it has been paid for. D&B said that it is essential for a business’s health and cash flow to have a timely turnaround on all...

Current and prospective holders of the Commonwealth Seniors Health Card should be aware of changes made to the eligibility requirements of this entitlement. The income test that applies to this entitlement is being expanded to include tax-free superannuation income streams and lump sums (superannuation benefits) of you and your partner. The measure will not affect...

The government has announced the dates from which the small businesses concessions attached to the repeal of the mining tax will no longer apply. Abolition of the company loss carry-back from July 1, 2013 Reduction of the instant asset write-off from January 1, 2014 Abolition of accelerated depreciation of motor vehicles, also from January 1,...