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,...

If you belong to a self-managed superannuation fund (SMSF) with two or more years’ worth of overdue returns, your fund will have its details removed from Super Fund Lookup until it brings its lodgments up to date. For those that do not know, Super Fund Lookup contains publicly available information about all superannuation funds that...

Every year, the Tax Office issues a comprehensive statistical report based on the most complete set of data at its disposal. Its most recent Taxation Statistics is compiled from tax return information from 2009-10 as well as FBT, GST and activity statement data from the 2011-12 year.  One item of data listed in Taxation Statistics,...

The Inspector-General of Taxation’s (IGT) recently issued review of the Tax Office’s administration of its penalty regime was prompted by concerns expressed by both tax professionals and ordinary taxpayers, said the IGT Ali Noroozi. The issues of most concern related to the adequacy of Tax Office guidance material, the high level of “unsustained” penalties, the...

As long as tax has existed, citizens of the world have paid a host of weird and wonderful dues. Throughout history tax has been implemented to raise revenue, bring about social change, and strengthen the leadership of governments.  It has also made entire societies live very strangely — and in some cases, illegally — to pay...

Wrapping a car into a salary package is a very popular choice, and doing so as part of a salary sacrifice arrangement often raises the topic of novated leases. Explained simply, a novated lease is a way for an employee to buy a new or used car and have their employer assist in the organised...

Because of the way that tax is applied to superannuation, savvy employees can actually turn what would have been a tax liability into extra super by making use of a salary sacrifice arrangement. Many workers can, by agreement with their employer, have money paid into their super fund from their salary before income tax is...

The small business sector has variously been described as the engine room of the economy as well as the biggest employer in the country – and it’s not hard to see why. Research shows that small businesses were responsible for generating around half of private sector employment. The Tax Commissioner Chris Jordan says that there...