Active innovation and constant resourcefulness are vital to a business’s success. Tax incentives are available for those businesses undertaking research and development (R&D) activities. Such businesses should take note that the deadline to register R&D activities for the 2011-12 financial year is April 30, 2013 if they haven’t yet done so. The R&D Tax Incentive,...

The last thing on your mind when you first go into a business is the day you lock the door and walk away for the last time. But whether through selling up, retirement, or even due to health reasons, it’s inevitable that you will one day need to consider what is involved in winding up...

Membership bodies, good advice and highlighter pens vital: Small Business Commissioner The inaugural Small Business Commissioner Mark Brennan urged small businesses to “work smarter and get better at operating their business” by joining industry or professional associations and paying for good advice from accountants, business advisers or lawyers. Instead of merely asking if it is...

As a small business owner, there are a plethora of tax benefits, incentives, concessions and offsets that can potentially be used. This represents a significant challenge when you have 1,001 matters to think about and an enterprise to run. Here are three changes to the simplified depreciation rules that you may have missed (they apply...

Every investor goes in with dreams of a pot of gold, but there is a fundamental dichotomy of investor types – one looks to line their pockets with investment returns along the way, and another who is patient to wait until the end of the rainbow to reap the rewards. The distinction between investing for...

Unbeknownst to many a taxpayer, the ATO issues public rulings that provide advice on the interpretation of various tax laws. Public rulings deal with priority issues that require clarification, so you may find that many of your concerns are shared by others and may have already been addressed. Public rulings provide taxpayers with certainty and...

With the new year well underway, businesses should watch out for the changes below, all of which are effective from July 1, 2013: a. Changes to the super guarantee rate As you most probably make super payments on behalf of your employees based on the minimum 9% super guarantee rate, you will need to increase...

There is a provision under the superannuation rules to access some of your retirement savings held in your super fund under a “transition to retirement” arrangement. Under this plan, a super fund member can ease into retirement by reducing their working hours without reducing their income. If you are aged between your relevant preservation age...

With a vast number of superannuation funds out there spread across an array of sectors, it can be hard to decide which fund to join. Luckily, superannuation information provider SelectingSuper has compiled a list of the best fee deals for superannuation funds calculated for a member earning around $50,000 per annum with $50,000 in their...

Many investment property owners may be missing out on valuable property depreciation entitlements, simply by not being up-to-speed on what is and is not depreciable. Experts say that the examples of assets that could qualify for tax deductions may surprise many taxpayers, and even nominate items such as kids’ cubby houses or garden gnomes which...