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 2010-11 year.  One item of data listed in Taxation Statistics,...

The strategy of transferring ownership of a commercial property to the business owner’s self managed superannuation fund (SMSF) has, at first glance, several advantages for both the business concerned and also for the members of the SMSF. For starters, all lease payments made by the business don’t end up in the pocket of a third-party...

Medium-sized businesses have to change their tax patterns One of the major changes to have come from the latest “Mid-Year Economic and Fiscal Outlook” is a proposal for medium sized businesses (that is, those with turnover of $20 million or more) to pay their tax in monthly, instead of quarterly, instalments. The government implemented the...

Capital gains tax (CGT) considerations for small businesses can emerge in regard to all manner of otherwise unremarkable events, including but not limited to the “CGT triggers” list below. Business owners should keep CGT in the back of their mind when considering a range of transactions — there are activities and transactions that may not...

Anecdotal evidence in the aftermath of the Trio/Astarra scam, where hundreds of Australians were devastated by the loss of their retirement savings when they deposited them into Trio Capital, suggests more self-managed superannuation fund (SMSF) trustees may be considering converting into small APRA funds (SAFs). This may be for a number of reasons including more...

Among the thousands of Australians who head offshore each year to expand their horizons, a lucky few will fund their adventure by working overseas. Many will also take or be given the option to up-stumps and move to a foreign country to live and work for an extended period. But there is often confusion about...

In an effort to boost the spirit of innovation in Australian businesses, the government’s Research and Development (R&D) tax incentive offers businesses a way to get back some of their R&D spend. Broad-based without being industry-specific, businesses can use the tax offset to influence on the scope and timing of their R&D expenditure levels. The...

The Commonwealth Seniors Health Care Card can give self-funded retirees who do not qualify for a government Age Pension the entitlements that others receive from the Pensioner Concession Card (like pharmaceutical benefits, help with utilities bills and transport discounts). Many self-funded retirees can maintain their assets and continue to make quality investments rather than work...

Unsure of what may cause the Tax Office’s spider senses to tingle? Small and medium-sized enterprises (SMEs) can unravel the mysteries of the Tax Office’s compliance regime now that it has released detailed information that confirms what they should and should not do. The Tax Office’s attention may be drawn to your business if there...

There’s no doubt that the internet can be a crucial tool for small business, and many businesses are essentially just ‘online’ enterprises (no web, no business). But no website is a ‘one-size-fits-all’ proposition, as the purpose behind having an online presence varies greatly depending on the business involved. Is it just for promotions and marketing,...