The Department of Human Services (DHS) warns Family Tax Benefit (FTB) recipients that if they have not lodged their 2013-14 tax return, they risk paying back benefits that have already been spent. Recipients of the FTB need to be disclose income for each year. This income is usually confirmed through the lodgement of the tax…
From 1 July this year, new provisions apply to allow certain small businesses, or an entity that is not in business, to immediately claim some start-up costs, including business costs associated with raising capital. Claimable business-related start-up costs Expenses can be fully deductible in the year in which they are incurred if the expenditure relates…
Some employers got away with not paying almost $223 million of superannuation entitlements to employees during the 2014-15 financial year, according to the annual report of the Tax Office. This figure however stands in stark contrast to the amount the Tax Office said it had secured from employers after investigating worker complaints that businesses were…
This scheme is designed to encourage the creation of new jobs in NSW, and provides a rebate against an employer’s payroll tax liability of up to $4,000 per employee. The scheme is for new jobs created between 1 July 2011 to 30 June 2013 and up to $5,000 per employee for new jobs created after…
The Tax Office has announced that it is contacting certain businesses in the building and construction industry that have lodged an annual “taxable payments annual report” about some of the information that has been provided. The triggers for Tax Office contact include businesses that have: provided a report with missing or invalid ABNs included amounts…
Most small business owners will know that cash flow can make or break your enterprise — even a solid bank of existing clients and lots of future work in the pipeline mean little if invoices are not paid and there is no cash coming in. A recent report commissioned by PayPal and Intuit shows that…
Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost. Basically, an employee agrees with their employer to forego part of their future salary or wages in return for the employer providing benefits of a similar value. By paying for…
It’s tax time again – and with it comes the annual Tax Office warnings about tax scams, which always seem to proliferate during tax season. So how can you spot a scam and what can you do to prevent being fleeced? Tax scams can take many forms Phone scams are the number one type of…
October 31 is a hard deadline for employers with 20 more employees to switch to paying superannuation obligations for their staff electronically. Employers with 19 or fewer members of staff have still got until June 30, 2016 before they need to comply with the new SuperStream standard for superannuation payments. And those with an SMSF…
Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations. But while you should feel free to pop a champagne cork or three for your employees, make sure that you don’t get the tax hangover; particularly with fringe benefit tax and…