Simplified GST accounting methods are available for small food retailers if they meet certain eligibility conditions. Many small food retailers buy and sell products that are taxable as well as products that are GST-free. Accurately identifying and recording GST-free sales separately from those that are taxable can be difficult, which makes accounting for GST complicated.…
DetailsThe Tax Office has announced that it is working with insurance providers to identify Australians with policies covering an expanded range of asset classes. Coming under its net are insurance policies that include cover for damage or loss related to marine, aviation, enthusiast motor vehicles, fine art and thoroughbred horses. The Tax Office says it…
DetailsFrom February onwards, the registrar of the Australian Business Register will begin cancelling the Australian business numbers (ABNs) of certain trusts. The targeted trusts are entities for which tax records indicate that they are no longer carrying on an enterprise. The business register forecasts that approximately 220,000 trusts could be in line to have their…
DetailsDue to a number of enquiries on this important issue, we provide a brief on the ATO’s decision to move on from issuing BAS and IAS by paper via post, to electronic lodgement methods. INSTALMENT ACTIVITY STATEMENTS (IAS) – Individuals If you are a sole trader, partner of a partnership, or beneficiary of a trust,…
DetailsCreating and maintaining a website is expensive because it’s complicated. Lots of small businesses pay hefty costs to have their sites run because they don’t have the time or expertise to do it themselves. It’s just as well then the Tax Office has provided guidance on how you can go about claiming a deduction for…
DetailsThe 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…
DetailsFrom 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…
DetailsSome 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…
DetailsThis 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…
DetailsThe 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…
Details