“I’m not planning on selling my business any time soon. So I don’t need to know what it’s worth, right?” Wrong. If you value your business, you should value your business. Every business owner should have an up-to-date business valuation — not just those preparing to sell. Put it this way. Do you: own all…
A report released by independent think tank Grattan Institute concludes that without reducing the thresholds at which Higher Education Loan Program (HELP) repayments are triggered, the costs of the program will escalate beyond sustainability and put other education programs at risk. Reducing the thresholds would also increase repayment money by an initial $500 million in…
The ATO has issued a timely reminder before the end of the financial year on the changes announced in last year’s Budget. Instant asset write-off – simpler depreciation rules Small businesses can immediately deduct the business portion of most (new or second-hand) assets if they cost less than $20,000 and were purchased between 7:30pm on…
The Government has made changes to the tax law to provide tax relief for small businesses that restructure. The tax law changes provide an optional rollover for small business owners who change the legal structure of their business on the transfer of business assets from one entity to another. The effect of the rollover is…
Small businesses will be able to change their legal structure without triggering a capital gains tax (CGT) liability at that time based on legislation just passed. The measure is designed to provide greater flexibility for small businesses to change as the business changes. The legislation is planned to come into play from July 1, 2016,…
The ATO has reminded taxpayers that, in relation to claiming car expenses, the one-third of actual expenses method and 12% of original value method were abolished from 1 July 2015. The cents per kilometre method now uses a standard rate of 66 cents per kilometre for all cars, rather than a rate based on a…
The Government is looking to cut red tape for employers by simplifying tax and superannuation reporting obligations through its initiative called Single Touch Payroll (STP). “Employers currently manually report Pay As You Go (PAYG) withholdings to the ATO,” the Assistant Treasurer Kelly O’Dwyer said. “Under the new STP this information will be automatically reported to…
The ATO has issued a notice announcing that it will be acquiring details of real property transactions for the period 20 September 1985 to 30 June 2017 from various state revenue offices and tenancy boards. In relation to rental properties, the ATO is seeking details of rent paid and contact details of landlords. In relation…
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.…
From 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…