Statistics supplied by the ATO indicate that most GST refund claims (98% of them according to its data) are processed without any problem, but the ATO also says that every year it will select a small proportion of BAS refunds and temporarily hold onto them to check the accuracy of the information provided. If […]
The obscure deductibility gem alluded to in this article’s headline is in fact true. It was about 1990 when the ATO was asked about the tax deductibility of interest on a loan a business may have taken out to repay a tax debt. Borrowed money to pay your business tax debt? It was the […]
Further rumoured amendments to the superannuation reforms taking effect on July 1, 2017, just over two months away, are seeding further panic among the superannuation industry. The document circulated by the ATO lists seven areas where further amendments, termed “minor and technical”, are being sought. It is proposed that the government intends to enact […]
By Dynamic Business The deadline for registering for the Research and Development Tax Incentive, which offsets some of the costs of eligible R&D activities, is Monday, 1 May, the Department of Industry, Innovation and Science has reminded businesses. “The deadline to apply for registration is 10 months after the end of a company’s income year,” […]
Parliament has finally passed most of the business tax relief package announced in the last Federal Budget, but with some amendments. The legislation, which has finally passed the Senate, brings into effect the following changes for small business: Progressive cuts to the company tax rate: The tax rate will be progressively reduced to 27.5% […]
Negative gearing is not isolated to property investment, although this is where many if not most Australian taxpayers will associate the mechanism. The fact is that the measure exists within the fundamentals of Australia’s tax system anyway — a deductibility of interest on borrowings made to undertake an investment. It is nothing more than […]
By: Max Newnham Some business owners make the mistake of regarding the Australian Tax Office as the enemy. It can be said the ATO at times places an unfair interpretation on income tax legislation to maximise revenue collection. But on the whole, when the ATO is dealt with in a reasonable manner, that is the way it will […]
By: Max Newnham It is an unfortunate fact of life that too often business owners have a total aversion to paying income tax. This can lead to earning too much black money, that the owners hope to hide from the tax man, and also can result in tax deductions being maximised without considering whether the cost […]
Companies with a turnover of up to $50 million a year will receive a tax cut, applicable to this financial year, taking the rate down from 30% to 27.5%. Small business gets a step-up The tax cut will be staggered, with an immediate cut in 2016-17 for companies with an annual turnover up to […]
By James Harkness SMEs with revenues up to $50 million will have their tax rates cut after the Federal Government struck a deal with the Nick Xenophon Team (NXT) in the Senate on Friday. Under the deal, which will cost $5.2 billion over the next four years, the tax rate for businesses with turnovers up […]
