Enriching Your Business
Insolvency, a dreaded word in the business world, no matter how small or big the business is. But, by recognising the warning signs of insolvency, and putting in place some strategies to minimise the risks, accountants, owners and managers may
For small business, the increase of instant asset write-off threshold from $1,000 to $6,500 for the 2012-13 income year will affect the method of depreciating or writing off the costs of assets, including motor vehicles. What was once allocated to
The Medicare levy increase – from 1.5% to 2% effective on 1 July 2014 – would result with a top marginal tax rate at 47% effectively. Apart from individual taxpayers, small businesses are also impacted because there are a number
The 2013 Federal Budget contained a number of significant taxation changes that will impact individual taxpayers. Personal Income Tax Rates Individual income tax rates remain unchanged. The expected tax cuts due to apply from 1 July 2015 have been deferred
The 2013 Federal Budget announced that the Government intends to phase out the out-of-pocket medical expenses tax offset in 2019. Currently, 20% of the eligible medical expense (in excess of $2,060 per annum) can be claimed as tax offset. From
The Government announced its intention to limit individual taxpayers’ allowable deduction for work-related self-education expenses. From 1 July 2014 it will be capped at $2,000 per annum. The limit will apply to all eligible self-education expenses such as tuition fees,
From 1 July 2013, the super guarantee rate increases to 9.25% and the upper age limit is removed. For those of you who employ staff aged 70 years and over, you might need to start making super contribution to the
With the end of a financial year looming, how does your business performance compare against your budget? Does your year-end cash balance look as healthy as you had forecasted? Did your expenditures look reasonable? Or perhaps you had not put
Effective 1 July 2012, businesses in the building and construction industry must now report to the ATO the total payments made to each contractor who provides them with building and construction services each year. These payments are to be reported
Since the Global Financial Crisis, strong evidence suggests that the relationship between small to medium sized enterprises and banks has changed. Banks are now tougher to deal with as they are managing their risk profile more stringently. Covenants are increasingly