Enriching Your Business
Cloud computing can boost your productivity but make sure you know what you are signing up for. It is very likely that your email, latest accounting software or job ordering system are based in the ‘çloud’. It now lets you
The State Revenue Office is currently issuing Land Tax assessments. Owners of land should ensure the accuracy of these assessments as our experience had shown that they often contain errors, resulting in levying excessive land tax. Land owners are encouraged
As part of the mini Budget of November, 2012 the Government announced a reform that it would remove concessional FBT treatment on in-house benefits which are received via Salary Sacrifice arrangements. This applies to employees who receive goods and services
When an employer pays for an employee’s business trip accommodation, this benefit would be fully exempted from Fringe Tax Benefits (FBT) under the ‘Otherwise Deductible Rule’. Recently, the ATO had confirmed that when an employee’s spouse accompanies the employee on
In 2012, 30 June fell on a Saturday and this year, 30 June would be a Sunday. For those who made superannuation contributions on 30 June 2012, they were caught out as the payments would only be reflected in their
The ATO fact sheet, issued by the Commissioner states that he has the right to exercise his power of general administration. This allows the SMSF to continue claiming its Exempt Current Pension Income (ECPI) if the minimum pension has not
Amendments to section 4.09 in the Superannuation Industry Supervision Regulations (SIS) 2012 now require the SMSF trustees to “review regularly” their fund’s investment strategy. As part of this strategy, the following consideration MUST be made: “Whether the fund’s trustees should
The Self Managed Super Fund (SMSF) administrative penalties draft regulations gives the Australian Taxation Office (ATO) the power to issue administrative directions (rectification direction or trustee education directions) and impose penalties for any non-compliance to the Superannuation Industry (Supervision) Act
The new rules on Simplified Depreciation were effective from 1 July 2012 and are significantly advantageous to small business enterprise taxpayers. These taxpayers are defined as conducting a business and have less than $2 million of net turnover in a
While many people may think tax avoidance and tax evasion are the same thing, they are not. Profession Wheatcroft, of the Faculty of Law at Oxford University, defines tax avoidance, as dodging tax without breaking the law. Tax evasion is,