The time has come for those companies who have lodged their 2011 Company Tax Returns but have held off paying the tax. It is time to do so. Please note any tax payable MUST be paid by no later than 15th May 2012 to avoid any ATO penalties.
All 2011 Income Tax Returns are due for lodgment by 15th May 2012. For Companies and Self Managed Super Funds you MUST lodge and pay by this date to avoid any ATO late lodgment penalties and interest. Individuals will receive a notice of assessment with the due date for payment once the tax return has [...]
These year end tax tips are designed to provide employees, investors and businesses with a headline list of key issues that they should consider in preparing their income tax returns for the year ended 30 June 2011. The list is not exhaustive and you should not act solely on the information in these tips. For [...]
These year end tax tips are designed to provide employees, investors and businesses with a headline list of key issues that they should consider in preparing their income tax returns for the year ended 30 June 2011. The list is not exhaustive and you should not act solely on the information in these tips. For [...]
Most small business owners are pretty close to their business. For many, it is a major part of their life and the distinction between personal and business is easily blurred. This can also cross over to their financial affairs with business and personal finances being interrelated. For full details, please click on this “Getting to [...]
The ‘nip and tuck’ budget The 2011/2012 Federal Budget was a ‘nip and tuck’ Budget. Click Here to Download the full Knowledge Shop 2011/2012 Budget update According to Lisa Armstrong, General Manager of the Knowledge Shop, Many of the changes were either because of or justified by the need to improve the workforce participation rate [...]
The Australian Taxation Office (ATO) has obtained data from state and territory motor vehicle registering bodies and will match against taxpayer records. This is to identify those participating in the cash economy by not declaring income to deliberately avoid their tax obligations. Data will be obtained for all motor vehicles where the transfer and/or market [...]
Issue Is expenditure incurred by a swimming instructor in purchasing swimwear deductible under section 8-1 of the Income Tax Assessment Act 1997 (ITAA 1997)? Decision No. Expenditure incurred by the taxpayer in purchasing swimwear is not deductible under section 8-1 of the ITAA 1997. Facts The taxpayer works as a part-time swimming instructor. The taxpayer [...]
A recent decision by the Administrative Appeals Tribunal (AAT) should serve as a warning for any employer who employs independent contractors. In a case brought by the Tax Commissioner, a company that employs over 1000 contractors to provide interpretation and translation services is now potentially liable for superannuation guarantee payments to all of its contractors [...]
The Australian Taxation Office (ATO) has obtained data from eBay Australia and Trading Post Australia to assess the level of taxation compliance of individuals and businesses that sell goods or services online. The data identifies members of online selling sites who are involved in selling goods and services of a total value greater than $20,000 [...]
