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.

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 [...]

THERE’S A SENSE OF MISSED CHANCES FOR REAL REFORM AS BUSINESS LEADERS DIGEST THE GOVERNMENT’S RESPONSE TO THE HENRY TAX REVIEW. Lesley Parker INTHEBLACK, July 2010 CPA Australia As the dust starts to settle, the consensus seems to be that – mining super-profits tax aside – the federal government didn’t go far enough, fast enough [...]

In a decision with far reaching implications to many taxpayers with trusts, the ATO have confirmed their tough stance on trust distributions in their final ruling on unpaid distributions to corporate beneficiaries. Along with the final ruling the ATO have also released a draft practice statement and a compendium of issues that were raised during [...]

Paul Drum FCPA General Manager Policy and Research Source: CPA Australia Key announcements: Predicted to return to surplus in 2012-13 Net debt is projected to peak at 6.1 per cent of GDP The forecast Budget deficit is $40.8 billion in 2010-11 All new spending is offset, and real payments growth has been held to below two per [...]

The government’s response to proposals in the Henry review is an opportunity missed because it is too narrow in focus according to CPA Australia. ‘The Henry review represented a once-in-a-generation opportunity for comprehensive reform but what we have is a package reliant on one, albeit substantial, new tax,’ said CPA Australia CEO Alex Malley. ‘CPA [...]

On Sunday 2 May, the government publicly released the Henry tax review and its initial response. Although the Henry tax review contains recommendations to reform Australia’s tax system, the government has initially focused on the resources sector and superannuation. The company tax rate is also to be reduced and there are some benefits for small [...]