Per the current legislation, most primary producers and tourism operators can claim refunds of 8/33 of the LCT they have paid, up to a maximum of $3,000. This figure (8/33) is the difference between the current LCT rate of 33% and the previous LCT rate of 25%. These refunds may also apply to imported luxury […]
The Federation of Hong Kong Business Associations Worldwide is a unique network of 41 Hong Kong Business Associations in 30 countries and regions with over 13,000 individual associates. These Hong Kong Business Associations were started by overseas traders, buyers and professionals, who have strong business links to Hong Kong in their respective countries, for the purpose of […]
With the introduction of Single Touch Payroll, there is more government visibility into your business than ever before! Do you know what Industrial Relations System your farm is covered by? What about which Award your Farm should pay your employees under? Do your employees have written employment agreements? Do you have human resources and safety […]
The ATO have been increasing their activity with regards to small businesses. They have already visited businesses in a number of areas throughout Australia and are set to extend this over the next year. Their visits are part of their approach to protect honest businesses from unfair competition by addressing black economy activities. They will […]
Alleviate concerns of additional fees related to audit activity with Audit Shield The Australian Taxation Office (ATO) and other government revenue agencies are consistently active in conducting audits, inquiries, investigations, reviews and examinations (audit activity) in response to lodged returns. In particular the ATO is focusing more than ever on employer obligation audits, payroll tax […]
Jim Goodwin from GMO and Clinton O’Neill from Thorntons discuss Capital Gains Tax on sale of a business. Clint and Jim discuss the implications of selling a business on Capital Gains Tax. You should consider these as part of your business sale plan. J.G: Do I pay tax on the whole sale price of my business? […]
Many businesses consider casual employees a flexible and low risk option. The cost-benefit analysis most business owners run tends to go like this (in summary): “In exchange for the higher hourly rate, I don’t need to pay annual leave or sick leave, and they cannot claim unfair dismissal…” (or something to that effect). Last week’s Full […]
Franchising is a popular choice for Australians wanting to move from employment to owing their own small business. Buying into an established business system with a known brand is generally less risky than developing a business from scratch. Note however, a franchise system is designed to assist the operator by giving them instructions on what […]
Following the introduction of the transfer balance cap (TBC) in 2017, the Australian Taxation Office (ATO) has introduced new reporting obligations for Self-Managed Superannuation Funds (SMSFs). Commencing from 1 July 2018, SMSFs will be required to report events to the ATO which impact on an individual’s transfer balance account (TBA). This reporting is required to […]
If your startup has celebrated its second birthday congratulations! Your business is one of the 3% of Australian startups currently reaching this milestone. If you’re on the brink of starting a new business, adopting the following financial habits can greatly increase your chances of turning two. Two of the three reasons for small business closures identified by the Australian […]