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Business Start-up

Business Start-up

A business in start-up should be an exciting time, not one of stress of the unknown.

Business Start-up
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Grow your Business

Do you want to grow your business? Are you looking to expand, increase revenue and grow your profits?

Grow your Business
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Expand your Business

Do you plan to expand your business into new locations? Perhaps you'd like to franchise, or take on licensees?

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Protect your Assets

As important as acquiring assets is the need to protect them.

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Have you considered all the possible reasons why you might exit your business, and have you put a contingency plan in place for it?

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February 2014 - Business News

In this issue

  • Announced un-enacted Measures
  • MRRT and Carbon Tax repeals and associated changes
  • Getting the company loss carry-back tax offset right
  • ATO contacting businesses about taxable payments annual reports
  • Working on an upcoming property transaction? Check the vendor's GST details
  • Getting ready for the Superannuation Data and Payment Standard
  • MySuper
  • SMSF "Return Not Necessary" and Cancellations
  • Requesting copies of tax documents from the ATO
  • Business Communicator – December 2013
  • Ensure the IT5 and IT6 income tests labels are completed correctly
  • Small business benchmarks
  • Activity statement delay

Announced un-enacted Measures

In December 2013, the Assistant Treasurer, Senator Arthur Sinodinos, announced the outcome of consultations over the backlog of 92 announced but unlegislated tax and superannuation measures. Read more  

MRRT and Carbon Tax repeals and associated changes

In the previous edition of our newsletter, we mentioned that, as part of its pre-election promises, the Coalition would abolish the carbon and mining taxes. The abolition of these taxes also involved the wind-back of certain other measures including. Read more

Getting the company loss carry-back tax offset

As the company loss carry-back tax offset does apply in the 2013 income year, it is important for taxpayers who are able to carry back losses that they get their claims right. The ATO has advised that it has received a number of 2013 Company tax returns where the loss carry-back tax offset has been claimed incorrectly. Read more

ATO contacting businesses about taxable payments annual reports

Recently, the ATO has been telephoning some businesses in the building and construction industry directly to: Read more

Working on an upcoming property transaction? Check the vendor's GST details

Are you about to purchase some property? If so, you should know whether the vendor is registered for GST as this may affect your transaction. Read more

Getting ready for the Superannuation Data and Payment Standard

The ATO has published a document entitled "Employer FAQs - Getting ready for the standard". Read more

MySuper

From 1 January 2014, employers need to make superannuation contributions to a fund that offers a MySuper product for any employee who does not select a preferred fund. Read more

SMSF "Return Not Necessary" and cancellations

The ATO has advised that the Tax Agent Portal has two new mail subjects to assist practitioners with their self-managed super fund (SMSF) clients. Read more

Requesting copies of tax documents from the ATO

The ATO advises that a taxpayer or their authorised representative can use "Copies of tax documents request – individuals and authorised representatives" form to request copies of tax returns, payment summaries and notices of assessment. There is a separate form for businesses. Read more

Business Communicator - December 2013

The ATO has published its Business Communicator for December 2013. Business Communicator contains news and updates for businesses with an annual turnover between $2 million and $250 million. Read more

Ensure the IT5 and IT6 income tests labels are completed correctly

Taxpayers and their agents need to ensure that the IT5 and IT6 income tests labels are completed correctly. Read more

Small business benchmark

The ATO advises that the small business benchmarks have been updated with data from the 2010–11 financial year. Read more

Activity statement delay

The ATO has advised that the generation of December 2013 activity statements may be delayed for some taxpayers who varied their September PAYG instalment or chose a different PAYG reporting option. Read more

 

 

 

 


 

 

 




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