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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
Grow your Business

Grow your Business

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

Grow your Business
Expand your Business

Expand your Business

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

Expand your Business
Protect your Assets

Protect your Assets

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

Protect your Assets
Exit your Business

Exit your Business

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

Exit your Business

June 2013 - Business Edition

In this issue:

  • The end of the financial year is coming!
  • Small business tax concessions and scrip for scrip roll-over strengthened
  • Company loss carry-back
  • Rules against Tax Avoidance
  • Capital allowances – other machinery and equipment repair and maintenance assets
  • Do you do research and development?
  • Tax transparency and large and multinational businesses
  • Getting ready for changes to super
  • Self-Managed Super Funds
  • Refunding Excess GST Exposure Draft released
  • Tax Invoices and Adjustment Notes
  • Failed payments and GST consequences
  • Reasonable amounts of food and drink expenses for living-away-from-home allowances
  • PAYG – Various Issues
  • Are you a director of a company?

To download a full copy of our newsletter, click here.

The end of the financial year is coming

The end of the financial year is coming and it's time to start thinking about your 2013 Income Tax Return! Now is a good time to start reviewing certain assets and liabilities owned by your business and consider if there is anything you should do prior to 30 June 2013 rolling around. 

Small business tax concessions and the scrip for scrip roll-over strengthened
Recently, the Federal Government introduced into Parliament legislation that will impact trusts, superannuation funds and life insurance companies.
Company loss carry-back
In previous newsletters, the introduction of the company loss-carry-back measure has been mentioned.  It is worth noting that this measure is progressing through Parliament and may soon become law. 

Rules against Tax Avoidance
Previous newsletters have highlighted the Government's intentions to tighten up the rules which target tax avoidance by taxpayers. These are provisions that taxpayers should bear in mind when embarking on transactions. Since the last edition, the legislation bringing in these changes has been introduced into Parliament.

Capital allowances - other machinery and equipment repair and maintenance assets
The ATO has started a review of assets used in the repair and maintenance of other machinery and equipment as defined by ANZSIC code 94290, with a view to making new effective life determinations

Do you do research and development?
If so, you may be interested to know that the Government recently announced changes to the R&D tax concession.

Tax transparency and large and multinational businesses

The Federal Government is pursuing ways to make the amount of tax that large and multinational businesses pay in Australia more transparent.

Getting ready for changes to super

If you are an employer, in April this year, the ATO may have sent to you some information regarding superannuation guarantee obligations. 

Self-Managed Super Funds

The activity in the self-managed superannuation funds (SMSF) area continues. As more and more people decide to set up an SMSF, it is wise to stay abreast of the changes. We highlight some in this issue.

Refunding excess GST Exposure Draft released

In previous editions of our newsletter, we mentioned the Government's plans to clarify the operation of a provision in the tax legislation that inhibits a taxpayer from getting a refund of GST already paid to the Commissioner if it turns out the GST was overpaid because a supply was incorrectly treated as a taxable supply.

Tax Invoices and Adjustment Notes
The ATO recently updated its ruling on tax invoices, in particular the information that must be included on a tax invoice and when a document is in the approved form for a tax invoice.

Reasonable amounts of food and drink expenses for living-away-from-home allowances

Taxation Determination TD 2013/4 recently issued by the ATO contains the reasonable amounts of food and drink expenses for the purposes of the fringe benefits tax law and when these expenses may or may not have to be substantiated.

PAYG – Various Issues

Are you a director of a company?

If so, you should be aware of the recent changes made to the tax and superannuation laws to reduce the scope for companies avoiding liabilities and payments of employee entitlements. These changes impact on a director's obligations and personal risk in relation to their company's PAYG withholding debt. 


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