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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

September 2013 - Business Edition

In this issue

  • Election 2013 
  • ATO Compliance Focus 
  • Information for Businesses and Contractors in the Building and Construction Industry 
  • Combatting "dividend washing" 
  • Annual Pay As You Go (PAYG) Instalments 
  • Tax Avoidance Schemes – warning to Investors from ATO 
  • Employee Share Scheme rules under review 
  • Capping of Education Expense Deductions for Employees 
  • Applying Small Business CGT Concessions – avoid common errors 
  • Income of a Trust Estate
  • Income Tax Rulings and Determinations 
  • Refunding Excess GST 
  • Proposal to abolish FBT statutory formula for cars
  • International Tax – Risks to the Sustainability of Australia's Corporate Tax Base 
  • Superannuation - Various

Election 2013 

With the certainty of the 2013 Federal Election being held on 7 September 2013, for the last few weeks, the Government has been in Caretaker mode. Until the Election passes and the new Government settles in, apart from Election promises made, we are unlikely to see much activity in the tax space. Read more

ATO Compliance Focus

The ATO has published its "Compliance in focus 2013-14" document. This document sets out what the ATO is doing to manage the risks to and maintain the integrity of Australia's taxation and superannuation systems for the next 12 months. Read more

Information for Businesses and Contractors in the Building and Construction Industry

Previously we have noted that from 1 July 2012, businesses in the building and construction industry will need to report to the ATO each year the total payments they make to each contractor for building and construction services. Read more

Combatting "Dividend Washing"

The Assistant Treasurer has announced a measure to combat "dividend washing".   Dividend washing occurs when a person sells shares ex-dividend and the person selling the shares retains the right to the dividend and the franking credits.  Read more

Annual Pay As You Go (PAYG) Instalments

The ATO will be sending annual pay as you go (PAYG) instalment notices to taxpayers. Payment is due by 21 October 2013. Read more

Employee Share Scheme Rules Under Review

The Government announced in June this year that it will review the policy around employee share schemes (ESS). The review is part of the Government's Advancing Australia as a Digital Economy: Update to the National Digital Economy Strategy project for Australia to become a trusted hub in the global digital economy. Read more

Capping of Education Expense Deductions or Employees

In April this year, the Government announced that the deduction for work-related self-education expenses claimed by employees would be capped at $2,000 per annum, rather than remain unlimited as it is currently. Read more

Applying Small Business CGT Concessions - Avoid Common Errors

The ATO has published a document entitled "Applying small business CGT concessions - avoid common errors". Read more

Income of a Trust estate
Read more

Income Tax Rulings and Determinations
a) Dividend access share and s177E - TD 2013/D5
b) Effective life of depreciating assets (applicable from 1 July 2013) - TR 2013/4
c) Car limit for 2013-2014 - TD 2013/15 
d) Div 7A benchmark interest rate for 2013-14 - TD 2013/17 Read more

Refunding Excess GST 

Previously we noted 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. Read more

Proposal to abolish FBT Statutory Formula for Cars 

On 16 July 2013, the Treasurer, Chris Bowen, announced that the statutory formula to calculate car fringe benefits would be removed and that only the operating cost method would be available. Read more

International Tax - Risks to the Sustainability of Australia's Corporate Tax Base

Over the past few months, the Government has been focused on finding ways to preserve Australia's corporate tax base. This means that the Government will be looking to tighten up the rules that might otherwise allow a company that has derived income in Australia to take the income out of the country and not pay tax on it here. Read more

Superannuation – Various
a) Treasurer promises a 5 year freeze on superannuation changes
b) Small businesses to gain access to the Superannuation Complaints Tribunal
c) Trans-Tasman super portability regulations made 
d) Updated ATO information on super contributions and caps from the ATO
e) Reform of SMSF levy arrangements  Read more

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