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Low Income Super Contribution

The Government has introduced a new super payment called the Low Income Super Contribution (LISC). The LISC payment took effect from 1 July 2012. Those eligible must have an adjusted taxable income not exceeding $37,000 of which 10% or more is derived from business or employment, and have made concessional contributions to a complying super

Changes To Phoenix Legislation

The Government has drafted The Corporation’s Amendment (Similar Names) Bill 2012 to curb phoenix activity in Australia. Phoenix activity involves the intentional transfer of assets by a director of an indebted company at a price below market value to a new company, of which they are also a director. The indebted company is then placed

Amendments To Tax Law

Amendments to tax laws by the Australian Taxation Office (ATO) aim to protect employees’ entitlements by making directors personally liable for any unpaid superannuation. Currently employees of failed companies may seek to recover their entitlements through the Government’s General Employee Entitlements and Redundancy Scheme (GEERS). However this does not include outstanding superannuation and is not

Carbon Tax Price Increases

Making False Claims The carbon tax has been in place for a few months and businesses are beginning to more accurately estimate the effect it is having on their costs. Before blaming the carbon tax for a price increase however, business owners need to consider the Competition and Consumer Act 2010 (Cwlth). The Act states

Small Business Decpreciation

2012 Changes To Small Business Depreciation Rules Since 1 July 2012 there has beeen significant changes to the small business depreciation rules. The amendments will apply to small business entities as defined in Section 328-110 of the Income Tax Assessment Act 1997 (Cwlth) that have an aggregated turnover of less than $2m for an income

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