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Lower company tax rate changes

Lower company tax rate changes

2018–19 income year From the 2018–19 income year, a company must be a base rate entity to be eligible for the lower 27.5% company tax rate. A company is a base rate entity if both of the following apply: they have a turnover less than the turnover threshold – which is $50 million for the 2018–19

Small Business Assist

Small Business Assist

The Australian Taxation Office’s ‘Small Business Assist’ tool provides answers to small business tax and super questions. It delivers tailored and accurate information sourced from a range of websites. It includes information such as: Registering for an Australian business number Understanding and registering for GST Employer obligations Lodging activity statements Small Business Assist features links

Preparing To Engage Workers

Preparing To Engage Workers

If you are planning to hire new workers, there are a few things to consider and organise in order to meet your tax and super obligations. One thing you must do is make sure your workers are legal – they must be Australian citizens, permanent residents or non-citizens with Australian visas that allow them to

Privacy Law Reform Changes Come Into Effect

Privacy Law Reform Changes Come Into Effect

Changes to the Privacy Amendment Act 2012 (Cwlth) commence on 12 March 2014. These changes establish 13 Australian Privacy Principles (APPs), which replace the existing National Privacy Principles. These principles identify the information that must be contained in an organisation’s privacy policy, including: How, what, why and for what purpose the business collects and holds

Taking Over An Existing Business

Taking Over An Existing Business

Taking over an existing business, whether it is buying an established business or taking over the family business requires careful analysis and planning. When buying a business, some aspects to consider include: Why is the business being sold? What is the vendor’s history with the business? Are there any sales patterns or trends? What is

Personal Property Securities Register

Personal Property Securities Register

The Personal Property Securities Register (PPSR) is where details of security interests in personal property can be registered and searched. Transitional arrangements have been in place for the last two years. The transitional arrangements for the PPSR expired on 31 January 2014. Suppliers of personal property who failed to register their security interest during the

Common Tax Questions Answered

Common Tax Questions Answered

In the words of the late Kerry Packer: “I am not evading tax in any way, shape or form. Now of course I am minimising my tax and if anybody in this country doesn’t minimise their tax they want their heads read because as a government I can tell you you’re not spending it that

Great New Product Ideas

Great New Product Ideas

Here are several ways to obtain great ideas for new products: Run informal sessions where groups of customers meet with company engineers and designers to discuss problems, needs and brainstorm potential solutions Allow staff time off to work on pet projects Survey your customers and find out what they like and dislike in your competitor’s

Mediation is Better Than a Legal Trial

Mediation is Better Than a Legal Trial

Litigation is in decline in the business community. Alternative forms of dispute resolution are now becoming more popular and, in some circumstances, are mandatory. All family law disputes since 2006, for example, have required compulsory mediation. Mediation is a cost effective avenue for parties in dispute. The process can cost large sums, but the process

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