Late last year, the draft Insolvency Law Reform Bill 2013 was released by the government for comment and suggestions. The first changes made under this Bill are to commence from September this year. The Bill will amend the Corporations, Australian Securities and Investments Commission and Bankruptcy Acts. It aims to: Align and modernise the registration
Just a reminder that as of 1 July 2013 the super guarantee was increased to 9.25% and the upper age limit has been removed.
In July this year the Federal Government announced that motor vehicle Fringe Benefits Tax (FBT) rules were to be changed to remove the statutory formula method of calculating fringe benefits tax. Current novated leases or company vehicles will not be affected provided there is no material change to the lease condition. Car leases signed after
The Government has decided to defer the introduction of the $2,000 cap on work related education expense deductions until 1 July 2015. Upon announcement of the policy change, there were widespread protests from the education sector and professional associations. The government have stated the delay will allow them to further consult on how to best
Budgeting For The 2013-14 Financial Year The end of a financial year provides an excellent opportunity to prepare Budgets and Cash Flows for the forthcoming year. Budgets and Cash Flows provide a timely resource. They give business owners an opportunity to reflect on their business and also look to the future. If you do need
By recognising the warning signs of insolvency and implementing strategies to minimise risks, accountants, owners and managers may potentially avoid business failure and take steps to minimise personal risk. To determine whether a business is insolvent, a number of factors must be considered. Accountants, owners and managers need to assess their solvency and the following
Tax returns and tax laws become more complex year after year. Fewer people each year are able to file their individual returns without a little tax planning and assistance from a tax accountant.
The title ‘Financial Advisor’ carries many connotations, but, in a nutshell, what they do is simple. They offer advice. Not just any advice, mind you. Top notch financial advisors stay ahead of financial news and trends, and they offer tangible, valuable advice that can help you grow your retirement fund into something you never imagined
Regardless of how long you have maintained your relationship with your accountant, and regardless of whether you have a personal or business accountant, or both, it’s wise to step back and assess him or her on occasion. After all, you have entrusted this person, or business, with your finances. Here are a few things to
The small business instant asset write-off threshold has been increased from $1,000 to $6,500 for the 2012-13 income year. This means the long life small business pool and the general small business pool have been consolidated into a single pool to be written off at one rate. These amendments only apply to small businesses that
Businesses in the building and construction industry must now report the total payments they make to each contractor for building and construction services each year. This change came into effect 1 July 2012. These payments are to be reported to the ATO as part of the Taxable payments annual report. Who Needs To Report Businesses
Tax planning is one of the most confusing and overwhelming aspects of being a business owner. It’s also one of the most critical. Anyone who has ever tried to go it alone can tell you that a simple mistake, which is made easily by a nonprofessional, can cost endless hours of additional work, not to
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