ATO uses a Benchmark Audit to Tackle Cash Economy

Businesses that deliberately hide income to avoid paying the right amount of tax or superannuation are part of what the ATO calls the cash and hidden economy.

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Expenses Incurred by Retirement Village Operators

Generally, you can claim a deduction for most expenses you incur in running your business as long as they are directly related to earning your assessable income. Working or operating expenses (for example, advertising or accounting fees and wages) can be claimed in the year you incur them. However, capital expenses (such as buying plant and equipment) are claimed over time.
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BEWARE: Donations to Charities from a Testamentary Trust are not Tax Deductible

Generally, when a taxpayer makes a donation (cash or property) to a charity or other deductible gift recipient (DGR) they could claim a deduction. However, if it is a testamentary gift, the deceased estate cannot claim a deduction. Therefore, if you consider making a donation to a charity, it is better done during your lifetime.
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Annual GST due on the 28th February

The deadline for annual Goods and Service Tax (GST) returns is fast approaching. You can either lodge your GST return monthly, quarterly or annually depending on your eligibility. If your business reports annually, you must complete the return to report GST by the 28th of February and calculate the amount you owe the Australian Taxation Office or the amount they owe you.
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Legal Issues for Starting a Business

One of the first things to be aware of when setting up a new business is the host of legal issues that will affect you. Business names, Australian Business Numbers, licenses, business structures, contracts, copyright and the privacy act are all pertinent legal issues when starting a new business. The range of legal issues when starting a new business and their terms of compliance can be daunting for a new business owner, and it is advisable to seek legal advice to make sure your business is on the right path. However, with or without a lawyer, it’s a good idea for business owners to have a basic understanding of some of the legal issues to be considered when starting a business.
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Calculating Depreciation on Assets

All businesses and organisations need to account for the consumption, or depreciation, of their assets over time in a way which accounts for the assets’ declining value. Depreciation is defined as the value of an asset over its useful life, and there are several methods used when calculating depreciation on assets. It is important to understand these methods, as they allow an organisation to spread the cost of a fixed asset over the expected useful life of that asset.
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What is the Six Year CGT Rule?

If you’re planning on moving from your current home but don’t intend to sell, you may be eligible for the six year Capital Gains Tax (CGT) exemption. The six year CGT rule is an especially useful exemption to understand if you are moving interstate or overseas to live and work for a set period of time.
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Dealing with Bad Business Debts

Anyone who has experienced working with a client or supplier that didn’t pay their bills on time knows that dealing with business debts can be a painful experience. Avoiding late payment is vital to a business’ cash flow, financial viability and overall profitability.
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Comparing Business Structures

When setting up or restructuring your business, there are several potential business structures you can choose. The most common types of business structures available to business owners are sole trader, partnership, company and trust.
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Registering a Trademark

Registering your business name is a crucial action when setting up or redesigning your business, but if you want to gain better protection of your brand or logo you should consider registering it as a trademark. Unlike registering a business name, registering a trademark gives you a legally enforceable way to protect your business name, logo and branding designs. And once you know no one can imitate your brand identity, a trademarked design can be used as an incredibly effective marketing tool.
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