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ACCC gets tough on credit card surcharge

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The ACCC has issued a warning to businesses charging excessive credit card fees. One large merchant has already been issued with four infringement notices and has paid $43,200 in penalties. The new rules, which came into effect from 1 September 2017, prevent merchants from charging more than the true cost of the transaction. As a… Read more »

Tax Planning Charitable Donations in Wills

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There is an upward trend of Australians making generous charitable gifts in their wills.  However, there is a lack of awareness that gifts or donations made in wills to charities that classify as deductible gift recipients (DGRs), are not tax deductible. Therefore, where a will-maker intends to make significant donations it is imperative that they… Read more »

Passive investment companies excluded from lower tax rate

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From the 2017 income year, the small business company tax rate has been reduced to 27.5%. Currently you are a small business entity if you are a sole trader, partnership, company or trust that: is carrying on a business for all or part of the income year, and has an aggregated turnover less than $10 million (the… Read more »

Does your superannuation fund invest in bonds?

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What effect does rising interest rates have on your investment in bonds? The Shadow Reserve Bank board member, Paul Bloxham, who is also HSBC’s Australian Chief Economist, was quoted in October as saying “What is becoming increasingly clear this month is that the Shadow Board thinks that the next move for interest rates is likely… Read more »

Strategies to Reduce your Tax Debt

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It is not uncommon for taxpayers to owe tens of thousands in tax debt to the ATO as a result of extenuating factors beyond their control.  Where primary tax is not paid on time the ATO imposes interest and penalties which can make an already large tax debt more difficult to repay.

Expenditure incurred by a taxpayer in managing their tax affairs is deductible

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The Australian tax year is based on the financial (or income) year, i.e. from 01 July to 30 June of the next year. All Australian tax residents must lodge a tax return each year unless one of the exemptions applies. Individual taxpayers have from 1 July to 31 October to lodge their tax return for the previous… Read more »

There’s property and there’s property trusts

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With the residential property market going gang busters many investors are now turning their attention to alternative property investments such as commercial or industrial property. Commercial and industrial property are considered to offer a better  yield, or net rental return which is attractive to investors seeking income, such as retirees. There are essentially three ways… Read more »

Small Business Restructure: Is it “Genuine”?

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The small business restructure roll-over came into effect on 1 July 2016 to provide greater flexibility for small business owners to change the legal structure of their business by allowing them to defer gains or losses that would otherwise be realised when business assets are transferred from one entity to another.  Taxpayers seeking to predominantly… Read more »

Personal and Carer’s Leave

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The minimum leave entitlements that apply to all employees are found in the National Employment Standards (NES). These apply regardless of their position and whether a contract of employment or an award or enterprise agreement applies.  The NES creates certain rights for an employee that includes access to paid personal/carer’s leave, unpaid carer’s leave, and… Read more »

Red Flags That Can Trigger a Tax Audit for Private Business

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Regardless much income your business produces there are several common ways of getting on the ATO radar and triggering an audit.  Often a simple GST audit escalates to a larger review to include income tax and other issues. Taking steps to manage the risk ensures that your business does not come under scrutiny and suffer… Read more »