Transitional measures: Reduction in annual minimum payments for the 2010 financial year The Federal Government is providing temporary relief for individuals receiving payments from income streams by halving the minimum drawdown rate payable on income streams for 2010. The relief applies to allocated pensions, account based pensions, market linked pensions (term allocated pensions) and transitional […]
Business owners arriving back to work after the New Year’s break will be facing a brave new world of industrial relations. The second leg of changes under the Rudd Government’s Fair Work industrial relations regime came into effect on January 1. These changes include the new National Employment Standards and the Modern Awards system. The […]
The Rudd Government recently released draft legislation for the new R&D (research and development) Tax Credit. The draft legislation is intended to provide a more generous, more predictable, and less complex tax incentive by replacing the existing R&D Tax Concession. Under the new R&D Tax Credit, companies will be able to invest with certainty, in […]
Safety Solutions Rebate Program The safety solutions rebate program offers small business owners and sole traders up to $500 (excluding GST) for identifying and implementing safety solutions in the workplace. You can claim the rebate for a range of safety solutions including: Safety technologies – such as closed chemical delivery systems, non-slip floors, machine guarding […]
FACT: If you’re currently trading as a private business, whether incorporated (Pty Ltd) or unincorporated (sole trader, partnership, other) the Fair Work Act (and the related new industrial relations system) applies to your business now (as of January 1st 2010). Unincorporated businesses that worked under a State award prior to the state Government handover on January […]
The Minister for Superannuation, Chris Bowen MP, and Minister for Small Business, Craig Emerson MP, have announced that the Government will deliver its free superannuation clearing house service for small business through Medicare Australia. The clearing house service will be available for small businesses with less than 20 employees from July 2010. “To meet their […]
The Investment Allowance (or tax break) was part of the Government’s stimulus package designed to ensure that business investment remained consistent, despite the dwindling economy. Unfortunately, a lot of time passed between when the Government first announced the tax break and the rules being enacted by Parliament. As a result, there was little guidance on […]
For many small business owners, their business is their largest asset and for many, one that is expected to help fund their retirement. We take a look at what your business is really worth and what sets a high value business apart. Irrespective of whether you are contemplating retirement or have many years ahead of […]
Author: Thomas J. Stanley and William D. Danko Published by Pocket Books In ‘The Millionaire Next Door,’ Stanley and Danko summarise findings from their research into the primary determinants that explain how the elite club of millionaires have become ‘wealthy.’ Focusing on those with a net worth of at least $1 million, their results show […]
The ATO has the discretion to vary the amount a payer is required to withhold from a withholding payment, to meet the special circumstances of a particular case. By completing a PAYG income tax withholding variation, property or other investors may be eligible to have investment deductions effectively refunded during the year through a reduction […]
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