The Government has indicated that it proposes to tighten the rules in relation to the taxation of benefits provided to shareholders or associates of a private company. The division 7A deemed dividend rules will be expanded to include deemed payments by way of a licence or right to use real property and chattels, such as […]
The ATO has indicated that they will be paying greater attention to businesses that have claimed losses in the 2008-09 year. Reviews and audits of micro, small to medium and large businesses, with carried forward tax losses by the tax office have revealed some common problems that can easily be avoided. Two of the most […]
The slowing of the global economy has resulted in a downward trend in business earnings. As a result of this pattern, the Australia Taxation Office is encouraging businesses to review their tax position to ensure that pay as you go (PAYG) instalments reflect their current financial position. How to vary the rate Businesses and investors […]
The bill implementing the new temporary investment allowance has received Royal Assent and is now law. Businesses can now act with certainty when claiming the allowance. In the May 2009 budget, the Government announced that it planned to increase the rate of the one-off bonus tax deduction available to small businesses under the small business […]
Today it has become essential for businesses to take steps to protect assets. An often overlooked area relates to intellectual property and, in particular, trademarks. Trademarks protect the rights of owners of a company, keeping others from using their names on similar or competing products or services. A trademark protects ‘intellectual property’ – valuable company […]
In light of recent global events, businesses may need to prepare for emergency or crisis. Businesses should determine what kind of crisis they are likely to face and what would be critical if those events occurred. Start by listing the types of emergencies that could reasonably affect your business, paying attention to the potential effect. […]
Most companies, especially large corporations, have developed clear ethical guidelines and policies. Because employees continually face many situations that have ethical implications, it is extremely useful to have a set of clear and consistent policies. Some of these issues include protecting customer confidentiality or receiving gifts, gratuities or special favours. A clear policy can ensure […]
Age pension age to increase to age 67 from 1 July 2017 The qualifying age for the Age Pension and the Commonwealth Seniors Health Card for men and women will increase to 67 years of age from July 2023. The Henry Tax Review report on the retirement income system also recommends aligning the superannuation preservation […]
Closely held trusts and TFN withholding arrangements from 1 July 2010 This measure ensures that assessable distributions to beneficiaries of closely held trusts (including family trusts) align with amounts declared in tax returns by beneficiaries. This will not apply to income where tax is directly payable by the trustee, such as minors’ assessable income. Taxpayers […]
Employee share scheme eligibility from 13 May 2009 Under the current rules an employee can elect to be assessed on discounts provided on shares or rights in the year they are acquired under an employee share scheme. If no election is made the discount is taxed at a later time. If the employee makes an […]
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