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General
ASIC Annual Review
Every company has an annual review date, usually the same date it was registered. Shortly after this date, Australian Securities & Investments Commission (ASIC) will issue an annual statement a...
General
Fuel Tax Credits
Businesses can claim credits for the fuel tax, which is excise or customs duty, included in the price of fuel they acquire and use in business activities in machinery, plant, equipment and heavy ve...
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Instant asset write-off increased and extended
Attention – Business Owners The threshold has increased to $30,000, and has been extended to 30 June 2020. The instant asset write-off now also includes businesses with a turnover from $10 mi...
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Check your supplier’s ABN
Attention – Business Owners It is important that every business making a payment should check the validity of their suppliers ABN to ensure: 1. Suppliers have provided a valid ABN that belong...
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Property genuinely available for rent
Expenses may be deductible for periods when the property is not rented out, providing the property is genuinely available for rent – that is: • The property is advertised, giving it broad exposu...
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Taxable Payments Annual Report (TPAR)
Does your business operate in cleaning, courier or building industry? As of 1 July 2018, you’ll need to record payments to cleaning or courier contractors or subcontractors, and lodge a Taxable pay...
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TAX TIME MYTHS DEBUNKED
I plan to use an agent this year so the deadline doesn’t matter: If you used a registered agent, you need to be on their books by 31 October, regardless of the deadline. If you register with a...
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September 2018 Quarter BAS Reminder
Attention – Uber & Taxi Drivers and Business Owners registered for GST It is BAS time! September 2018 Business Activity Statement (BAS) is due by 29th October 2018. The September 2018 ...
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Foreign Income
If you're an Australian resident for tax purposes, you are taxed on your worldwide income, so you must declare any foreign income in your income tax return. Foreign income includes: • Foreign...
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Income from a Child’s Investment
It is a generous act for a parent or aunt or uncle to start a savings account for their kids or a new addition to the next generation. It is uncommon among the warm and generous emotions that accom...
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March 2017 Quarter BAS Reminder
March 2017 Quarter BAS Reminder: Quarterly BAS lodgments are due on 28 April. It is BAS time again already! Attention – Business Owners. If you are registered for Goods and Services Tax (GST), t...
General
Trusts Decoded
A dictionary definition of a trust is: “A fiduciary relationship in which one person (the trustee) holds the title to property (the trust estate or trust property) for the benefit of another (the b...
