Below is a list of the detail required to be able to process BAS documentation for lodgement:1) Bank statements for the full BAS period- Make sure you have all the bank…

In a decision that could save the Australian Taxation Office up to $1 billion, the High Court has ruled GST is payable on forfeited deposits.In an unanimous ruling the court…

Jodie Nitschke had no idea she had to charge GST selling perfume and skincare via her online business until she read that eBay had divulged financial details of its sellers…

There are several proactive tax planning actions that you may consider prior to June 30.For Businesses:• Consider prepaying expenses such as rent, insurance and advertising prior to June 30 • Order and pay…

It's not always necessary to purchase, install, create and update complicated accounting package programs when starting up a business. Sometimes a simple Excel spreadsheet can be more suitable, particularly with sole traders and…

Many businesses dread dealing with customers who have outstanding accounts or unpaid bills. Sometimes these matters can be unavoidable, however, so it pays to have a clear system in place…

Small business benchmarks have been developed by the ATO to provide an average idea of what is happening in businesses operating in different industries by measuring various business costs in…

For many businesses, offering trade credit to customers isn’t optional. Whether its seven days or 90 days, providing credit leaves your business exposed to late payers and bad debts from…

There is a lot more to getting paid than just asking for money. Getting paid is the result of a whole lot of other actions that flow through the business.…

The 2008/2009 financial year would have to be one of the most volatile for many years. What will 2009/2010 bring for SMEs? Some say it will be tougher and there…

In our financial control business we deal with many small businesses and the news seems to be somewhat patchy. Some businesses are coping well with the ‘downturn’, whereas some seem…

With many Baby Boomers nearing retirement and thinking about selling their businesses, a buyers’ market has emerged.If you are a business owner, obviously you want to get maximum value for…

When problems arise with a partner getting into financial problems, you need to know the implications on yourself and what can be done to protect your own interests.If your business…

Your chances of attracting finance from your bank are always going to improve if you understand what bankers are looking for and how they assess risk.Contrary to recent media coverage,…

Columnist Sue Hirst reviews some initiatives that businesses can take to reduce their external financing needs when growing their business.Overheads: This is an area where you can make massive savings.…

With around 80% of businesses failing in their first year of operation, how they structure their financial operations has a lasting impact on their ability to compete and deliver returns.…

Budgeting can give you a road map to follow for your business. It can also help you to further reduce costs.In good times it’s easy to become relaxed about budgets…

In the July issue of My Business, banker Graham Fryer outlines the steps that can be taken to counter the negative effect of rising interest rates on business. The simplest…

Separating your personal finances from those of the business can have a very positive impact on your cash position. Many small businesses are run with the business bank account being…

One of the biggest mistakes made by startups is to confuse making sales with making money. New business owners seem to think that business is about busy-ness - that is,…

Small businesses must manage their debtors better or risk wasting time chasing bad debts, says credit risk information supplier Veda Advantage Ltd. "Unfortunately most small businesses are unaware of the…

Small business benchmarks have been developed by the ATO to provide an average idea of what is happening in businesses operating in different industries by measuring various business costs in…

The budgetary changes represent a fundamental shift in the Government’s approach to rewarding businesses engaged in Research & Development activities. The announced changes, which coincided with the release of the…

On budget night the Federal Government announced that it would expand the Investment Allowance available for small business – ie. those businesses that have a turnover (including associates) of less…

The following are four issues worth considering by business owners in reviewing any losses before the end of the tax year:1. Do the non-commercial loss rules apply? An individual or partnership…

Here are the highlights of the tax and superannuation changes announced in the Budget.HighlightsThis special CCH Budget Night Report outlines the tax and superannuation changes announced in the Budget. Here…

Christmas Parties There is no separate fringe benefits tax (FBT) category for Christmas parties and you may encounter many different circumstances when providing these events to your staff. Fringe benefits provided…

There are many advantages in working from home ranging from flexible hours to fewer overheads, but a good grasp of the tax and financial issues is important. The expenses of…

When a small business owner operates all or part of their business from home they often want to be able to claim a tax deduction for costs related to their…

Like most things in life, the way to make sure you are maximising your tax deduction for motor vehicles requires the greatest work. This is because a log book must…

Recently the ATO published a fact sheet.  There are eight mistakes that companies, partnerships or trusts (personal services entities) commonly make in relation to personal services income.These have been divided…

MAIN RESIDENCE CGT EXEMPTIONThe dwelling in which you live will be exempt from CGT if you own it. The term “dwelling” includes a flat, home unit, caravan, house boat or…

By way of background, small and medium sized business owners can potentially access one or more of the following six CGT concessions to reduce their capital gains tax liability when…

When a small business owner operates all or part of their business from home they often want to be able to claim a tax deduction for costs related to their…

• Group certificate(s)• Statements of any allowances, Centrelink benefits or pensions• Details of interest received on bank accounts• Dividend statements• Statements of any HELP/HECS debt or…

• Rental statements from property agents – these will include the rental income, property agent fees and commissions, and advertising expenses• Body corporate / strata fees• Council and…

The work for the end of the financial year begins well before 30 June. The organised and smart business will begin preparation shortly after the March quarter BAS is lodged…

Once 30 June has passed, tax deductions and business expenditure cannot affect this year’s tax returns. Only expenditure made in the actual tax year can be taken into account. For…

Below is a list of the detail required to be able to process BAS documentation for lodgement:1) Bank statements for the full BAS period- Make sure you have all the…

The 2008/2009 financial year would have to be one of the most volatile for many years. What will 2009/2010 bring for SMEs? Some say it will be tougher and there…

“In this time of global economic change we should be converting hysteria to a change manifesto. The world has changed and will continue to change, but people within it are…

In our financial control business we deal with many small businesses and the news seems to be somewhat patchy. Some businesses are coping well with the ‘downturn’, whereas some seem…

Timing is critical when a business is underperforming – it can be the difference between a business going under or turning performance around. Whether a company is underperforming, is in…

Do you have one good reason why you should expand or go into business for yourself - even if the ‘sky is falling’ in this economy? Right now is absolutely…

Small businesses should brace themselves for an economic slowdown in the wake of turmoil in international finance markets and a decrease in the value of the Australian dollar. They should…

Market forces worldwide are causing a whirlwind of creative destruction for businesses and their owners. In order to avoid this destruction, the question is, how will you react to our…

We need to be clear about one thing: real success is sustainable. It lasts and it happens in any economic climate in spite of any external influence and is not…

Have you cut your marketing budget? That seems to be the first thing to go when business conditions get a little shaky. People look around for the easiest thing to…

Businesses with effective account and credit control systems are more likely to detect a deterioration in their business operations than those without such feedback loops.When a business goes out of…

Budgeting can give you a road map to follow for your business. It can also help you to further reduce costs.In good times it’s easy to become relaxed about budgets and profit…

To calculate the Pay As You Go (PAYG) withholding tax amount for your employees download the weekly or fortnightly tax tables below, depending on your agreed pay frequency. These schedules incorporate the Medicare…

The job description should be the very first step in the recruitment process. It provides a support for writing job advertisements, specifying necessary qualifications, interviewing candidates, planning job training and…

A letter of offer is an important aspect when hiring a new employee as it outlines the terms and conditions of the job being offered.Try to include as much detail…

A letter of appointment is another aspect of the recruitment process that the employer should complete to confirm the details of employment. It generally only needs to be a short…

To make your employment process more formal employers can provide employment contracts for each employee. These contracts allow you to document the terms on which you are hiring an individual…

Once you have gone through the process of advertising, interviewing and deciding on a new employee for your business there are a few necessary procedures that need to be completed…

Under the Australian Fair Pay and Conditions Standard all employees (except casual employees) can get paid annual leave based on the nominal hours they've worked.• A permanent or part time…

Payment summaries must be issued to every employee paid during a financial year ending 30 June. These summaries should be given to employees by the 14 July each year.The information…

In my experience advising businesses, I’ve seen many retail owners and managers struggle with giving honest constructive feedback to their employees. Let me clarify that… They struggle giving honest constructive…

First of all we need to understand what we mean by redundancies. Redundancy occurs when the position that an employee is occupying is no longer required to be filled by…

“In this time of global economic change we should be converting hysteria to a change manifesto. The world has changed and will continue to change, but people within it are…

Employee retention is a major issue with all sizes. Understanding why people leave can help to stem the loss of good people.When it comes to working through employee retention issues,…

What do you do if a staff member's actual performance doesn't meet with reasonable expectations? Perhaps you discover consistent errors in their work, or their work is continually substandard, or…

Every male manager I've had has been a complete loser. Blokes so devoid of managerial talent they make George Bush look competent. Maybe I've just been unlucky, I don't know.…

Australian businesses need to do more to raise the skills of older workers to keep them in the workforce longer and counter the ageing population's potentially huge impact on labour…

A Medibank Private study has found that people who are ‘stressed’ at work are costing the economy $15billion a year in lost productivity. Stress is defined as people who have…

Jack Welch, the former CEO of General Electric, used to get rid of the bottom 20 per cent of his employees each year. While some see this as a harsh…

Efficient businesses continually look at ways to reduce overheads and increase productivity, however there are many unseen costs in cutting costs. ‘Don’t cut off your nose to spite your face’?I…

Employees often rate learning new skills as a key reason for staying with a business. There are a number of government programs, which can help subsidise training costs.Helping employees achieve…

In the current economic climate of high employment rates and labor shortages, large companies are battling to attract and keep staff. Imagine how hard it is for small to medium…

A change in the rules means contract work overseas will be less appealing for Australians.Australians working overseas on "rotation" or short-term contracts are hurriedly redoing their household budgets and talking…

If you are saving to buy or build your first home then you might want to consider a First Home Saver Account. These accounts offer a tax-effective way of saving…

Eligible parents and families may be able to claim the Federal Government’s Education Tax Offset in their 2009 tax return for costs incurred related to the education of their children.…

The budgetary changes represent a fundamental shift in the Government’s approach to rewarding businesses engaged in Research & Development activities. The announced changes, which coincided with the release of the…

On budget night the Federal Government announced that it would expand the Investment Allowance available for small business – ie. those businesses that have a turnover (including associates) of less…

The strategy to work out whether I qualify for the $900 tax bonus.Do I automatically get it if I earn less than $80,000?Not quite. Your eligibility for the bonus depends…

The strategy: To claim the new education tax refund.Oh good, I need some extra cash. Can I claim it in this year's tax return? Tough luck. The refund will apply…

Does your brood qualify?The strategy: To understand the changes to Family Tax Benefits (FTB) and other family related benefits.Which changes are those? You've probably heard that the Government announced in…

This deduction is available to all tax payers regardless of them being an employee or self employed, with or without private health care. There are some restrictions though.  Firstly, the deduction…

We’ve all heard about climate change and it’s impact on the planet… but have you actually done anything about it?Like many, I started making changes in my personal life a…

Green energy retailer, Jackgreen, is giving the major energy companies a run for their money in attracting consumers with its green power offerings.With a customer base now nudging 60,000, the specialist…

Small businesses do have a major impact on the environment. One SME that has moved beyond words into actions is the web hosting company ilisys that has brought “true carbon…

Many small businesses are under-insured or not even covered for some risks, exposing them to potentially devastating effects.Your business has achieved consistent growth, a great reputation and an established position…

The strategy: To buy life insurance through my super fund.Don’t I already do that? Most public super funds offer insurance – with some, it’s compulsory – but many investors still…

We all know that our health is our most important asset... without it life can be pretty miserable. But it's important to realise that if you do lose your health,…

Almost three out of four small business owners are leaving themselves exposed by not taking out income protection insurance, the Investment and Financial Services Association (IFSA) says.While some 98 per…

It's not always necessary to purchase, install, create and update complicated accounting package programs when starting up a business. Sometimes a simple Excel spreadsheet can be more suitable, particularly with sole traders and…

This spreadsheet is a useful tool for monitoring your business’ cashflow and budget. Keep track of your monthly income and expenditure, as well as capital purchases, loan repayments and loan deposits for an…

A business plan is an essential tool in starting up your business. It allows you to set a clear direction for your business, to communicate planning objectives and strategies to…

Many businesses dread dealing with customers who have outstanding accounts or unpaid bills. Sometimes these matters can be unavoidable, however, so it pays to have a clear system in place…

The job description should be the very first step in the recruitment process. It provides a support for writing job advertisements, specifying necessary qualifications, interviewing candidates, planning job training and…

A letter of offer is an important aspect when hiring a new employee as it outlines the terms and conditions of the job being offered.Try to include as much detail…

A letter of appointment is another aspect of the recruitment process that the employer should complete to confirm the details of employment. It generally only needs to be a short…

To make your employment process more formal employers can provide employment contracts for each employee. These contracts allow you to document the terms on which you are hiring an individual…

When first setting up your partnership, company or trust there may be a requirement to draw up and sign an agreement or deed. These agreements can regulate the arrangements between partners,…

A business plan is an essential tool in starting up your business. It allows you to set a clear direction for your business, to communicate planning objectives and strategies to…

A recent Federal magistrate’s court decision is important for indicating the change happening under labour laws affecting the relationship between self-employed people and other businesses. The court has considered the…

Whether you are a sole trader or the owner of a small or medium sized business with a small sales team, your attitude counts for everything. Most of the time,…

A major study of Australian business leaders disclosed that the most successful companies – big and small – believe that an integral part of success is their relationships with other…

Woody Allen once said 80 per cent of life is just turning up. Nothing could be truer in the world of selling.Sipping on a long black up here on holiday…

Seven tips to manage your timeOperating in a business which is time based, I am very aware of the interruption factors in my work day because we do track time…

Small businesses should brace themselves for an economic slowdown in the wake of turmoil in international finance markets and a decrease in the value of the Australian dollar. They should…

Timing is critical when a business is underperforming – it can be the difference between a business going under or turning performance around. Whether a company is underperforming, is in…

Market forces worldwide are causing a whirlwind of creative destruction for businesses and their owners. In order to avoid this destruction, the question is, how will you react to our…

With proper planning and a skilled chairperson, meetings can be productive and stimulating. Here are a few tips on planning an effective meeting.Before the meeting During the meeting After the meeting- Ask…

We need to be clear about one thing: real success is sustainable. It lasts and it happens in any economic climate in spite of any external influence and is not…

Businesses with effective account and credit control systems are more likely to detect a deterioration in their business operations than those without such feedback loops.When a business goes out of…

Focusing on your larger clients allows you the time and energy to grow their business – and yours.Sacking some of your clients may sound a bit harsh, but it’s not about…

Working from home is not all beer and skittles. It has its own demands and pressures that need to be recognised and incorporated into the working routines.In these days of high fuel…

Most business owners struggle for years chasing higher profits. Most fail. And they do so because they are relentlessly trying to make their bottom-line grow by focusing on upping sales or…

Every male manager I've had has been a complete loser. Blokes so devoid of managerial talent they make George Bush look competent. Maybe I've just been unlucky, I don't know.…

Efficient businesses continually look at ways to reduce overheads and increase productivity, however there are many unseen costs in cutting costs. ‘Don’t cut off your nose to spite your face’I…

Jack Welch, the former CEO of General Electric, used to get rid of the bottom 20 per cent of his employees each year. While some see this as a harsh…

Time management expert, Natasha Crestani, outlines some useful ways to save time in your business day.Most people will tell you they want to be successful. Dig deeper and you’ll find underlying…

I was asked to speak recently to an audience of women executives on the difference between leadership and management. If you read my blog regularly you will know that I…

Business owners often find it hard to give up micro-managing. They end up focusing on the little problems, instead of the big issues that are essential to the growth of…

Four out of five Australian businesses are family-owned. While this can be a source of strength, it can also lead to complications that can intensify business problems. Philippa Taylor, the…

Dominating the market you are in has less to do with the actual day-to-day operation of your business than you might think. In fact, dominating your market is largely about…

No matter how your business is performing, it’s always a good time to explore low cost marketing opportunities. Low cost marketing doesn’t mean lazy marketing.  It takes a lot of…

Have you cut your marketing budget? That seems to be the first thing to go when business conditions get a little shaky. People look around for the easiest thing to…

As electronic marketing increasingly supersedes traditional communication methods, businesses must be wary of the line between marketing and spam – or face substantial fines.The Spam Act 2003 imposes strict parameters…

Are you looking to attract coverage of your company in the media this year? A media kit will help get journalists up to speed with your business, writes Nicola MendlesonThe…

Previously, only information about dividends and interest that you might have received during the financial year was available to your tax agent through the ATO. Starting from 1 July 2008,…

This deduction is available to all tax payers regardless of them being an employee or self employed, with or without private health care. There are some restrictions though.  Firstly, the deduction…

A parliamentary committee has called on the Federal Government's tax review to consider the case for scrapping tax deductions for work-related expenses as part of changes to reduce the need…

The Rudd Government is planning a blitz of reforms to reduce the cost of regulation to business - including requiring old regulations to be removed each time new ones take…

 Non-residents are not subject to the $6000 tax free threshold and are not required to pay the Medicare surcharge. 

A recent Federal magistrate’s court decision is important for indicating the change happening under labour laws affecting the relationship between self-employed people and other businesses. The court has considered the…

With the assistance of IR/HR consulting firm, HR Navigation, My Business continues its series on the implications for businesses of the new Fair Work legislation. The Fair Work Act re-opens…

As from January 1, 2010 new National Employment Standards (NES) and ‘modern’ Industrial Awards will be introduced, further enshrining the rights of employees. This is the final stage of the…

From January 1, 2010, it is proposed Fair Work Australia (FWA) will be the super body replacing the Australian Industrial Relations Commission, Workplace Authority and Workplace Ombudsman among several others…

In the past four years Australia has seen more change in Industrial relations than in 100 years previous to it. As employers started to manage ‘Work Choices’ with a degree…

 Non-residents are not subject to the $6000 tax free threshold and are not required to pay the Medicare surcharge. 

There are several proactive tax planning actions that you may consider prior to June 30For Individuals:• Pay for work related subscriptions prior to June 30• Purchase new deductible clothing items (uniforms)…

If you are saving to buy or build your first home then you might want to consider a First Home Saver Account. These accounts offer a tax-effective way of saving…

The government will make a co-contribution to your super up to $1500.00 per year as long as the following criteria are met:• You make a personal superannuation contribution by 30…

In 2008, the Australian Government passed wide-ranging reforms recognising all couples, regardless of sexual orientation or gender, making sure that same-sex couples and their families are recognised and have the…

Eligible parents and families may be able to claim the Federal Government’s Education Tax Offset in their 2009 tax return for costs incurred related to the education of their children.…

Here are the highlights of the tax and superannuation changes announced in the Budget.HighlightsThis special CCH Budget Night Report outlines the tax and superannuation changes announced in the Budget. Here…

After a period of sustained volatility and uncertainty across investment markers that is still affecting markets and investment outlook, it has never been more important to ensure financial needs and…

A higher salary can mean higher spending. To reach your financial goals you need to plan SMART.Given that most people expand their lifestyle to fit their salary, saving for something…

This deduction is available to all tax payers regardless of them being an employee or self employed, with or without private health care. There are some restrictions though.  Firstly, the deduction…

The strategy: To invest in a First Home Saver AccountCan I do that? It’s taken a while but these accounts will be up and running from October 1 2008. That…

The strategy: To claim the new education tax refund.Oh good, I need some extra cash. Can I claim it in this year's tax return? Tough luck. The refund will apply…

We all know that our health is our most important asset... without it life can be pretty miserable. But it's important to realise that if you do lose your health,…

Does your brood qualify?The strategy: To understand the changes to Family Tax Benefits (FTB) and other family related benefits.Which changes are those? You've probably heard that the Government announced in…

Less is more...a bit of planning and research always pays off when tax time comes around. Let's face it, no one likes to pay the Government more than they have…

Australian home buyers beware - mortgage offset accounts are not what they seem and may in fact cost more to run than the potential savings.A report by financial services research…

• Rental statements from property agents – these will include the rental income, property agent fees and commissions, and advertising expenses• Body corporate / strata fees• Council and…

The ATO offers many different types of deductions and incentives to property investors. So, to get the most out of your investment it’s important to know exactly what you can…

If you are saving to buy or build your first home then you might want to consider a First Home Saver Account. These accounts offer a tax-effective way of saving…

Why is your land valued?Land values are used by local councils for rating and the Office of State Revenue (OSR) for managing land tax. RatingLand values are issued to councils…

At a time of high interest rates and general weakness in the property market, investors need to be equipped with the knowledge necessary to cut their tax bill and maximise…

Many property owners are neglecting to take advantage of a valuable building depreciation allowance available on rental properties built or renovated from 1985 onwards. Under the allowance, the cost of…

Hilda, a German living in Zimbabwe whose husband apparently perished in a Spanish plane crash, wants to park $US10.5 million in my bank account so the rellies don't get their…

Employee fraud is on the rise in Australia, putting many companies out of pocket and, in some extreme cases, even out of business. With recent reports suggesting that employee fraud…

Failure to put any protective systems in place can leave small businesses wide open to being defrauded. Though there are many strategies in order to minimise these risks.Every business can…

Passwords are not very secure, which is why banks are increasingly offering “two factor authentication” systems that make logging on to internet banking or your own email much safer. IMAGINE FOR…

Australians lose over $2.2 billion a year from thieves that use other people’s personal information to borrow money or incur debt.How to overcome a phenomenon that is on the rise…

Portable media devices have made life a lot easier for many businesses but they have also become an Achilles' heel for companies in the ongoing battle to protect data.As the…

A business plan is an essential tool in starting up your business. It allows you to set a clear direction for your business, to communicate planning objectives and strategies to…

1.  Business PlanBefore you register for an ABN and start trading it is vital to sit down and flesh out the finer points of your business idea: Consider the different…

If you decide on a company or trust structure for your new business AFYF can assist you in meeting the various legal, ATO and ASIC documentation necessary for registration and…

When you first get started in a business you should register your business name with the Department of Fair Trading. Registration of a business name lasts for three years and…

When first setting up your partnership, company or trust there may be a requirement to draw up and sign an agreement or deed. These agreements can regulate the arrangements between partners,…

Invoices can be hand-written, carbon copies or computer generated from programs like MYOB, but all need to include certain details.  For businesses registered for GST: Business nameBusiness addressBusiness ABNClients name…

AFYF & Out Sourcery has a range of clients mainly populated with small businesses, professionals operating as businesses or companies, NGOs and a range of individuals across industries.This broad range…

It's not always necessary to purchase, install, create and update complicated accounting package programs when starting up a business. Sometimes a simple Excel spreadsheet can be more suitable, particularly with sole traders and…

Do you have one good reason why you should expand or go into business for yourself - even if the ‘sky is falling’ in this economy? Right now is absolutely…

When problems arise with a partner getting into financial problems, you need to know the implications on yourself and what can be done to protect your own interests.If your business…

Working from home is not all beer and skittles. It has its own demands and pressures that need to be recognised and incorporated into the working routines.In these days of high fuel…

Over the past week, I've met a number of entrepreneurs who are about to go into business together. There's always great energy at the beginning of a partnership. You feed…

With around 80% of businesses failing in their first year of operation, how they structure their financial operations has a lasting impact on their ability to compete and deliver returns.…

Four out of five Australian businesses are family-owned. While this can be a source of strength, it can also lead to complications that can intensify business problems. Philippa Taylor, the…

Superannuation contributions can be made either before tax (referred to as concessional) or after tax (non-concessional). Concessional contributions comprises your employer’s compulsory 9% superannuation guarantee payments and any salary sacrificed…

Under superannuation law, the Trustee of your super fund has the discretionary power to decide which of your dependents receives your super if you die before you retire. The law…

There are numerous benefits to keeping your super in one place.  Apart from only paying one set of fees, you will also be able to keep track of your retirement…

The government will make a co-contribution to your super up to $1500.00 per year as long as the following criteria are met:• You make a personal superannuation contribution by 30…

The strategy: To buy life insurance through my super fund.Don’t I already do that? Most public super funds offer insurance – with some, it’s compulsory – but many investors still…

There have been two recent changes to superannuation guarantee law that will have an impact on all employers.First, from July 1 this year all employers must use “ordinary time earnings” as…

When SMSF members reach their preservation age, currently 55, it is a good idea for them to sit down with a financial advisor to consider the merits of starting a…

Small business benchmarks have been developed by the ATO to provide an average idea of what is happening in businesses operating in different industries by measuring various business costs in…

Those who work from home or use their own car for their job could face heavy scrutiny of work-related expenses over the next year in a new tax office crackdown,…

Jodie Nitschke had no idea she had to charge GST selling perfume and skincare via her online business until she read that eBay had divulged financial details of its sellers…

Best consult your accountant before selling your Level 60 gnome warlock, for you may end up facing a terrible foe: the tax man.Virtual lifers making virtual fortunes in virtual worlds…

Banks will soon be asked to dob in Australians using offshore tax-haven accounts in the latest Tax Office strategy to control the growing challenge of overseas tax evasion.Australians operating through…

Business executives making more than $1 million a year and the nation's wealthiest individuals are set to get a knock on the door from the taxman.Tax commissioner Michael D'Ascenzo, announcing…

Australia's biggest ever tax evasion inquiry is starting to get results, with the tax office revealing it has recouped more than $3 million in outstanding tax.Operation Wickenby, a $300 million…

The names of almost 2,000 possible tax cheats have been handed to the Australian Taxation Office (ATO).Under a global campaign to stop people using overseas credit cards to pay for…

 Non-residents are not subject to the $6000 tax free threshold and are not required to pay the Medicare surcharge. 

To calculate the Pay As You Go (PAYG) withholding tax amount for your employees download the weekly or fortnightly tax tables below, depending on your agreed pay frequency. These schedules incorporate the Medicare…

There are several proactive tax planning actions that you may consider prior to June 30.For Individuals:• Pay for work related subscriptions prior to June 30• Purchase new deductible clothing items (uniforms)…

• Group certificate(s)• Statements of any allowances, Centrelink benefits or pensions• Details of interest received on bank accounts• Dividend statements• Statements of any HELP/HECS debt or…

• Rental statements from property agents – these will include the rental income, property agent fees and commissions, and advertising expenses• Body corporate / strata fees• Council and…

This deduction is available to all tax payers regardless of them being an employee or self employed, with or without private health care. There are some restrictions though.  Firstly, the deduction…

If you are an individual who incurs travel expenses in the course of your employment then you may be able to claim a tax deduction for any travel directly related…

Eligible parents and families may be able to claim the Federal Government’s Education Tax Offset in their 2009 tax return for costs incurred related to the education of their children.…

After a period of sustained volatility and uncertainty across investment markers that is still affecting markets and investment outlook, it has never been more important to ensure financial needs and…

Previously, only information about dividends and interest that you might have received during the financial year was available to your tax agent through the ATO. Starting from 1 July 2008,…

The strategy: To claim the new education tax refund.Oh good, I need some extra cash. Can I claim it in this year's tax return? Tough luck. The refund will apply…

Less is more...a bit of planning and research always pays off when tax time comes around. Let's face it, no one likes to pay the Government more than they have…

Does your brood qualify?The strategy: To understand the changes to Family Tax Benefits (FTB) and other family related benefits.Which changes are those? You've probably heard that the Government announced in…

It goes without saying that everyone wants to pay as little tax as they are legally required. The trouble is there are so many obscure tax deductions and offsets available…

Sorting out your affairs in a timely manner could help avoid disputes after your death, writes Lesley Parker.There's no feud like a family feud, yet that's what many people bequeath…

When motor racing legend Peter Brock died during a rally in September 2006, he left an enduring legacy to his legion of fans and a legal and financial mess to…

So, you think you're paying too much tax. Well, one way to minimise tax and maximise wealth is by setting up a family trust. And don't think it's all about…