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Articles About Taxation

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Is Your Business up to Speed With the July 1, 2014 Changes?

As an employer you need to make sure that your business stays up to date with new employment changes that came into effect from 1 July 2014 to ensure that you remain legally compliant. This was an important date in your calendar as it was when minimum wages and allowances increased. It is also the year when the transitional arrangements in most modern awards end. There were also some other changes, so we have bundled them up to make it easy for you. The key changes include:


Common Mistakes When Starting a Business

Starting a business is not for the faint hearted. There are so many things to think of, decisions to make and all of them involve your hard earned money or money you have borrowed to set up your business. Seemingly, there are many ways to spend money! The key is to spend your time and dollars wisely and ideally not make costly mistakes.


FBT Deductions for Small Business: What You are Entitled to

The issues of novated leases and fringe benefit tax (FBT) deductions and exemptions in general were prominent in the headlines in the run-up to the 2013 Election. Its removal by the previous government caused an outcry and added to the general gloom about the Australian financial situation at the time. As it goes with good news, the reinstatement of FBT deductions by the new government did not quite receive the attention of the removal, but it was widely lauded as the righting of an applecart that should never have been touched in the first case. When you consider that approximately one in 13 (approx. 800,000) of the workforce in Australia use salary packaging it is understandable that this caused a flutter.


Will the Coalition Government Be a Positive Partner for Small Business?

During the election campaign we witnessed the various parties offering numerous carrots to get small business' votes. These included promises to delay further increases in superannuation contributions, lowering electricity prices, allowing immediate tax write-offs for new equipment purchases, and more. The question is, which of these will be delivered by the new Coalition Government? Tony Abbott's opening words as he took office was that "Australia is open for business". This assurance, coupled with his stated desire to bring stability and his often emphasised belief that the small business sector is vital for Australia's economy and community, may bring positive results for your business.


Are You Registered for GST?

GST applies to most businesses across Australia and it's highly likely that your business will be affected by the tax. GST is a broad-based tax of 10% on most goods, services and other items sold and consumed in Australia. If you have not done so already, you will need to do so if:

  • Your business has a GST turnover of $75,000 or more ($150,000 or more for non-profit organisations);
  • You provide taxi travel (transporting passengers by taxi or limousine for fares) as part of your business, regardless of your GST turnover.