Tax

Small businesses with an annual turnover of under $10 million are eligible to apply for the service…

It’s not simply a case of having enough money in the bank – it’s about how you manage that money. Seriously, have a plan in place…

$22.68 million in penalties have been handed down by the Federal Court, the largest amount in Research and Development Tax (R&DT) history.

Tax policy under a Biden presidency may facilitate more US investment into Australia than a Trump presidency, according to the United States Studies Centre. Biden has proposed raising the corporate tax rate from 21 per cent to 28 per cent, raising personal income tax for the top individual earners from 37 per cent to 39.6 […]

With the news of the 2020 Federal Budget bringing forward the Coalition’s three-stage tax cut package, Payroll SaaS platforms are working to implement the new tax tables into their services for their small business customers. The Australian Taxation Office has announced that as the changes have been made part way through the income year, employers […]

The business tax changes under the 2020-21 Budget have been met with positive feedback from professional accounting bodies and tax experts. Two of the key announcements under the Government’s business investment strategy are the immediate expensing and loss carry-back provisions for businesses with an annual turnover of up to $5 billion. Under immediate expensing, businesses […]

Last night, the Government announced a $2 billion investment into Research & Development Tax Incentives (RDTIs), scrapping a previously proposed $1.8 billion cut and a $4 million tax refund cap. The changes will apply from 1 July 2021 and will support more than 11,400 companies that claim the RDTI. In addition to the $2 billion […]

With the announcement of the Federal Budget looming this evening, start-up executives are calling for more money to be invested into growing new companies, and policy surety in regards to the R&D tax incentive. Nick Northcott, the Executive Director of legal tech startup Immediation, has said that in order for startup businesses to gain traction […]

Early this week, the Tax Institute of Australia (TIA) called for guidance material on the JobKeeper scheme in relation to the R&D Tax Concession and transfer pricing. In an open letter from TIA president Peter Godber, the TIA made a submission to the ATO encouraging a more “considered approach … in relation to guidance being […]

Businesses have been plunged into further uncertainty as the Senate inquiry into R&D tax incentive (‘RDTI’) reforms is delayed a third time this year. What do we know so far? The Treasury Laws Amendment (Research and Development Tax Incentive) Bill 2019 (‘the Bill’) was introduced on the 5 December 2019 to reform RDTIs. Treasurer Josh […]

With more than 60% [1] of small businesses shutting down within their first three years, Australia’s leading tax accountants, H&R Block are offering small business and start-up’s a helping hand with the initiative; ’Grants for Growth’.  Now in its second year, the grant offers support to budding entrepreneurs who need an extra boost to transform […]

By Matthew Prouse, Head of Industry, Xero Australia New financial year, new obligations and opportunities… If you’re like most small business owners, you’re probably focused on closing out the 2018-19 financial year. But it’s worth taking a moment to consider the year ahead too. There are new regulations to be aware of in 2019-20 – […]

You may not personally want to be involved in modern politics but if you want to run a business you have to be aware how the laws of the land can affect your bottom line. Tax laws, business treaties, tariffs, and commerce in general is impacted by politics. Sometimes having a degree in political management […]

Australians are urged to get organised ahead of the end of financial year, including finding a great accountant, collating all necessary paperwork and knowing what you can deduct, in order to maximise and get the most out of your returns. Caroline Guillemain-Brunne is the founder of Organise.Curate.Design, a lifestyle management agency that helps people tackle their ever-growing to-do […]

Many small business owners see the end of the financial year (EOFY) as a busy time during which they need to prepare tax returns for the business and group certificates for employees, as well as finalise sales, do stocktakes, and ensure all financial recordkeeping is in order. The thought of adding another task to that […]

Byline: Mark Chapman, the Director of Tax Communications at H&R Block. Every Tax Time, the ATO focusses on certain hotspots where taxpayers are prone – either accidentally or deliberately – to make errors. These are the areas it will concentrate its audit firepower on and for those who have made claims in areas which the […]

By Mark Chapman, Director of Tax Communications with H&R Block With just a few weeks remaining until the end of financial year, many businesses will be taking stock of the year just gone and planning for the year ahead. So what are some of the key issues your business might be facing as it looks […]

Every few months sees a major employee underpayment scandal – companies announcing that they have made payroll errors that have impacted thousands of employees – go public. Examples are the $43 million error by Rebel Sport this year, the $2 million error by Lush Cosmetics last year, the $1 million in underpayments by Maurice Blackburn […]

A new survey from Xero, the global small business platform, has revealed a disconnect between small business owners and politics, with a whopping three in four (75 per cent) unable to name the Federal Small Business Minister, and 15 per cent unable to name the Prime Minister. Despite many not being able to name key […]

With the end of financial year fast approaching, small and medium-sized businesses are being reminded they could be eligible for an instant asset write-off of up to $30,000. The Federal Government boosted the threshold on the Instant Asset Write-off Scheme last month, in a move designed to stimulate growth for small and medium-sized business. The […]