Businesses can rejoice in the fact that the much talked about loss carry-back measures were finally passed by Parliament just days before 2012-13 ended, in a move to benefit more than 110,000 Australian companies. The loss carry-back law provides a company with the choice to carry back up to $1 million of losses against profits...

If you’re keen to escape the winter chills and head off to warmer climes overseas, there is a scheme available that may take some bite out of your travelling costs. The Tourist Refund Scheme (TRS) lets you claim a refund on the goods and services tax (GST) and wine equalisation tax (WET) on goods you...

Carbon tax to ETS: How will it affect your business? The government announced that it would move from a carbon tax to a market-based emissions trading scheme (ETS) from July 2014, a year earlier than originally intended, in a change that will only go ahead if the existing government is re-elected in the upcoming federal...

Up until recently, the lack of standardised reporting processes and requirements across multiple government agencies meant that businesses often had to interpret the terms used and the type of information required for different government reporting needs. The solution, “Standard Business Reporting” (SBR), was launched in 2010 with the intention to streamline how businesses report and...

After the fuss generated by the government’s decision last year to ban related party off-market asset transfers, self-managed superannuation funds (SMSFs) can rejoice following the quiet removal of the proposed amendments from legislation that passed the House of Representatives in early June. Under the initial proposal, the government announced that off-market transactions that result in...

The ATO usually views expenses associated with a person’s home as those of a private nature. But if you produce your income at home, or some of it, and incur expenses from using your home as your “office” or “workshop”, you will generally be able to claim certain expenses as deductions. Tax deductions are available...

In the four years to June 30, 2012, the self-managed superannuation fund (SMSF) sector grew by 33%, or $109 billion, making it not only the largest slice of the total Australian superannuation pie, but also the fastest growing. The recent growth in the value of assets held in SMSFs has seen a particular investment area...

Closely held and family trust beneficiaries are reminded that they must quote their tax file numbers (TFNs) to trustees before July 31. Otherwise, the trustee is obliged to withhold tax at the top marginal rate, plus Medicare, from any payments distributed to you. A trustee failing to do so can also have penalties applied. In...

By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s DisabilityCare program. From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that the Medicare levy increase will cause...

The ATO still finds that there are several assumptions adopted by both workers and employers when determining the tax status of a job appointment, and that employers continually rely on some inaccurate factors when working out whether a worker is an “employee” or “contractor”. Getting that assessment wrong can have significant tax consequences for employers’...