Whether you are a debtor with a loan, or a company seeking debt recovery, it is important to understand when loans repayable become statute barred. The requirements are clearly outlined in Division 7A of Part III of the Income Tax Assessment Act. If a financial debt is incurred and remains unpaid for a period of...

Personal Property Securities Register: www.ppsr.gov.au The Personal Property Securities Register (PPSR) is the register where details of security interests in personal property can be registered and searched.  A search on the PPS Register will enable a consumer to find out whether there is a security interest registered against personal property that they may be about...

As global economy uncertainty continues it is crucial that businesses and individuals are prepared for more potentially financially testing times in the year ahead.  Now is the time to act and focus on your tax and financial planning in order to minimise tax, reduce risk, and be prepared financially for the year ahead. Effective tax...

Tax payers can reduce their tax liability this end of financial year by deferring the realisation of a capital gain until after June 30.  If you are thinking about selling an asset this year for a profit, you may want to consider deferring until the 2012-2013 financial year. This could reduce the amount of Capital...

Estate planning is more than just having a will. It is about ensuring that a person’s estate is passed on to their beneficiaries in the most tax-effective and financially efficient way possible when they are gone.  Getting early advice on setting up an estate plan can help you to achieve peace of mind in knowing...

Property investors could guarantee more cash in their pockets this end of financial year by maximising property depreciation deductions. A qualified quantity surveyor inspects a property and prepares a depreciation report which can then be used as a tax return. The property investor can claim the depreciation of the investment property against taxable income and...

Preparation is the key to efficient and effective financial planning for the 2012-2013 year ahead. Now is the perfect opportunity to implement effective strategies to ensure you start the tax year off on the right foot. Reassessing your financial goals and record keeping systems is important to consider when preparing for the approaching financial year. Set...

Obsolete stock All stock should be reviewed during the end of year stock-take and choices made in relation to its value as a tax and commercial asset. Consider the age of the items, likelihood of future sales and their scrap value. Remember to keep and file all relevant documents. Be prepared to substantiate your claim...

To stimulate investment and risk-taking in new businesses, companies will be permitted to carry-back up to $1 million of losses annually, against taxable income arising in the prior two years. This enables the companies to receive a refund against tax previously paid. The measures will provide some relief for companies that suffer temporary losses. Whilst this may...

Each year the ATO identifies several industries where employers have a higher risk of not complying with their super obligations.  In 2012, the ATO will focus on the following high-risk industries: cafes and restaurants real estate services carpentry services. Typical mistakes that have been identified by the ATO include: paying insufficient super contributions missing the...