Does solar power add value to your property?

November 10, 2016

Over 1.5 million Australian homes, around one in six households, currently generate at least some of their own electricity from solar panels mounted on their rooftops. While environmental concerns motivated some of those households, the overwhelming reason why most people went solar was to save money. In fact, for a brief period in 2009, a […]

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Misleading conduct on social media

October 18, 2016

Businesses are becoming increasingly dependent on social media as a marketing tool and way to interact with existing and potential customers. Although social media draws many benefits for businesses and customers alike; it needs to be treated like traditional forms of advertising in that comments and opinions are not false, misleading or deceptive. Business owners […]

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Changes to employment laws

October 5, 2016

The start of the new 2016/17 financial year has seen some important changes to Australia’s employment laws. Every Australian employer has a responsibility to remain up to date and aware of any amendments made to employment laws to ensure that they remain compliant and continue to meet their obligations. Below are some important changes that […]

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Eliminating hiring bias

September 28, 2016

Despite the significant advantages of diversity in the workplace,unconscious and hidden biases still exist in the hiring process. Even the most open-minded individuals have unconscious biases that may affect their decision-making when hiring employees. However, acknowledging these biases is the first step to ensuring hiring efforts are neutral. Here are five ways employers can remove […]

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Setting out terms and conditions

September 22, 2016

Establishing your business’ terms and conditions may seem like an onerous task among the neverending to-do lists, but getting it right is essential for healthy cash flow. Terms and conditions form the basis for the trading relationship on which a business sells goods and services to customers and from which they buy goods and services […]

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Calculating fuel tax credits

September 18, 2016

The Australian Tax Office (ATO) has simplified the way fuel tax credits are recorded and calculated for businesses that claim less than $10,000 in fuel tax credits each year. Businesses can use two methods from the March 2016 BAS period and onwards: • Use one rate in BAS period – saving the need to use […]

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Getting your BAS right

September 8, 2016

Some small businesses make simple mistakes; others just don’t provide the right information. Make sure your business is not caught out by filling out your business activity statement correctly. Here are five easy lodgement tips to help businesses save time and get their business activity statement right the first time around: Lodge all your outstanding […]

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New high income threshold

August 30, 2016

The Fair Work Commission has increased the high income threshold for unfair dismissals from $136,700 to $138,900 per annum, with effect from 1 July 2016. Under the Fair Work Act 2009, employee who exceed earnings above the high income threshold are not entitled to make an unfair dismissal claim against their employer, unless they are […]

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Finding your target market

August 29, 2016

Understanding your customer is one of the most important things every business should be able to do. However, it is particularly important for small businesses. Why? Because only by having a clear definition of the exact type of customer you are trying to reach can you make the most of your limited marketing dollars and […]

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Renting out a room can incur CGT

August 25, 2016

Many taxpayers who rent out a room in their home, whether it be via Airbnb or another avenue, are unaware that the practice can incur capital gains tax (CGT). Many assume CGT does not apply because profit made on the sale of the family home (or‘primary residence’) is tax-free. However, those who earn an income […]

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Income protection insurance

August 16, 2016

Many Australians overlook the tax deduction they have available for the premiums paid for income protection insurance. Income protection insurance policies are designed to protect individuals in the event they become unable to work due to sickness or an accident. Policies will generally pay a portion of an individual’s income up to a maximum time […]

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Federal Budget – flexible super

August 9, 2016

The Budget has made changes that reflect that the current superannuation system is out of kilter with individuals current lifestyles, with the introduction of more flexibility to address this. Concessional contributions Individuals under the age of 75 will now be able to claim tax deductions for personal superannuation contributions. From 1 July 2017, individuals can […]

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Tax on gifts and donations

August 4, 2016

Individuals can claim tax deductions when giving gifts or donations to organisations that have the status of deductible gift recipients (DGR). To be eligible to claim a tax deduction for a gift, the ATO stipulates that it must meet the following four conditions: the gift must “truly be a gift”; that is, a voluntary transfer […]

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Federal Budget – Individuals

July 29, 2016

The Government is now giving individuals a greater incentive to work without being taxed more by making a start to personal income tax relief. The changes will take place from 1 July 2016 and will prevent average full-time wage earners from moving into the second top tax bracket until 2019-2020, by increasing the 32.5 per […]

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ATO to focus on collectables

July 23, 2016

The ATO is working with insurance companies to assess artworks and collectables owned by taxpayers and identify the owners of these kinds of assets. There has been an increasing concern by the ATO that assets such as collectables are not being properly accounted for. Since these assets may be subject to capital gains tax (CGT) […]

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Federal Budget – superannuation changes

July 15, 2016

The Budget has introduced a series of changes to superannuation tax arrangements that are intended to align superannuation with the purpose of providing income in retirement. The key elements of the superannuation changes include: Introducing a transfer balance cap There will be a $1.6 million superannuation transfer balance cap on the total amount of super […]

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Industries on the ATO’s radar this year

July 9, 2016

The ATO has identified that businesses in the supermarket, bakery, computer system design and car retailing industries often need more help meeting their tax and super obligations. From July 2016, the ATO will be undertaking audits of employers who continually fail to meet their obligations, particularly those who do not correctly meet their superannuation obligations. […]

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Federal Budget – small business

July 3, 2016

This year’s Federal Budget is based on a ten-year enterprise tax plan designed to stimulate more small business activity by boosting new investment, creating jobs and increasing real wages. One of the key features of this plan is that the small business entity annual turnover threshold will be increased from $2 million to $10 million […]

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Claiming website expenses

June 27, 2016

  The setup and maintenance of a website can be a costly expense and the rules in relation to what can be claimed are not always clear. Many of today’s small businesses employ the services of a web developer to take care of getting their website up and running since they don’t have the time […]

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SuperStream deadline

June 26, 2016

The ATO is urging small business owners to adopt the SuperStream standard before the impending 30 June deadline. SuperStream is a standard for submitting superannuation payments and data electronically. It is especially convenient for employers who make contributions to multiple funds as data is sent electronically from a single channel. Under SuperStream, employers have a […]

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