It has been reported that up to 22000 people have signed up for the class action against Australia’s banks over $5 billion of penalty fees charged during the last six years.
With the bank fee legal action gathering steam, it is estimated businesses will have claims of up to $5000. But where do these businesses stand [...]
The Australian Taxation Office’s Electronic Commerce Interface (ECI) Client software is an application that allows businesses with an Australian Business Number (ABN) to communicate with the Tax Office electronically. [...]
To work out your fuel tax credits, and to support your claims, you need to keep records showing the amount of fuel you acquire, manufacture or import for your business activities and how you use that fuel. Start keeping the records you need now, so you are ready to calculate and claim your fuel tax [...]
In the 2009 Budget, the government announced changes to the non-commercial losses rules. These changes will further restrict the deductibility of business losses incurred in relation to non-profitable business activities. The measure will ensure excess deductions from unprofitable business activities cannot be used to reduce salary, wage and other income of high income earners.
From 1 [...]
A Few Tips on the Use of Business Cards:
Background ==> Derived from visiting cards, or calling cards, business Cards first appeared in china in the 15th century, then in Europe in the 17th century. the footmen of aristocrates and of royalty would deliver these cards to the servants of their prospective hosts to introduce the [...]
The Australian business number (ABN) is the identifying number that businesses use when dealing with other businesses – for example, you generally need to quote an ABN on your invoices or other documents relating to sales that you make to other businesses to avoid having an amount withheld from payments made to you. You use [...]
Visit this post for details of our recommended bookkeeping system ==> Cashflow Manager.
From the 2010-11 income year the Tax Office’s record-keeping product, e‑Record, will no longer be available.
The product has been reviewed and found to no longer be compatible with current commercial record-keeping systems. It would also need to be redeveloped to keep up with [...]
See also ==> Interest free Tax Break
See also ==> 50% Investment Allowance
The Tax Office is offering a deferral of the payment due date for activity statement liabilities for small businesses with an annual turnover of less than $2 million.
The deferral is intended to provide relief to small businesses facing financial difficulties and encourage them [...]
Setting up a business? ==> Business Structure. Which one or me?
On Wednesday, the Commissioner in an address to the Council of Small Business of Australia, announced new measures to support small businesses owing tax.
“These are:
12-month interest free payment arrangementsWe are providing a 12-month general interest charge (GIC) free payment arrangement for businesses with turnovers [...]
If you received income for personal services as a sole trader, you need to be aware of special rules applying to this income. Introduced in 2001, Personal Services Income (PSI) rules applies to prevent individuals from “alienating” their PSI to either a partnership, company or trust and can operate to restrict “business” deductions.
Personal services income [...]
