small business
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By Tax News Division on August 17, 2010
The ATO says that, this financial year, it will send around 110,000 letters to taxpayers who it believes may be participating in the cash economy. The majority of letters will be sent to businesses reporting outside the small business benchmarks for their industry. The ATO will write to tax agents of business taxpayers identified to ...more
Posted in ATO, Tax | Tagged cash economy, default assessments, small business, tax agents, taxpayer |
By Tax News Division on July 15, 2010
The cash economy continues to be a major ATO focus here and it plans to review and audit more than 26,000 micro businesses. Concerns include the use of cash transactions to hide income and evade tax obligations. This includes businesses: paying cash-in-hand wages or treating employees as contractors; skimming some or all of the cash ...more
Posted in ATO, Tax | Tagged 2010-11, BAS, cash economy, small business, SMSFs, Superannuation, tax compliance |
By Tax News Division on June 18, 2010
Second Commissioner of Taxation, Bruce Quigley, has recently provided an overview of compliance focus areas ahead of Tax Time 2010. In an address to the Tax Institute of Australia’s Queensland State Convention held on 4 June 2010, Mr Quigley revealed that the ATO is increasing its use of data-matching to identify undisclosed interest income of ...more
Posted in ATO, Government, Tax | Tagged -related expenses, ATO, compliance, GST, refunds, small business, Tax Agent, tax returns |
By Tax News Division on April 12, 2010
The small business CGT exemptions can reduce or eliminate a capital gain made on a CGT asset that has been used in a business. The 4 exemptions or concessions available are the 15-year exemption, the 50% reduction, the retirement exemption, and the roll-over concession. One of the 2 basic conditions that must be met for ...more
Posted in ATO, CGT, Tax | Tagged CGT exemption, small business |
By Tax News Division on July 23, 2009
The Tax Office has introduced new measures to help small businesses that are struggling to manage their tax payment obligations in the current economic climate. Twelve-month general interest charge (GIC) free payment arrangements This measure is available to businesses with an annual turnover of less than $2 million who have an activity statement debt. Eligible ...more
Posted in ATO | Tagged small business, SME, Tax |
By Tax News Division on July 23, 2009
The International Accounting Standards Board (IASB) has today [Thur 9.7.2009] issued an International Financial Reporting Standard (IFRS) designed for use by small and medium-sized
Posted in Accounting | Tagged financial reporting, IFRS, small business, SME |
By Tax News Division on June 29, 2009
Source: The Australian, June 26 2009
Small-business owners watching their income steadily shrink this year are likely worrying that they could end up paying too much tax when the quarterly pay-as-you-go instalments become due next month.
Posted in ATO, Tax | Tagged ATO, cash flow, PAYG, small business, SME, Tax, tax deductions |
By Tax News Division on June 12, 2009
The Tax Office has announced new measures to help businesses with an annual turnover of less than $2 million that are struggling to manage their tax debts in the current economic climate.
Posted in ATO, Tax | Tagged debt, small business |
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