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Many employees who salary sacrificed into super in the lead up to 30 June 2009 to take advantage of the $100,000 and $50,000 concessional contribution caps which were halved from 1 July 2009 will unwittingly be hit with excess concessional contributions tax in the current financial year.
New amendments to the Australian Tax Office's recoupment laws will make it easier for SMEs to obtain a refund if they have incurred tax losses over the past seven years, experts say.
It's that time again. The 2009-10 financial year is almost upon us, and the Australian Taxation Office is preparing to knuckle down and get to work.
Businesses with annual revenue of less than $2 million are being urged to take advantage of the Government's increased investment allowance announced in the federal budget.
The end of the financial year is approaching and business owners should now be talking to their accountant about ways to legitimately reduce the tax bill for 2009.
Some tax planning techniques differ depending on whether the business is a “small business entity” and the most common strategies that should be considered prior to 30 June 2009 include:
Here’s a summary of section 53 of the Trade Practices Act 1974 (TPA), which deals with false and misleading representations.
Contraventions of section 53 can lead to soloists having to pay damages or compensation to their clients. There are also criminal penalties with fines of up to $220,000 for an individual.
The 2009 Fringe Benefits Tax (FBT) year ended on 31 March 2009. There are a number of issues that employers need to consider when preparing the 2009 FBT return including:
Professional Accountants can be critical to the ongoing success of your business. They can provide advice on company structure, financial management and legal tax avoidance. But their fees can be exorbitant!
Professional Accountants can be critical to the ongoing success of your business. They can provide advice on company structure, financial management and legal tax avoidance. But their fees can be exorbitant!
Right across Australia, entrepreneurs are asking themselves the same question – what’s in Kevin Rudd’s $42 billion stimulus package for me?