Business Matters

2011 Tax Return Client Checklist

The following is a checklist for information required to prepare income tax returns for this year. Please ensure that you review the checklist and have all information available when completing your tax returns.

Activity statements

Activity statements are used to make payments and report obligations under the tax system

Australian Business Number (ABN)

The Australian Business Number (ABN) is a single identifier used for all dealings with the Australian Taxation Office and other business entities and agencies.

Become a Business Brain Surgeon

Are you working longer and taking home less than your staff? Are you working all hours of the day and night and still barely managing to keep your customers happy? Are you unable to delegate or outsource work to give you more time to work on your....

Business Activity Statement

There are three main areas reported on a BAS being:

Capital Gains Tax (CGT)

Capital Gains Tax (CGT) is not really a separate tax but is what you need to include on your income tax return for any net capital gain incurred in a financial year for a Capital Gains Tax event which can include compulsory acquisitions, forfeited de

Education Tax Refund

The aim of the Refund is to help families meet the costs of educating their children and to ensure families have access to resources (internet access, etc.) that would improve educational outcomes....

Federal Budget Highlights Relevant to Small Business

In delivering his third Federal Budget, the Treasurer Wayne Swan said the Australian economy had weathered the worst of the global financial crisis and actually grew in 2009/10....

Fringe Benefits Tax (FBT)

Fringe Benefits Tax is generally the tax payable by an employer on a taxable benefit provided to an employee (or their associate—usually family) and can relate to current, past or future employment. The benefit could be in place or in addition to sal

Goods and Services Tax (GST)

Goods and Services Tax (GST) is a tax of 10% in Australia on most goods, services, and other consumables. If you are a registered business, you need to charge GST on most goods and services you sell or supply.

Imputation

The imputation system provides a way in which Australian corporate tax entities can pass on credit for income tax they have paid to their members.

Income Tax

Income tax is levied on taxable income. Taxable income is calculated as [assessable income] less [any allowable deductions]. Deductions include wages, cost of stock, rent, bad debts, and previous year losses.

Know Your Key Numbers

A recent article in the Australian Financial Review suggested the three main reasons for small business failures were:

Need Finance for your Business?

If you are looking for a business loan you need to be prepared like never before.

Negative Gearing - Flavour of the Month

Buying and negatively gearing an investment property is a well established practice in this country with approximately 30% of residential properties now owned by investors.

Negative Gearing and Property

The real benefits of negative gearing are only realized when you combine the correct tax and financial advice with a property in the right location funded by the most suitable loan product. You should always seek expert professional advice to make su

PAYG Instalments

Pay As You Go (PAYG) instalments is a system for paying instalments during the income year towards your expected tax liability on your business and investment income.

PAYG Withholding

Employers are required to withhold amounts paid to employees and regularly send these payments to the Tax Office.

Recession Proof Your Business

Just as evolution in animals dictates that only the fittest survive, in a recession it is generally survival of the smartest.

Record Keeping & Retention

As the burden of proof falls upon the taxpayer in event of any dispute it is imperative that adequate, well-organized records are kept for the statutory periods as set out in the Income Tax Assessment Act.

Simplified Tax System

The Simplified Tax System (STS) is an alternative method to determine taxable income for eligible small businesses with straightforward financial affairs. Participating in STS is optional.

Small Business Entities

To qualify for Small Business Entity concessions in an income year you must...

Starting Or Buying A Business

Starting or buying a business necessitates risk, research, passion and planning. Just like a game of chess, to succeed you need to make the right opening moves.

Superannuation Guarantee

As a small business owner you will have superannuation obligations for your employees.

Taxpayer Penalties

Taxpayers who do not meet their tax obligations may face penalty or interest charges. To avoid these charges, ensure you pay the full amount of tax you owe by the due date.

The Federal Budget 2011/12 – From a Small Business Operators and Their Families Perspective

"The core of this budget is about building a bigger and better trained workforce ... the centre piece of this budget is jobs, jobs, jobs" - Wayne Swan The Budget is strong on supporting jobs, training and growth to cope with the anticipated....

Wine Equalisation Tax (WET)

Wine Equalisation Tax (WET) is a tax on wine consumed within Australia and is levied at 29%.