Borrowing Money – Improve Your Chances…

February 7, 2011

If you want a loan, expect a grilling from the lender. Here’s what every lender will want to see.  Operational Strength: The Commonwealth Bank told us, “The aim is to ensure that the business is healthy and growing, or is a start-up with great prospects. Having up-to-date information is important. Customers with a financial year [...]

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Checklist for Individual Taxpayers

August 12, 2010

According to the Tax Office, there are 12.6 million individual taxpayes of which 72% lodge a return through a tax agent. Here are some common mistakes made by many occupation groups. Work-related deductions Do you have appropriate documentation to support motor vehicle and trave expenses? For example, have you maintained a travel diary to support [...]

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Tax time 2010 processing and refunds for your clients

August 10, 2010

The following letter, titled Tax time processing and refunds provides you with the latest information about current ATO processing. 10 August 2010 Dear tax practitioners Tax time 2010 processing and refunds for your clients On the 28 June 2010 the Commissioner wrote to you seeking your assistance in managing your clients’ expectations on the processing of [...]

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Same-Sex Relationships and Income Tax

July 13, 2010

In 2008, the government passed legislation to ensure that same-sex couples and families are treated the same way as other couples and families for income tax and superannuation purposes. The legislation expanded key terms such as ‘spouse‘ and ‘child‘ to recognise the relationships of same-sex couples and their children. These changes may affect the information [...]

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Hiring Workers With An ABN

July 2, 2010

Having an ABN doesn’t necessarily mean a worker is a contractor. Key factors in deciding whether a worker is an employee or a contractor are: the degree of control you can exercise over their work whether the worker is being paid for the time they work or for the result of the work Click back [...]

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Using registered agents

June 30, 2010

With the introduction of the new Tax Agent Services Act 2009 there are benefits to taxpayers who use a registered tax agent or BAS agent. If you are paying someone to do your BAS, make sure they are registered. The new law includes a Code of Professional Conduct which aims to ensure services provided to [...]

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Entrepreneurs’ tax offset – income test for non-small business income

June 28, 2010

Tax Laws Amendment (2010 Measures No. 1) Act 2010 was recently passed by Parliament and has received royal assent. The new laws apply from 1 July 2009. The government will apply an income test to the eligibility criteria for the entrepreneurs’ tax offset (ETO) to more appropriately target the offset towards genuine small, micro and [...]

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Tax Return Preparation – important questions and answers

June 24, 2010

What questions do I have to ask my client when I prepare their tax return? You need to ask reasonable and direct questions to get the information necessary for you to ascertain the correct income position and what deduction and tax offset claims can legitimately be made. In relation to deductions, you should ask the [...]

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Teachers Tax In Australia

June 16, 2010

Be Warned… The Australian Tax Office is now targeting School Teachers in Australia in a crackdown on ILLEGAL work related expenses… Last year 178,000 plumbers, concreters, electricians, sales and marketing managers, university lecturers and truck drivers were under the spotlight and their work-related claims were slashed by $40 million at an average of $226 per [...]

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