The National Retail Association (NRA) has today urged Senate crossbenchers to support the federal government’s push to cut company tax, predicting the move would spark an increase in entry-level employment for young people. Legislation is currently before the Senate that seeks to reduce the rate of tax paid by all corporations from 30 per cent […]
Did you miss the 30 June SuperStream deadline? The Australian Tax Office recognises that some small businesses needed extra time to get ready so they are supporting you by extending the deadline. You now have until 28 October 2016 to make the changes and be SuperStream ready. There are a number of options a small […]
As an employer there is a lot of grey area when paying employees and whether paying in cash is legal. Surprisingly too many, employers who pay employees wages through cash is actually a legal practice in Australia, however, there are requirements that must be met. The term ‘cash-in-hand’ is however considered illegal as this phrase […]
Business doesn’t stop on 30 June. There are no grace periods for getting some well-earned shut eye as the doors open back up and the online orders keep rolling in. Most businesses have tunnel vision at this tough time of year, however it’s important to keep the future in the forefront of your thoughts. The […]
Taxation, employment, economic stability – they’re terms that get thrown about a great deal during a federal election campaign. But while they aren’t the most exciting concepts for the average voter, their long-term effects for retailers are profound. The GST Low Value Threshold (LVT) on imports under $1000 for example, has been a thorn in […]
The Government announced a number of changes to super as part of the 2016/17 Federal Budget. Treasurer Scott Morrison said the objective of the changes is to have a more equitable system and to encourage Australians to save for retirement and not be dependent on the Age Pension. Some of the announcements include: • A […]
Are you the owner of a small business? Did you know you could be eligible for tax concessions benefits? Concessions for small business include: • Instant tax write-off for each asset costing less than $20,000 for small businesses.• Accelerated depreciation for primary producers.• Immediate deduction of professional expenses for small business start-ups.• Tax offset of […]
Last Tuesday the Federal Government handed down the 2016-2017 budget. With a strong focus on the future and providing help for small and medium enterprises, the government has committed to reducing the company tax rate over the next decade. The small business threshold will be raised from $2 million to $10 million turnover and increasing […]
Tonight, we will know the details of the 2016 Federal Budget, as Treasurer Scott Morrison hands down his first budget. Given the current mixed retail environment, we have been urging the Federal Government, in the lead up to the delivery of its third budget, to provide as much certainty and clarity as possible. The Australian […]
Thank you to the National Retail Association members who attended the recent BDO webinar. The retail sector is an engine room of tax generation when it comes to existing taxes such GST, land tax and payroll tax. Small businesses have fought long and hard for the government to remove the $1000 threshold, arguing independent retailers […]
This week I hosted follow up discussions with the office of the new Treasurer Scott Morrison. We discussed a number of topics including the implementation timeline for scrapping the GST Low Value Threshold, the need for further tax reform, and the Financial Systems Inquiry. Regarding the costs of credit card facilities, the message from […]