Super Guarantee: “Employees” or “Independent Contractors”?
An “employee” for superannuation guarantee purposes includes anyone who is an employee at common law. The relationship between employer and employee is often described as a “contract of service” whereas the relationship between principal and independent contractor is a “contract for services”. However, defining the contractual relationship between the employer and employee can be a […]
Using the Blackhole Expenditure Rule – Starting A Business
It costs money to start a business, and generally you cannot deduct those expenses because they are not incurred as part of running a company. Money spent to start a business is not considered as the cost of carrying on business. For example, before your company starts operating, it cannot deduct such costs as: Performing […]
Electronic data-matching
Electronic data-matching is a key tool used by the ATO to check compliance. Most people are willing to meet their tax and superannuation responsibilities. However, there are a small minority of taxpayers who don’t fully meet their responsibilities. The ATO says it uses a range of measures to identify those taxpayers, including the use of […]
Small businesses not seeking accountants’ advice
Source: http://www.accountantsdaily.com.au/professional-development/9168-sme-missing-out-by-not-seeking-accountants-advice The Voice of Australian Business survey, undertaken by Bentleys, shows SMEs are missing out by not taking advantage of this expert advice. The survey revealed a number of alarming statistics such as less than half of all surveyed businesses used an accountant or financial adviser to review their banking relationship in the last year. […]
Trust Tax Tips 2016
Here are some useful tax tips and reminders concerning trusts: Beneficiaries Trustees should check their trust deed and make sure that they only make distributions to eligible beneficiaries. Only an eligible beneficiary can be presently entitled to income of a trust estate. If distributions are not made to eligible beneficiaries then the net (taxable) income […]