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The 2016 Australian Government Budget introduced a few changes that affect small businesses from 1 July – and mostly it’s good news! Reduction in small business company tax rate The corporate tax rate for small businesses decreases from 30% to…

The ATO has advised that, in the lead up to tax time, it’s important to be aware of what taxpayers share on social media.Note that scammers may also try to impersonate a tax agent (or their practice) and try to…

As a general proposition, for income tax purposes, interest income on a bank account is assessable to the account holders in proportion to their beneficial ownership of the money in the account. The ATO will assume, unless there is evidence…

More taxpayers can access the benefits of being an ‘SBE’   Editor: Recent changes to the law have expanded the eligibility criteria for a taxpayer to be considered a ‘Small Business Entity’ (or ‘SBE’), meaning more businesses will be able…

The Government handed down the 2017/18 Federal Budget on Tuesday 9th May 2017. The Budget proposes (amongst several other changes) to increase the Medicare Levy by 0.5% to 2.5% from 1 July 2019 (and tax and withholding rates that are…

Setting up and establishing a business is hard work. It takes grit, determination, time and resources, and even then many businesses are still unable to survive in what is a notoriously tough climate. Here are three ways owners can effectively…