Reasonable director’s fees are deductible when the company has incurred them, even if not yet paid...

Question from Greg: Do you have any views on how the increase in superannuation guarantee levy will be applied to "total cost" employment contracts? Where the total remuneration package is defined, will the increase in superannuation levy be borne by the employer or will it reduce the employee's cash salary?

Question from Greg: Would a plant nursery be classified as agriculture and consequently not be subject to the reduction in fuel tax credits happening with introduction to the carbon tax?

Is your current year income lower than last year’s? You can reduce your PAYG instalment rate so that it is based on current year income...

In a speech to the NZ Institute of Chartered Accountants, Tax Commissioner Michael D-Ascnzo said he will target 2,660 wealthy Australians on cross border transactions...

Tax Office analysed 520 million transactions in FY11 covering shares, superannuation, investments, employment and private health insurance...

A Bill is before Parliament which will effectively offset superannuation tax for super guarantee contributions for people earning up to $37,000. However, this benefit will only be available if...

Dealers in second hand goods can claim an input tax credit even though they did not actually pay GST on the purchase..

The Razor Gang is out – tax changes proposed. The 2011/12 Mid-Year Economic and Fiscal Outlook (MYEFO) has been issued by the Government...

Micro businesses with turnover around $75,000 have been able to claim a 25% tax offset over recent years. The Government has moved to abolish this offset and...

Rio Tinto, the second largest mining and resources company in the world, announced the closure of the Lynemouth Aluminium Smelter in England because new UK carbon taxes have made it unprofitable...

A Bill is before Parliament to progressively increase the super guarantee rate from 9% to 12% by July 2019...

Your super fund can purchase your business premises at commercial valuation and charge a commercial rent to your operating entity...

The Full Federal Court has ordered the Tax Office to pay the legal costs for Mr and Mrs Clark following the High Court refusing a Tax Office application to hear an appeal in this case...

Full-bench of the Federal Court refused a Tax Office appeal to apply transfer pricing adjustments in SNF (Australia) Pty Ltd ordering that the company’s objections be allowed in full...

In 2011, the Tax Office made net cash collections of $273 billion - $20 billion higher then the 2010 Financial Year, but 4.5% below the budget forecast...

TRADING STOCK: If you sell your business you have to include as assessable income the market value of trading stock sold...

Australian businesses that have international dealings with related parties will face significantly increased red tape...