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taxInsight - 2011/04 – December

2011/04 – December from taxInsight

Our View

At the time of writing, there is continuing concern about the Eurozone debacle and the effect this may have on the banking system internationally. Will there be a global recession or worse? Will this bring China’s current insatiable appetite for our raw materials to a halt?

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Grow Business – ask lots of questions

Asking lots of good questions allows you to understand the current situation for the customer, work out whether she is an appropriate client, establish rapport and foster good communication…

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Default assessment letters

The Tax Office will commence issuing letters warning tax payers they will receive a default assessment for tax where not lodged their tax return by due date…

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Small business depreciation benefits: Conditional on mining and carbon taxes

A Bill is before Parliament to increase the immediate small business asset write-off from $1,000 to $6,500 in two steps. The first step to $5,000 is conditional on the Minerals Resource Rent Tax receiving Royal Assent and…

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Small business vehicle write-off

Small businesses (turnover less then $2 million) will be able to claim an extra initial deduction of $5,000 for a car, truck, van, utility, motor bike or scooter when…

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Plan Succession – vendor due diligence to prepare for sale of business

Have a professional accountant undertake a vendor due diligence on your business as part of the early stages of preparing it for sale. Check the advantages…

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Trust taxation reform

Trust taxation will change from July 2013 after a lengthy consultation process on new laws. A Consultation Paper on the Reform of Taxation of Trust was released in November and the Assistant Treasurer has set out the following tentative timetable for implementation…

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Our banks: Dance of the drones

In a recent article for SmartCompany.com.au, Christopher Tipler illustrated current Australian bank behaviour as being like the “dance of the drones” where people place an over emphasis on process rather than outcomes…

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Corporate tax high, GST low

Big accounting firm KPMG has released a world survey of corporate tax and indirect tax rates from around the world indicating…

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Save Tax – incorporation

If you own an asset or a business that is not likely to increase substantially in value, but is income producing, think about capping tax at 30%…

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Super guarantee age limit abolished

The current age limit for mandatory super guarantee contributions of 70 years will be abolished…

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Save Tax – wash sales

If you have listed company shares showing a book loss you can generate a capital loss by…

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International transfer pricing

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

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Save Tax – selling your business – trading stock

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

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Disclaimer: The information contained in this publication is for guidance only and we believe it is correct at the time of publishing. It should not be relied upon without obtaining professional advice regarding your circumstances. No responsibility for loss occasioned directly or indirectly to any person acting or refraining from acting wholly or partially upon or as a result of the material in this online publication or for any error in or omission from or external broken links within this online publication can be accepted by the publisher or any author, editor, contributor or consultant of any company referred to herein.

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