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Contractor Payments Data Matching Program

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The Australian Taxation Office (ATO) will continue to acquire details of entities that receive contractor payments from other businesses for the 2013-14, 2014-15 and 2015-16 financial years. This is the continuation of an ongoing program where data will be obtained from businesses that are subject to compliance activities conducted by the employer obligations area within […]

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10 technology mistakes small businesses often make (and how to avoid them)

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The technology and working life website Lifehacker says that while technology can streamline business processes, it can also create major problems. Lifehacker has come up with what it says are 10 of the most common mistakes, not necessarily in order, that small businesses make in IT. Thankfully, it also suggests how to avoid them. 1. […]

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Federal Budget 2015: Individuals

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There were few notable budget impacts for personal taxation. However, a couple of items are worth mentioning: Personal tax rates Personal tax rates will not change, and the 2% Temporary Budget Deficit Levy for taxable incomes over $180,000 will not be extended. The levy will, as expected, cease at the end of the 2016-17 income […]

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Federal Budget 2015: Families

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Despite the lead-up mutterings that the budget was going to be “dull and boring”, there were a few surprises contained in the pages of the budget papers. The budget announcement which will have the most significant impact on middle Australia is the child care reform package. What does the Budget mean for families? Child care […]

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Builders note: Change to your ‘taxable payments annual report’ lodgement

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Employers in the building and construction industry should be aware by now of their obligations when it comes to contractor tax reporting. If your business is primarily in the building and construction industry, you have an ABN and you make payments to contractors in the building and construction services, you may need to report the […]

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INFOGRAPHIC: The budget winners and losers

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  Charis Palmer is Deputy Business Editor at The Conversation. Emil Jeyaratnam is Multimedia Editor at The Conversation. This article was originally published on The Conversation. Read the original article.

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Tax Office small business benchmarks have just been updated

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The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios. The benchmarks are developed from information provided by businesses on their tax returns and activity statements including the disclosure items. As such, these benchmarks can be a […]

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Tax Office Super Crackdown

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The Tax Office has identified employers in the following industries as having a higher risk of not meeting their super obligations: –      child care services; –      building and industrial cleaning; and –      pubs, bars and taverns. The ATO is currently running an education campaign for business owners in these […]

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No Play and No Pay for Conscientious Vaccine Objectors

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  The Commonwealth Government will end the conscientious objector exemption on children’s vaccination for access to taxpayer funded Child Care Benefits, the Child Care Rebate and the Family Tax Benefit Part A end of year supplement from 1 January 2016. According to a media release from the PM’s office, “Parents who vaccinate their children should […]

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5 Fatal Business Planning Mistakes

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Credit reporting and receivables management company Dun & Bradstreet (D&B) reports that in its extensive experience it has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted.  “Sharing a plan with obvious errors is one thing,” D&B says. “But investors are also alert […]