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Tax Refund Processing Times

July 29, 2010
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The ATO have released the following information concerning processing times for tax returns this year: 
As at 26 July 2010, the ATO had issued more than 942,000 notices of assessment, including approximately 830,000 refunds.
At the end of every financial year, the ATO goes though the process of updating its software, mainly to take account of any [...]

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Business Plans – Questions to Consider – Part 21

July 26, 2010
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We’re up to number 21 in our series of posts on questions to consider when preparing a business plan. You can access previous entries from the sidebar on your right or via the Series Page.
Exports
Some more food for thought… questions that should be considered in reviewing Exports as part of the preparation of a business [...]

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FTB Supplements 2009-10

July 25, 2010
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I took a large number of calls last week sorting out confusion surrounding what people like to call “bonus” payments. I’m referring to the Family Tax Benefit Part A and Part B Supplements. 
How much is it?
For the 2009-10 year, the maximum payments are $711.75 per child (part A) and $346.75 (part B).
How Do I Get it?
Generally, if [...]

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What if your business partner dies?

July 20, 2010
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What would happen if your business partner died suddenly?
Indeed, what would happen if you suddenly died?
Planning for the death of a partner in a business must be looked at from both sides of the equation.  What are the needs and expectations of the survivors in the business and the members of the deceased estate?
Contingency plans [...]

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Talk To Your Customer Not Above Them

July 19, 2010
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One of the biggest things that turns off prospective clients is when someone is talking way above their heads.
It’s insulting, it’s confusing, and it shows the client that the business person doesn’t care about them or their feelings.
I know that accountants are often guilty of this when we use industry jargon and acronyms that nobody [...]

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Are You Preparing for a Stop/Start Boom?

July 18, 2010
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The MYOB Business Monitor Report released in April 2010 summarised what 1,000 SME operators had identified as the main pressures on business owners in the next 12 months. These included:

 fuel prices
 cashflow management
 price margins and profitability
 interest rates
competitor activity
customer late payments

The survey indicated that “54% of business owners surveyed by MYOB expect economic recovery to begin to [...]

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Do You Have a Will?

July 17, 2010
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How long is it since you reviewed your Will?  Do you even have a Will? 
There is also some basic information that you should be summarising to assist in the administration of your affairs in the unfortunate event that administration is required. This would relate to trade secrets of the business and agreements reached with key suppliers [...]

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New R&D Bill Not Passed

July 16, 2010
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The Federal government was unable to have its new research and development legislation passed by the Senate, prior to the Senate rising for the winter recess.
The new legislation was scheduled to commence on the 1st July 2010. The government is saying that the legislation will be reintroduced when the Senate next meets; with a retrospective [...]

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Payment Summary Problems

July 15, 2010
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Check your Payment Summary.
As we see more and people for income tax returns, we’re also coming accross a disturbing number Payment Summary miscalculations and items included under the wrong labels.
New label confusing employers
The most common error on Payment Summaries we are seeing this year seems to revolve around the new item, Reportable Employer Super Contributions (RESC).
A number [...]

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7 Essential Teleseminar Tips For Success

July 10, 2010
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A couple of months ago we touched on the 6 Business Benefits of Teleseminars and Webinars.  Here are a few things you can do to guarantee the success of your teleseminar.
Plan Your Presentation
Before sending out invitations, make sure you’ve already a clear idea of what your presentation will be for your teleseminar. Figure out the [...]

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Training Grants for Mature Age Workers

July 9, 2010
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On 1 July 2010 the Australian Government launched a new suite of services designed to support mature age Australians who want to stay in the workforce.
Through the Department of Education, Employment and Workplace Relations (DEEWR) Experience Plus program, employers may be able to access grants of $4 950 to train workers aged 55 years and [...]

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Carer Supplement Payments 2010

July 1, 2010
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 One of the most common Centrelink questions I receive this time of year has to do with the Carer Supplement payments…
who qualifies for it, how much will it be and when is it paid?
 
$600 Carer Supplement
From today,  more than 500,000 carers across Australia will receive a $600 Carer Supplement, as part of the Australian Government’s [...]

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New Education Requirement for FTB Part A

July 1, 2010
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From 1 July 2010, new education participation requirements will be introduced for Family Tax Benefit (FTB) Part A for young people aged 16 to 20. 
This means that around 300,000 children aged from 16 to 20 will need to be enrolled in a full-time course leading to Year 12 or equivalent qualification, or have completed the [...]

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More Flexibility for Pensioners

July 1, 2010
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From 1 July, pensioners can receive advance payments of up to a maximum amount of $1,005.75 for singles and $758.10 for each member of a couple in a six month period. This is a significant increase on the previous maximum advance of $500 a year for singles and each member of a couple. 
Part-rate pensioners will [...]

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Beware of Unregistered Tax Agents

June 26, 2010
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With tax time approaching fast, the Tax Office are reminding taxpayers to be wary of unregistered preparers.
If you are planning to pay someone to help you prepare and lodge your tax return you need to check they are a registered tax agent.
If you are unsure whether they are a registered tax agent, you can ask [...]

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