Category: News

Research & Development Tax Incentive

The Research and Development (R&D) tax incentive has two core components Entities engaged in Research & Development may be eligible for: a 45% refundable tax offset for eligible entities, or a 40% non-refundable tax offset for all other eligible entities The ATO and AusIndustry administer the R&D tax incentive jointly. An R&D entity is either

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Insurance marketed on TV – Is it too good to be true?

We’ve all seen the television ads where an insurance company tells you “you can be covered for as little as $1 per day”. Sounds too good to be true? Well it probably is. We’ve heard many stories from our clients who have experienced just some of the problems below. These included: Premiums start off cheap,

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Sunshine Coast Business Confidence

A recent survey conducted by Boardroom Business is one tool being used by local businesses to understand confidence levels in our local area. The survey provides data based on LOCAL data and information and can assist decision-making by understanding the current market conditions. A broad range of industries received the survey and the majority of

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SMSF Industry Continues to Grow

The number of self managed super funds (SMSF) has increased by 27 per cent to 509,000 in five years and have total assets of $506 billion, according to the ATO’s latest report. The report, titled Self Managed Superannuation Funds: A Statistical Overview 2011-12, shows the SMSF sector remained the largest sector of the Australian superannuation

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Fringe benefits tax – an introduction & quick quiz

Fringe benefits tax can often be confusing and complicated; what is a fringe benefit, when is tax payable and who pays the tax? A fringe benefit is a ‘payment’ to an employee, but in a different form to salary or wages. According to the fringe benefits tax (FBT) legislation, a fringe benefit is a benefit

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Apps and E-Magazines for Taxation and Business

Whether you’re an individual or small business owner the following Apps, e-magazines and computer programs could be useful for your business and taxation matters. Download the Apps and e-magazines from either Apple App Store or Google Play. Taxation in Australia Magazine (downloads to the Newsstand app) – a tax journal written by tax practitioners –

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Luxury Car or Not?

The amount of money you spend on a car is very much a personal preference. For some people a car gets them from A to B, for others it’s a statement of their personality. If you’re the type of person that likes a bit of luxury from the car you drive…..did you know the government

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QBCC: Fact Sheet on the Former BSA

Early December 2013 saw the arrival of a new regulatory body for the building industry in Queensland; The Queensland Building and Construction Commission (QBCC) officially replaces the Building Service Authority (BSA). The QBCC monitors the building industry with the aim of improving standards and instilling confidence in the industry. You can continue to operate under

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Superannuation Benefits

There are currently three categories of superannuation benefits. There are different rules for calculating these benefits depending on when the benefits where accrued. In general, the SIS Regulations require the benefits to be preserved or retained in the superannuation system, until certain conditions are met. Each of these conditions is known as a ‘Condition of

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GST and Superannuation Funds

GST is a broad-based tax of 10% on most supplies of goods and services consumed in Australia. However, GST does not apply to all supplies and most supplies by superannuation funds will not result in a liability for GST. A superannuation fund must register for GST if its turnover is greater than $75,000. Funds with

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