BUILDERS and TRADIES BEWARE!! TAXABLE PAYMENTS REPORTING Once again you and your industry have become targets of the ATO. As you may be aware the ATO have introduced a NEW REPORTING requirement in respect of SUBCONTRACTORS PAYMENTS. This will
Tax-Free Threshold
The new tax-free threshold is $18,200 as from 1 July 2012. The ATO have now stated that if you have more than one employer and you are certain you are going to earn less than $18,200 for the year, you can claim the tax-free threshold at each
Super Contribution – 2012/2013
In their infinite wisdom, the federal government has decided that for 2012/13, the maximum concessional contribution for everybody is $25,000. Concessional contributions include the mandated 9% super guarantee plus any salary sacrifice arrangements
Profit versus cashflow
Businesses fail for a number of reasons but did you know even profitable businesses can fail. Naturally businesses that continually make losses will fail. Profit is an accounting concept whereby expenses incurred are deducted from revenues