In recent times the Government passed legislation to progressively reduce the company tax rate for companies with a turnover of up to $50 million. The Government has just announced that it will introduce legislation into Parliament to clarify confusion regarding the applicable tax rate for companies. The Government has stated that it will clarify

The ATO reminded businesses on 15 August 2017 that its Superannuation Clearing House is now more widely available. The Clearing House can now be utilised by businesses with 19 or less staff or less than $10 million in turnover (previously a $2 million threshold). Now more employers can save time by paying all employee

Super Fund CGT Relief   The Government has introduced new legislation for SMSFs in late 2016, notably a pension cap balance of $1.6M and removing the tax-exempt status of Transition to Retirement Pensions (TRAPs) accounts. With many SMSF’s currently holding more than $1.6M tax free in pension accounts, these are significant changes for superannuation

Key Aspects for Inventory Stocktake SMEs (small / medium enterprises) might have their compliance requirement to get year-end numbers audited / reviewed by a professional accountant which may either be part of fulfilling bank covenant conditions or for taxation purposes. As owners, we are our best judge when it comes to value of inventories