Added April 2, 2012 – 10:23 am
(From the Herald Sun)
The ATO is happy to admit that crime pays – about $3.85 million in fines for small-time tax fraud, according to latest data.
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Added April 2, 2012 – 10:22 am
The ATO has advised that it will effectively be cracking down on taxpayers who claim to be independent contractors, by reviewing:
- Taxpayers who have reported personal services income (PSI) and who may have incorrectly self-assessed themselves as conducting a personal services business (PSB); and
- Data held in the Australian Business Register (ABR), and cancelling any Australian Business Numbers (ABNs) where records indicate that taxpayers are not carrying on an enterprise.
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Added April 2, 2012 – 10:20 am
Pay it off monthly
Used properly, a credit card is a great financial weapon. Use the banks’ money for free for up to 55 days…fantastic. As long as you pay it off. If you pay it off each month, you’re laughing.
Waiting game
People who complain about credit card interest rates, listen up. If you can’t afford to buy something now, wait until you can! Then buy it. Simple!
It can be rewarding
I like using my credit card because of the rewards points. I’m off on an overseas trip next month – and the flight is more or less free.
Debit’s the way to go
I’ve found the easiest way to not worry about credit card bills would be never have a credit card, and it’s no issue for shopping online now that you can get the debit card to use.
Discipline’s the key
If you are feeling especially disciplined, just go for credit cards with no annual fees, and long interest-free periods. Many people with hundreds of thousands in savings do this.
Added April 2, 2012 – 10:17 am
Basic facts and compensation for business
The carbon price:
- Starts on July 1, 2012 at $23 a tonne, rising 2.5% a year in real terms ($24.15 in year 2; $25.40 in year 3, etc.)
- Will apply to around 500 of Australia’s biggest polluters
- From July 1, 2015, the carbon price will be set by the market
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Added April 2, 2012 – 10:13 am
Businesses can expect faster payments of GST refunds from the Australian Taxation Office (ATO), thanks to a late 2011 court ruling.
The case in question saw the ATO argue that it was reasonable to withhold GST refunds after it had conducted an investigation into the accuracy of a company’s tax affairs. This company, like many businesses, wanted to get its hands on its refund as soon as possible to help with cash flow.
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Added March 5, 2012 – 10:16 am
Businesses can expect faster payments of GST refunds from the Australian Taxation Office (ATO), thanks to a late 2011 court ruling.
The case in question, commissioner of Taxation v Multiflex Pty Ltd, saw the ATO argue that it was reasonable to withhold GST refunds after it had conducted an investigation into the accuracy of Multiflex’s tax affairs. Multiflex, like many businesses, wanted to get its hands on its refund as soon as possible to help with cash flow.
The Federal Court decided the ATO can delay payment of GST refunds for a reasonable amount of time needed to administer the claim, but cannot withhold payments until after the conclusion of an investigation.
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Added March 5, 2012 – 10:08 am
From Herald-Sun 16/01/2012
Property prices have been a bit battered in the past year, yet building a real estate portfolio remains a burning ambition for many Australians. There’s plenty to think about before getting started.
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