1/09/2010: ATO flags overdue lodgment obligations

The ATO will alert all Accounting agencies whose clients have overdue tax lodgments. This is set for the 7th September, and clients are advised to ensure that all overdue documents are completed and lodged as soon as possible. There will be a due date issued by the ATO. Clients of company, trust, partnership and individual must [...](read more)

20/08/2010 Tightening the non-commercial loan rules

In the 2009-2010 federal budget, the Government announced its intention to apply new measure to ensure company shareholders pay their fair share of tax. This measure involves extending the operation of the non-commercial loan rules in Division 7A of the Income Tax Assessment Act, 1936 to cover instances in which a shareholder uses company assets, such [...](read more)

20/08/2010 Income tax return progress

On the 13th August, the ATO had finalised 3.2 million assessments from July 9th. The total value of tax refunds issued is now in excess of $7billion. The ATO are busy receiving 200,000 returns a day and aim for quick a turn around in tax refunds. The ATO aim to maintain the service standards in processing: 94% of [...](read more)

Government grants for SMEs

There are a wide variety of grants available to SMEs from the Australian Federal and state governments, providing small businesses with funding of often up to $1,500,000, but business owners claim they are too hard to apply for and cannot see the benefit.(read more)