Tax

Stocking up on tax savings

If you are in the process of finalising your end of financial year accounts and calculating your tax position, keep in mind any tax options that are available to you which can save you tax.

GST a non-issue compared to retail red tape: Report

Red tape, rather than the GST-free threshold for imports, is the biggest threat to Australian retail businesses, according to the Productivity Commission.

Productivity Commission recommends GST-free import threshold cut

The Productivity Commission has unexpectedly recommended the Government should reduce the $1,000 GST-free import threshold, but acknowledges wider problems exist.

Tax breaks on the agenda for October forum

Tax breaks and personal tax changes are on the cards for October’s tax forum, but not all industry groups are happy about how the summit is being handled or who is invited.

Tax forum puts carbon tax, GST on agenda, but experts say two days still not enough

Experts have welcomed the Government's ambitious agenda for the October tax forum, which will focus on workforce participation and improving standards of living.

ATO to tighten business viability rules

Tax officials will use a new assessment tool to identify businesses that are not viable, singling them out for tougher action as the Tax Office seeks to recover a $15 billion debt.

Tourism firms facing fatal “triple whammy”, industry group claims

The carbon tax, high Australian dollar and declining domestic tourism numbers will be a fatal combination for tourism operators, the Australian Tourism Export Council claims.

Soaring online sales set to hit $13.6bn in 2011

Australians will spend more than $13.6 billion online in 2011, with almost 45% of sales going to offshore online retailers, a new report reveals.

Carbon tax impact downplayed by Deloitte, as new poll reveals rise in public support

A leading economic forecaster has downplayed the impact of the carbon tax on businesses, as a new poll reveals public support for the scheme has risen 6% since its details were announced.

COSBOA calls for scrapping of GST import threshold but Choice says retailers are missing the point

The Council of Small Business Organisations of Australia says it supports moves to decrease the tax-free threshold for online purchases.

Federal Government says import GST threshold cut would cost $38m

The Federal Government has examined the feasibility of halving the $1,000 tax-free threshold for imports but says the cost of implementing the change would be more than $38 million.

Getting strategic for a rough year ahead

The coming 12 months promise a lot of volatility for business; but the economic uncertainty will present opportunities as well as problems for businesses.

Small business push for carbon price modelling

Industry groups are calling for greater clarity on carbon price policy, claiming the small business sector has been left in limbo with regard to how the tax will impact on bottom lines.

ACCC to issue $1.1m fines for carbon tax price gouging

Businesses face fines up to $1.1 million if they indulge in price gouging as a result of the carbon tax the Federal Government has warned, with legal experts urging start-ups to tread cautiously.

Carbon tax tipped to create openings for tech start-ups

Start-ups could be presented with opportunities by companies’ needing to upgrade IT systems to measure post-carbon tax energy use, according to analysts.

Carbon pricing plan gets mixed small business reaction

Business groups wait for confirmation of $23-a-tonne carbon price

Business groups are eagerly awaiting full details of the carbon tax to be released on Sunday, with reports suggesting the scheme will kick off at $23 per tonne.

Small businesses exempt from fuel hikes under carbon tax

Small businesses will be exempt from petrol price increases under Labor’s carbon tax but industry groups are divided over the plan, with some saying it could distort the economy.

SMEs fearful of super contributions hike: report

Survey reveals widespread confusion is accompanying impending super contribution changes.

ATO compliance program to scrutinise small businesses

A crackdown on the cash economy, sham contracting and super contributions herald the new financial year.