In the 2nd edition of the Small Business News for the 2011-12 year.
Small Business special topic
ATO warns: honesty is the best policy when claiming your tax refund this year
Tax Commissioner Michael D’Ascenzo today warned the community that if they are trying to defraud or overstate their refund claims this tax time then they are likely to be caught.
Help for small businesses experiencing short-term financial difficulties
If you operate a viable business with an annual turnover below $2 million, you may be eligible for help in meeting your tax payment obligations.
Your small business
Small business: early start to the company tax rate reduction
On 2 May 2010, the government announced a reduction in the company tax rate with an early start for small businesses.
Fuel tax credit rate change for heavy vehicles
Information about a letter you will receive from us alerting you to the change to the fuel tax credit rate on 1 July 2011.
Reforms to car fringe benefit rules
Legislation has recently been enacted that changes the statutory formula method for calculating the value of a car fringe benefit.
Under these changes, the progressive statutory rates have been replaced with a single rate of 20% which applies regardless of the distance travelled. The new arrangements, which are to be phased in over four years, apply to all car fringe benefits after 7.30pm AEST on 10 May 2011, except where there is a pre-existing commitment in place to provide a car.
Your SME business
SME Communicator – July 2011
SME Communicator provides relevant information specific to businesses with an annual turnover between $2 million and $250 million.
Workforce education news – Issue 5/2011
This fifth issue of Workforce education news for 2011 covers topics affecting employers, employees, professional associations and their members. Topics include superannuation and tax time information. Issued in July 2011.
Tax articles
Free tax help now available in your area
Volunteers trained and accredited by the ATO are now available to assist low income earners with their tax returns.
Building and reconstructing after a natural disaster
Information for companies, contractors and sub-contractors involved in building and repairing homes, buildings and infrastructure after a disaster.
Illegally accessing your super early can cost you more than you think
During difficult financial times it might be tempting to access your superannuation savings early. However unless you meet strict conditions it is illegal and can cost you more than you think.
ATO continues clamp-down on GST fraud and those not reporting cash income
The sole director of two Western Australian companies has been sentenced to three years jail for understating cash business sales by over $5.6 million and underpaying GST obligations by $514,000.
Tax crime investigations and results
Find out about tax crime, how we are dealing with it and how you can help.
Dealing with tax avoidance schemes
The outbreak of mass-marketed schemes and employee benefit arrangements in the 1990s led to an increasing focus on deterring, detecting and dealing with tax avoidance schemes. The continuing emergence of new schemes means they will remain in our spotlight for the foreseeable future.
SMSF News Edition 18
SMSF News provides regular information for trustees of self-managed super funds (SMSFs), tax agents, approved auditors, financial planners and administrators about key regulatory and administrative topics, as well as any significant developments of interest to the industry.
Help for small businesses experiencing short-term financial difficulties
If you operate a viable business with an annual turnover below $2 million, you may be eligible for help in meeting your tax payment obligations.
Research and development tax incentive (offset)
In the 2009-10 Budget, the government announced it will replace the existing research and development tax concession with a simplified tax credit (offset). The government has recently announced that the tax incentive will apply to income years commencing on or after 1 July 2011.
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Wednesday, August 10th, 2011
Please see our Austropex Conference Feature which was published in the Cairns Post on 3 August 2011.
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Wednesday, August 10th, 2011
There’s only two days to go until the inaugural Australian Tropical Expertise Conference.
Themed ‘Our Regions Future’, the Conference explores the role the tropical expertise sector can play in boosting our region’s profile and economy.
The Conference features sessions on Mining, Tourism, Food, Energy, Innovation, Agriculture, Environment, Built Environment and Small Business.
The closing session will see regional leaders come together to share their vision for Our Region’s Future.
This amazing day celebrates the best and brightest in our region and paves the way towards a new economy.
Conference Coordinator Nicky Swan says the Conference is all about regional branding and market – ready solutions.
“Austropex is first and foremost by and about industry,” she explains.
“Austropex is all about supporting, connecting and promoting tropical industries.”
“In turn this will put our region on the map as the home of tropical expertise.”
There are around 35 presenters at the Conference covering issues from Tropical Pasture to Digital Marketing.
“We have an amazing cross section of tropical specialists at this, our first ever Austropex Conference,” Nicky says.
“We warmly invite everyone to attend – you can network, learn and find where your business fits into the rapidly growing tropical expertise sector.”
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Monday, August 8th, 2011
Building a sustainable, skilled local workforce, capable of meeting industries requirements across the Tropical North Queensland region.
Over the last three months input from industry groups and individuals has begun to shape the direction of the TNQ Skills Formation Strategy.
The focus is firstly on industries most likely to be impacted by the current and projected growth of the resources sector across Australia.
This includes employers in the Agriculture, Manufacturing, Civil Construction, Construction, Tourism, Transport and Logistics sectors and the region’s Resources sector.
Aviation and Marine are included as part of these broad groups.
The Project Manager has met with employers and employer organisations and industry references groups in the Tourism and Manufacturing sectors have formed to provide ongoing input into the direction and activities of the Skills Formation Strategy.
One of the issues that has arisen is the decline in apprenticeship numbers across the region, which resulted in key stakeholders meeting on the 4th August to find ways to address this.
Further workshops are being held for employers to table the issues that are impacting on the availability and capacity of their workforce over the next month:
- Cassowary Coast, 18th August
- Civil Construction, 18th August
- Resources, 26th August.
To join any of the above forums, arrange a separate time to discuss your workforce issues, or become involved in raising apprenticeship and traineeship numbers across the region, contact Colleen Hallmond on 4080 2914 or 0448 805 452.
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