Total: 50 results found.
The supposedly dry world of
tax has been at the centre of two of the biggest political bunfights in as many years: the carbon tax and the mining tax. Throw in the controversy over the Government largely ignoring a lengthy review of the system led by former Treasury head Ken Henry and it’s clear bean-counting can be a taxing topic for our political leaders.
When the Govern...
The past 12 months have seen a revolution in the online retailing sector.
Emerging players such as DealsDirect, Catch of the Day and OzSale dominate Australia’s top 10 online retailers and the past year has seen Australia’s big retailers finally start to take online selling seriously.
Major department stores Myer and David Jones have ...
It's tough to get money at the moment. The venture capital funds have shut up shop, the sharemarket is shying away from IPOs, the banks have backed away and the angel investors have had their wings clipped.
Meet Australia's top female entrepreneurs – they are smart, focused and generate more than $3.6 billion in sales.
In a special feature to celebrate International Women's Day on March 8, SmartCompany has compiled a comprehensive list of 48 of Australia's best business women (see ...
Free money for growth
There are many juicy free money opportunities out there, but before leaping in, business owners need to understand the cost and red tape that comes with the grants process.
Here we look at state government grants and examine the costs involved and the obligations you’ll face.
SmartCompany’s selection of grants from the state governments
Click on the name to link t...
I’ve already talked about some year end
tax planning issues, but it might be worth reminding SMEs of some of the tax deductions they may be able to claim. By TERRY HAYES
By Terry Hayes
How to minimise your business
Every business is different, so an exhaustive list of what is tax deductible will vary. The following is a sample of the kinds of expenses that could be deductible – it might get you thinking about what you are claiming concerning your business.
The end of this month marks the end of the FBT year, and time to make sure your business won’t pay any more
tax than is necessary. By TERRY HAYES By Terry HayesThe end of this month marks the...
There's no question that 2009 was the year of the GFC. But interestingly, just as some were ready to declare that a new Depression was upon us, the global economy bounced back. We can thank the aggressive stimulus applied by Governments and Central Banks. We can also give thanks to China – the global rebound wouldn't have occurred without Ch...
Hundreds of guests and hours of
tax discussion later, the Tax Forum has resulted in the establishment of a business tax reform working group, an agreement between the states to work together to harmonise states laws including payroll tax, and a potential lift in the tax-free threshold.
Other outcomes of the two-day Tax Forum, attended by business leaders, community groups, tax experts and politicians, was a crackdown on tax-free allowances for foreign workers amid complaints from un...
SMEs provide employment for approximately 30% of the Australian workforce, with an increasing number of people being hired on a contractual basis.
While some employers may think hiring individuals as contractors will mean they are no longer responsible for employee
tax obligations such as PAYG withholding, superannuation, WorkCover and payroll tax, then they’ve just received a wake-up call...
Like any business, the
tax office is keen to be paid any money it is owed – but unlike us, the taxman has more regulation on his side. By TERRY HAYES of Thomson Legal & Regulatory.
By Terry HayesSmall-business ta...
The pressure on business owners continues to build. The following letter is been emailed around among entrepreneur networks and has found its way to us. We're not sure of the identity of the author, but is has certainly struck a chord with business owners.
If you wrote the letter (or know who did) get in touch with us at
The top 19 things you must do!
The following list is general, but needs to be completed before starting most businesses, although of course each business will have its own requirements.
Know the business address. Sounds obvious, but if it is to be leased, negotiate the
Every New Year brings its own challenges for small and medium sized employers. One of those challenges is the prospect of more new laws, and the compliance obligations that follow from them. Here are a selection of legal changes in store for 2011 – keep on top of them and stay out of trouble.
Small business unfair dismissal
Remember how the unfair dismissal provisions of ...
Everyone’s heard the saying, “There’s no such thing as a free lunch”. That may be true, but we’ve been busy researching something even better than a free lunch – free money.
Yesterday we brought you the best Federal Gover...
It’s a simple enough question – are you claiming all your business’s
tax deductions? But the answer may not be so simple. By TERRY HAYES of Thomson Legal & Regulatory.By Terry Hayes
Wayne Homschek, chief executive of food retailer Pie Face, is the man behind a very unique food services company, which decorates its pies with faces.
But while his product is unique, his business challenges are common - finding investors, finding staff and managing capital. His solution was to move from a company-owned model to a franchis...
The issue of whether a person is an employee or a contractor has been a controversial one for some time now. Employers have different responsibilities (eg. super,
tax, payroll tax, etc) depending on whether a person is treated as an employee or a contractor. The associated issue of so-called sham contracting also cross...
CPA Australia's PAUL DRUM has the answers.I am a director of several small businesses. My accountants are insisting that I take out audit insurance so I am covered if there is a
tax audit. Should I? And for how much? From: Di Gribble, Carlton
In just a few hours, Treasurer Wayne Swan will hand down his second federal budget. He and Prime Minister Kevin Rudd claim it has been the toughest budget to frame in a lifetime, set as it is against a backdrop of the global financial crisis, rising unemployment, record low business confidence and an aging population.
SmartCompany's roundtable brought together 17 entrepreneurs and experts to to identify the next 10 multi-billion dollar industries – and create an action plan for developing an entrepreneurial Australia. By Amanda Gome, James Thomson and Colin Benjamin
It wasn't that regulars found other, more suitable venues for their power lunches, but rather an unexpected
tax bill that brought Tony Bilson's ultimate creation, Bilson's Restaurant, to its knees.
Today, Sydney is expected to lose what's considered one of its finest restaurants, the three-hat Bilson's, as well as its sister locale, Number One Wine Bar.
Bilson made the announcement yesterday. Having placed the two restaurants into voluntary administration, he told The Au...
New figures show SMEs are multiplying: Labor needs to spell out its position.
The constituency that grewIt hardly rated a mention in the mainstream media; just another piece of...
Victorian Liberal leader Ted Baillieu has now officially taken power, after John Brumby conceded defeat yesterday afternoon, ending an 11 year run for the Labor Government.
Baillieu is set to move quickly, with incoming treasurer Kim Wells confirming the new Premier will call on Parliament to resume before Christmas in order to pass a suite of measures, including changes to stamp duty
taxation and tougher public transport security rules.
The new Liberal government is also expected...
payroll tax exemption to $1.6 million and reintroducing stamp duty concessions will form part of the LNP’s pitch to small business after winning the Queensland election in a landslide.
Premier-elect Campbell Newman – who has won without any parliamentary experience – has also warned he will join other Liberal-led states to “fight for the common cause” against the Federal Government’s mining tax, after his party looked to be on track to win 78 seats in the 89 ...
Smart50 rank: 4 Revenue: $17.90 millionGrowth: 107.44%Founders: Scott Geiszler, 32; Anthony Russo, 38Based: Queensland
For many employers, March means fringe benefits
tax (FBT) time. As the tax is levied on employers, the compliance headache largely falls on them and they need to have all their paperwork in order to have their FBT returns completed and then lodged on time.
If a fringe benefit is paid to an employee, and it is subject to FBT, its value must ...
New South Wales freight company Kalae has collapsed, after being slapped with a $290,000 safety fine and amid employee complaints of underpayment by the company's owner, trucking giant Bob Ruttley.
In April, Kalae – the Ruttley company in whose name the vehicles were registered – received a $290,000 fine after a Roads and Traffic Authority of New South Wales investigation found it had breached weight requirements 82 times and dimension requirements twice over an eight-month period.
tax pow-wow is over, and depending on who you speak to, it delivered small, welcomed changes to the system, or was another example of a Labor talk-fest.
While Nationals Senator Barnaby Joyce quipped the forum delivered a “couple of hours’ sleep, a couple of chardonnays and cheese”, independent MP Rob Oakeshott last night offered this riposte: “What’s their plan?”
So with a flagged tax-free threshold of $21,000, a tax reform working group, an independent tax a...
Businesses in Western Australia with
payroll bills below $1.6 million will be able to claim a special payroll tax rebate for the 2009-10 year, with about half of all businesses in the state likely to benefit.
Businesses with payroll bills between $1.6 million and $3.2 million will receive a portion of the rebate. The maximum rebate payment available is $46,750. About 6700 SMEs are estimate...
taxes. Slash the GST. Spend up on infrastructure. Slash interest rates. It seems everyone has got a big idea for Prime Minister Kevin Rudd and Treasurer Wayne Swan's soon-to-be-announced stimulus package.
Swan and Rudd say everything idea will be considered and below we have listed some of the ideas they will be looking at. We'd also welcome any suggestions that we can pass on - send them in to email@example.com...
So-called sham contracting arrangements - essentially where (often young) employees are classified as independent contractors instead of employees - have been the subject of increasing attention by government agencies like the ATO and the Australian Building and Construction Commission.
The other week I said, “Cutting costs and only competing on price is a death spiral. Always has been, always will be.” I then got asked why a couple of times, so I thought I might expand on this point a bit.
I don't want to give a lecture, but I thought it might be time to delve into a bit of business 101 first.
Costs generally come in two flavours; the first type is variable costs which can also be known as direct costs, cost of goods sold, cost of materials, etc. Varia...
Addamo, a fresh fruit and vegetable supplier and packager from Victoria which supplies to the major supermarkets, has collapsed after racking up more than $5 million in debt to banks and suppliers.
The collapse comes as Anthony Pratt, executive chairman of packaging giant Visy Industries whose major customers are in the food and beverage sector, called for industry and government action to "do what it takes" to quadruple Australian food manufacturing.
Rodgers Reidy associate direc...
This week has seen the loss of two innovative, creative and entrepreneurial mentors who showed that real jobs are based on vision, values and ventures of founders of smart companies.
As W H Chong says of Diana Gribble: "She was a pole star to her family, friends and colleagues; her influence, her soft power, was immense and deep. She was the probity of friendship. She was a legend in the book world, instrumental in creating two Australian beacons of independent publishing...
We're less than three days into the 2010 Federal Election campaign but business voters are already seeing some big differences emerging between Labor and the Coalition.
While both parties are trying to play down the possibility of further changes in the area of industrial relations, clear battlelines are being drawn in areas such as infrastructure (Labor is vowing to push ahead with the NBN, while Tony Abbott says he will abandon it), climate change (Labor's policy is still under develop...
In last year's Federal Budget on 10 May 2011, the Government announced it would establish a new reporting regime to require businesses in the building and construction industry to report annually on payments they make to contractors in that industry. Draft regulations have been released to implement this.
The new re...
There are two certainties in this time of uncertainty - unemployment figures are set to get a lot worse, and the majority of jobs will be created by small and medium business owners.
So it doesn't take a genius to put the two together and realise that some incentive to assist SMEs would help them retain staff, reduce cuts to employee hours, and create new jobs.
Retail and hospitality businesses are likely to come under even tighter bottom line pressure following yesterday’s decision to increase the minimum wage by $21.66 per week.Retail and hospitality businesses are likely to come under even tighter bottom line pressure following yesterday’s decision to increase the minimum wage by $21.66 per week.The Australian Fair Pay Commission decision will deliver a pay rise of close to 4.15% to the 1.3 million Australian workers whose pay i...
The Federal Court has imposed a $10,000 penalty on Ace Insurance, after it found five former insurance sales representatives of Combined Insurance Company of Australia were wrongly engaged as independent contractors rather than as employees.
Ace Insurance, which acquired Combined Insurance Company of Australia, has also been ordered to pay significant compensation to the former insurance sales representatives for accrued leave entitlements and interest, even though the Cou...
If you are a profitable small business with less than $2 million revenue, then you are a clear winner from today’s response to the Henry
Your company tax rate will be reduced from 30% to 28% from 2012-2013. You will also benefit from the instant small business asset write-offs worth up to $5,000, which will start from 1 July, 2012. And you will be able to depreciate other assets in a single pool at 30%. On the other hand, ...
Business and retail groups have angrily labelled Fair Work Australia's (FWA) minimum wage increase as irresponsible, out of sync with the Australia's financial position and potentially damaging to the economy.
Fair Work Australia announced yesterday that the minimum wage will be increased by $26 a week as of July 1, bringing it up to $569.90 a week.
The unions had been pushing for a $27 a week rise after the global financial crisis halted increases last year, but business groups ...
Victoria has maintained its Budget surplus but will slash 4,200 public sector jobs, abolish the first home buyers grant and cut WorkCover premiums in order to balance the books.
Victoria’s Treasury cut its growth forecast for the coming year to 1.75% and predicted zero job creation and higher unemployment than previously forecast.
“The financial conditions that are being faced by this state are the worst in a decade,” Treasurer Kim Wells said.
In the Budget, rele...
Business groups yesterday welcomed a reduction in
payroll tax included in the New South Wales budget, but the property industry was the clear winner of the day with stamp duty scrapped for off-the-plan homes worth up to $600,000.
The initiatives come alongside a forecast for a $101 million surplus during the current financial year, one year earlier than expected, with that figure set to grow to $773 million during 2010-11. Unemployment will rise to a lower than expected 5.5%.
Entrepreneurs who use independent contractors who work in a way very similar to ordinary employees have been warned that they may be liable for superannuation payments,
payroll tax and other penalties if the ATO decides the contractor is actually an employee.
The warning comes after a case in the Administrative Appeals Tribunal brought by the ...
Governments would undo many of the
tax burdens they place on small business if they understood how they really operated, venture capitalist Mark Carnegie says.
Carnegie, executive director of M H Carnegie & Co, said if governments knew what it was like to be in small business there is no way they would draft legislation the way they do.
Speaking of his experience dealing with business people looking for capital Carnegie said the current system is a nightmare for creative...
It's the start of the new financial year, and entrepreneurs are breathing a sigh of relief that the June 30 rush is over.
But businesses can't afford to slack off. Keeping up with new modern awards, paying out an increase in the minimum wage and ensuring contracts aren't favouring one party over another – these are just a few of the tasks that await businesses in the first day of the new financial year.
There isn't any more time for lobbying or preparation. These changes come i...
John Ford’s branding business The One Centre has some big-name clients, including McDonald’s, Telstra and Audi. But, as he explains to AMANDA GOME, the factors that have made him successful almost sent him under when he sacked a $5 million client. By Amanda Gome
There is more than one
taxman – in fact, franchisors need to be wary of an army of people clipping their ticket.An army of taxmenIf you’re thinking about buying a franchise, you nee...