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Archive for the ‘Taxation’ Category

Businesses can claim an additional tax deduction when they buy certain assets, and when they spend money to improve existing assets, for a limited time. It’s called the Small Business and General Business Tax Break – ‘business tax break’ for short. The Australian Government announced the tax break as an ‘investment allowance’ in December 2008 [...]

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The Australian tax year ended on 30th June, 2009. With its knowledge of migrant tax matters and the impact of visa status on how income and capital gains are taxed Go Matilda Accounting and Tax is here to help. It is particularly important for temporary visaholders (eg subclass 457, 410, provisional business skills subclasses 160 [...]

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Last-minute tips to save on tax What to claim, how to file Plenty of help on ATO website HAPPY New Year! Well, almost. With only 24 hours left until the end of financial year, what should you be doing today to ensure that you don’t end up with a big tax hangover tomorrow? “Don’t forget [...]

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The Tax Office today reminded Australia’s 11.8 million taxpayers to start getting ready to lodge their tax returns.                                                                                                 Tax Commissioner Michael D’Ascenzo said the Tax Office has a range of information and assistance available to help people meet the 31 October 2009 deadline. “From 1 July, people can prepare and lodge their return online using e-tax, [...]

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The end of financial year can be a stressful time for small business owners, and that time is now upon us once again.  For those of you who are behind and not ‘in shape’ for the end of  financial year… don’t panic, right now there is still a very small window of time for you [...]

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SUPERANNUATION balances have recovered about $70 billion in the past few months as the share market continues to gain ground.      The average growth fund is believed to have jumped another 1 per cent in May, adding $10 billion to balances. This takes the recovery since February to about 7 per cent, or $70 billion. According [...]

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The Australian Tax Office has issued a warning to self-managed super funds (SMSFs) about people offering to set up agreements between funds and related parties to purchase assets, particularly properties. Tax Commissioner Michael D’Ascenzo says he’s concerned some of the arrangements on offer breach the in-house asset rules. “These arrangements use a paid third party [...]

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The Education Tax Refund (ETR) is a new government initiative to help with the cost of educating primary and secondary school children. It means eligible parents, carers, legal guardians and independent students could get 50% back on some education expenses. This includes items like computers, educational software, textbooks and stationery. Most people are eligible for [...]

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Sales Tax & Refunds Australia has a Sales Tax & Refunds. Prices in Australia are shown as Sales Tax & Refunds International and domestic flights purchased overseas, by non-residents, are GST free. Continuous domestic legs of international journeys are also Sales Tax & Refunds. GST is payable on tourism services such as accommodation, day tours, guides, [...]

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