The Tax Office has re-released its business industry code (BIC) tool to help small businesses speed up their tax return lodgement. The BIC is a five-digit number required for tax returns and schedules. Using the correct code helps businesses avoid delays by ensuring their return is lodged in the correct category. It is derived from […]
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Entries by synecticgroup
Have you taken stock for private use? That’s ok! Here’s the values to use for 2014-15. The Tax Office issues guidance every year for business owners on the value it will accept as estimates of the value of goods taken from trading stock for private use by taxpayers in certain industries. The following table should […]
The Tax Office can issue public rulings that provide guidance on the interpretation of various tax laws. Public rulings generally deal with priority issues that have been found to require clarification, so if you have a concern about a particular area of tax law, you may find that many of your concerns are shared by […]
Since the announcement of Single Touch Payroll (STP) late in 2014, the government says it has been working closely with both software developers and businesses to help it understand the affects the initiative will have in the real world. Feedback to date has informed government that the proposed start date of July 2016 will simply […]
The ramifications of Australia’s “cash economy” is a pebble in the Tax Office’s shoe that it is constantly looking to dislodge. One of the tools that it has developed to achieve this is a set of guidelines looking at an average taxpayer’s household expenses.
While providing income for retirement is the obvious purpose of a pension paid from a self-managed superannuation fund (SMSF), there are some issues to think about before drawing a pension from your SMSF.
With Tax Time 2015 in full swing, the Tax Office has flagged that it will pay particular attention to work-related expenses. It says it’s an area that adds up to about $19.5 billion in tax deductions each year.
Companies could be in line for random audits as soon as next year under advice being considered by the Tax Office. The plan, proposed by Australia’s counterparts in the UK and US, is said to provide more credible estimates of revenue.
While it might be a tough topic to broach, it is inevitable that someday you will leave your business. You can’t know whether you’ll sell up, retire or leave due to health reasons, so is important that you prepare yourself for any eventuality.
When can you claim a deduction for home to work travel? As a general rule, travel from your home to your workplace is not allowed as a deduction because it constitutes a “private expense”. There are however circumstances when you may be entitled to claim some of these travel expenses, or even travel costs to […]
Synectic is a Chartered Accounting and Advisory firm that brings together the skills of accountants, business advisers, financial planners, self-managed superannuation experts, and auditors. Our team operates state-wide from Devonport, Hobart and Launceston offices.
We offer the depth of knowledge, specialist skills and progressive resources usually associated with much larger firms. Yet our size and availability allows us flexibility and enables us to develop an in-depth understanding of your business and financial affairs.
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