The Tax Office may soon audit businesses at random

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.

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5 steps to successful succession planning

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.

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FAQs – the $20,000 immediate write-off

In the recent Federal Budget the government announced a series of measures to assist small businesses, with one of these being an immediate write-off for depreciating assets that cost less than $20,000.  This has now been written into law and applies from the 2015 Budget night (7.30pm, May 12) to June 30, 2017.

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The undercover employee

The Tax Office’s ongoing compliance efforts have some constant focus. One of these is the often flawed characterisation by businesses of an employee as a contractor.

The mischief from the Tax Office’s point of view is the avoidance of employer obligations relating to the Superannuation Guarantee (SG) and Pay As You Go (PAYG) withholding.

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10 technology mistakes your small business might be making (and how to avoid them)

While technology can streamline business processes, it can also create major problems. Technology and working-life website, Lifehacker, has come up with what it says are 10 of the most common mistakes, in no particular order, that small businesses make in IT. Thankfully, it also suggests how to avoid them!

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5 apps that could revolutionise how you do business

The technology and working-life website Lifehacker has put together a list of some very handy apps that can allow you to operate your business on the go – or completely change the way you do things. Here are five of Lifehacker’s favourites.

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Yes, you can claim GST credits for employee reimbursements

If you are an employer registered for GST you may be entitled to claim credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.

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6 business plan mistakes that turn investors away

Credit reporting and receivables management company, Dun & Bradstreet (D&B), has found that new or inexperienced entrepreneurs often send business plans to potential investors before their plan is fully completed or vetted.

Here are some common mistakes that D&B says too many business owners make when developing a business plan; and they are turning potential investors away.

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Tax Office small business benchmarks updated

The Tax Office’s small business benchmarks provide a snapshot of what it sees is happening in an average business operating in a particular industry by using financial ratios.

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Builders note: Change to your ‘taxable payments annual report’ lodgement

Employers in the building and construction industry need to be aware of a significant change in reporting requirements for your ‘taxable payments annual report’.

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