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Buliding and construction businesses to report contractor payments

20 April 2012

With effect from 1 July 2012, businesses in the building and construction industry will be required to annually report to the Australian Taxation Office (ATO) payments made to contractors. 

The new reporting requirements, announced as part of the 2011-12 Federal Budget, aim to 
improve compliance with tax obligations by contractors in the building and construction industry. 

The regulations will apply to a wide range of building and construction services including site preparation, building demolition and alterations, project management and architectural services, communications, landscape and drainage construction, electrical, plumbing, bricklaying, glazing services etc. 

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Boyce super strategist dancing for charity

Boyce super strategist dancing for charity

17 April 2012

Boyce Superannuation Strategist, Elizabeth Timmins, not content with the daily challenge of negotiating the superannuation maze, has been honing her dancing skills to participate in the annual Dancing with the Cooma Stars competition to raise money for cancer research. 

The Monaro Committee for Cancer Research (MCCR) invited eleven Cooma identities to be 'stars'
 in the 2012 competition and teamed each up with a professional partner from the Monaro dance schools and beyond. The 'stars' challenge is to raise as much money as possible culminating in a gala dinner and show over two nights on the 25 and 26 May 2012. 

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Clean energy personal tax changes

17 April 2012

The Gillard Government’s Clean Energy Future plan is expected to result in an increased cost of living for most Australians. 

Government modelling suggests the overall increase in the cost of living for average Australian households due to carbon pricing is expected to be modest – an increase of 0.7 per cent in the consumer price index (CPI) in 2012-13. On average, food is expected to go up by less than $1 per week, the average household electricity bill is expected to go up by $3.30 per week and the average gas bill is expected to go up by $1.50 per week. 

In response, from 1 July 2012 the Government will deliver tax cuts to low and middle-income individuals by increasing the tax-free threshold and adjusting the first two marginal tax rates over two phases. 

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Life insurance for farmers - How much is enough

17 April 2012

Gary O'Sullivan, Principal of Blueleaf Consulting a specialist insurance brokerage firm, writes below about life insurance for farmers and discusses the factors farmers and farming families should consider when determining the level of cover required and the options available.

It is generally recommended that individuals with debt and financial dependants should have sufficient life insurance cover to ensure that in the event of passing (a) all liabilities are extinguished (thus leaving the family home debt free) and (b) a sufficient capital sum becomes available to fund an ongoing income stream for the family. 

The latter figure would generally depend upon how much income is required, how long it is required and would take into account any other assets that are likely to become available in order to generate an income stream. 

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New national business name laws

17 April 2012

The new national business name registration system to commence on 28 May 2012 is expected to make business name registration cheaper and more efficient. 

Under the current system, businesses must register a business name in each State or Territory that the business trades. With the introduction of the national scheme, a business will only need to make one business name application regardless of where the business trades. 


The new national register, to be administered by the Australian Securities and Investment Commission (ASIC), will be publicly accessible at www.asic.gov.au without charge. For each business name, the public will be able to view the name of the entity holding the business name, its principal place of business and its address for service. The Government believes this transparency will provide greater protection for consumers by enabling them to identify and contact the person(s) or company responsible for a business. 

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