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Building and Construction Businesses to report Contractor Payments

Building and Construction Businesses to report Contractor Payments

28 May 2013

With effect from 1 July 2012, businesses in the building and construction industry have been 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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Conservation Tillage 15% Refundable Tax Offset

Conservation Tillage 15% Refundable Tax Offset

28 May 2013

Farmers will benefit from $44 million in Federal Government funding through a 15 per cent refundable tax offset (RTO) for new conservation tillage equipment. 

This initiative is part of the Federal Government’s Carbon Farming Futures program aimed at encouraging farmers to move to zero and minimum tillage farming techniques to enhance soil carbon, water retention and productivity. 

The tax offset forms part of the Clean Energy (Consequential Amendments) Bill 2011 which has passed through parliament and received Royal Assent. The Bill provides for a 15% RTO for certain new depreciating assets used in conservation tillage farming practices effective from 1 July 2012.

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Farm Finance & Drought Reform Assistance

Farm Finance & Drought Reform Assistance

28 May 2013

The Gillard Government announced in early May 2013 funding of $420 million over two years for a Farm Finance assistance package to aid farmers struggling to manage their debts due to a high Australian dollar and falling land values. 

The package, developed in consultation with farmers and peak farming bodies, consists of four measures: 

  • Concessional loans to help restructure debt and invest in productivity; 
  • Enhancements to the Farm Management Deposits scheme;
  • Extra rural financial counsellors to work directly with farm businesses; and
  • Progressing a nationally consistent approach to debt mediation across the country.

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NSW Stamp Duty Abolition Deferred...Again

NSW Stamp Duty Abolition Deferred...Again

28 May 2013

The NSW Premier, Barry O’Farrell, recently announced that he will temporarily defer the abolition of the stamp duties that were due to be abolished from 1 July 2013. The duties will be retained to help with the $1.7 billion in additional funding required for NSW to implement the Gonski national education reforms. 

As part of the Inter-Governmental Agreement on taxes, NSW had agreed to abolish the following categories of stamp duty: 

  • transfer duty on unquoted marketable securities i.e. unlisted shares and units 
  • transfer duty on business (non-land) assets such as goodwill and intellectual property 
  • mortgage duty (unless already exempt)

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Planning For Aged Care

Planning For Aged Care

28 May 2013

Australia’s ageing population is bringing the issue of aged care into sharper focus for us all. The likelihood that we will have to place a parent or relative into an aged care facility, or indeed consider this as part of our own retirement planning is increasing. 

The complexity of fees and options for differing levels of care and services makes it difficult to see the 'wood from the trees' when considering entry to an aged care facility. 

The safest advice Boyce Financial Services can offer is to ensure you seek financial advice before you make any decisions - aged care is a complex system with myriad issues to be considered.

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