Innovation Tax Incentives

The Government’s innovation policy announced today has a number tax and business initiatives designed to encourage and support the risk of investment in new ventures. Among the measures: Support is to be provided by way of tax incentives for early-stage investments, there is a softening of some of the business rules around disclosures, fund-raising and insolvency, and the provision of … Read more

Uber, Taxis and Quacking Ducks

An announcement (tactfully called “advice”) by the Tax Office gave Uber operatives until 1 August 2015 to register for GST on fare earnings. Perhaps predictably, Uber reacted furiously to the ultimatum by essentially arguing that this is an unwarranted attack on micro-businesses. Under the GST rules generally, businesses don’t have to register for GST and lodge BAS returns unless earnings reach a threshold … Read more

Mining Tax Repealed Finally – With Compromises

With the assistance of the Palmer United Party the Mining Tax repeal legislation has now finally been approved by both Houses of parliament. For the Government the price of approval came in the form of some compromise in measures which were linked to the Mining Tax when it was introduced, and which the Government wanted to wind back to help … Read more

PAYG Thresholds For Small Business and Individuals Get Long Over-Due Face-Lift

In the first overhaul of thresholds in more than a decade, the Small Business Minister Bruce Billson has announced a significant review of PAYG thresholds and activity statement compliance requirements. Requirements to pay tax as you go by instalments are triggered when business or investment income goes over certain thresholds, determined from information in previous … Read more