Overview On 2 December 1998, the Government introduced legislation into Parliament to implement reforms to the Tax System. Among the most controversial changes was the introduction of a Goods and Services Tax (GST). GST applied from 1 July 2000 under the new tax system. With its introduction, the Wholesale Sales Tax (WST) and a number
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The Australian Competition and Consumer Commission (ACCC formerly the Trade Practices Commission) is one of the most active business regulators in the country. Articles highlighting different companies found to be in breach of the Trade Practices Act, such as Telstra, TNT and IPEC to name a few, appear in newspapers almost every day. Importantly, following
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Owners of family businesses may be interested to know that only about 30% of such businesses will survive to the second generation. The reason for this failure rate is that a large number of business owners don’t take the time to plan for the future. In fact only about 28% of such businesses will have
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General Comments The implementation of the system of self-assessment heralded the commencement of a widespread and intensive tax audit program. The Tax Office has extended and promoted its audit program for individual taxpayers and businesses, promising that most individuals and business operations will be scrutinised sooner or later. Taxpayers have a duty to themselves to
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One of the earliest and most important decisions facing people wanting to own or run a business is the legal structure they should adopt. Mostly, people will consider three possible options: working as a sole trader, partnership or proprietary limited company. It may seem simpler to operate just as a sole trader, or self-employed person.
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Some small and medium size companies will be able to capitalise on opportunities during uncertain economic times, gain market share from competitors, and otherwise grow and expand. Other companies will have to quickly determine plans for survival. Whatever the course of action or opportunity, now is the time for serious review and decision-making. In performing
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