Tag Archives: small business

Talking Tax – Issue 157

Decision in Paule & Ors v FCT appealed

The taxpayers in Paule & Ors v FCT [2019] FCA 394 have appealed to the Full Federal Court.

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Talking tax – issue 147

Banking royal commission: unclear tax treatment for payouts

The Tax Institute has warned of uncertain tax implications for refunds and compensation payouts resulting from the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.

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Failing to see the forest from the trees – changes to small business CGT Concessions

As part of its 2017-18 Budget, on 9 May 2017, the Government announced proposed amendments which would limit the application of the small business CGT concessions (SBCGT Concessions).

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BizTips – What incentives and grants are available to my business?

There is an abundance of incentives, concessions, grants and assistance programs available to Australian businesses, particularly small businesses and startups. From the announcements made in the National Innovation and Science Agenda to changes in crowd-funding laws, let alone those incentives that have been around for many years, the sheer number of possibilities is daunting.

The difficult part for a business owner is understanding which ones are accessible and how valuable and suitable they are to their business. For small businesses and startups, getting this right can mean the difference between survival or business failure.

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ACCC taking measures to protect small business against unfair contract terms

The Australian Competition and Consumer Commission (ACCC) has taken action against two companies in a bid to protect small Australian businesses from unfair contracts.

One of Australia’s largest, privately owned waste management companies is the first to be taken to task by the ACCC over alleged unfair contract terms with small businesses since changes to the Australian Consumer Law (ACL) came into effect in November 2016.

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ABA responds: Big reforms for small business lending are on their way

On 28 March 2017 the Australian Bankers’ Association (ABA) released its response to Mr Phil Khoury’s independent review of the Code of Banking Practice (Code) issued on 20 February 2017 (Khoury Report). The Code applies to personal and small business bank customers and sets out the banking industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services. Our update on the Khoury Report is available here.

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2017 Federal Budget insight

Introduction

Treasurer Scott Morrison presented the Turnbull Government’s second Budget which he described as an ‘honest budget’.

The Government’s strategy is to balance the Budget with increased revenue forecasts and new revenue measures.

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Khoury Report – substantial reforms for small business lending

On 20 February 2017, Mr Khoury published his final report of the Independent Review of the Code of Banking Practice (Code). Mr Khoury is an independent governance expert appointed by the Australian Bankers’ Association (ABA) to conduct an independent review of the Code.

The Code applies to personal and small business bank customers and sets out the banking industry’s key commitments and obligations to customers on standards of practice, disclosure and principles of conduct for their banking services.

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“Get the Facts” – EEOC Publishes New Fact Sheet for Start-Ups and Small Businesses

Nancy L. Gunzenhauser

On March 3, 2016, the EEOC issued a one-page fact sheet aimed at assisting start-ups and small businesses understand their responsibilities under the various federal employment laws. The fact sheet, which is available in over 30 languages, reminds employers that:

  • employment decisions cannot be made on the basis of protected categories
  • employers should establish policies that do not disparately impact employees on the basis of protected categories
  • men and women must be provided equal pay
  • employers should prevent harassment, but if a complaint is raised, employers should promptly address claims of harassment or discrimination
  • employers should provide reasonable accommodations for medical and religious purposes
  • employers must display required posters
  • employment records must be kept, including applications and personnel files
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