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  • Business tax
    as distinct from a capital loss the loss may be able to be carried forward to be deducted from income in later years Your accountant will be able to provide information on depreciation and carrying forward losses Types of business tax Fringe benefits tax FBT is levied against a business on any benefits that are received by an employee e g a company car or interest free loan and applies to all businesses Note Some benefits are not taxable talk to your accountant or solicitor about this Capital gains tax CGT is levied on the profit that is made on the sale of any asset bought after 19 September 1985 It also applies to the sale of goodwill The rate of tax depends on a range of circumstances talk to your accountant Payroll tax this is a State tax that is levied against employers if they pay wages salaries and other forms of remuneration such as health insurance contributions over a certain amount of money depending on the particular State law Land tax this is State tax levied against businesses that own their own premises in some States it is also levied against homes and rental properties If you are a tenant of business premises check with your accountant or solicitor as this tax may be payable depending on the terms of the lease Customs duty if you import goods you will have to pay a duty based on the value of the goods and the rate of duty set out in the Custom Tariff Act Stamp Duty this is a duty that applies to a range of commercial documents The amount of duty usually depends on the subject of the agreement ie the value of land being transferred or the rent paid under a lease etc PAYG the PAYG

    Original URL path: http://australia-migration.com.au/page/Business_tax/146 (2016-02-17)
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  • Superannuation Obligations for Business Owners
    This is called the Superannuation Guarantee which came into operation on July 1 1992 The Superannuation Guarantee Administration Act tells employers that they must pay the following percentages of an employee s wages excluding overtime leave loading and fringe benefits Year of ordinary time earnings 1997 98 6 1998 99 7 1999 00 7 2000 01 8 2001 02 8 2002 Current 9 Are any employees left out Yes The Superannuation Guarantee Administration Act says that employers do not have to pay the Superannuation Guarantee in certain circumstances for example employees earning less than 450 before tax per month employees under the age of 18 who work less than 30 hours per week employees over the age of 70 certain employees who are not resident in Australia and are paid for work outside of Australia What if compulsory contributions are not made All employers must tell the Tax Office every year about the contributions that have been made for employees The Tax Office can audit the employer s accounts and charge interest on any outstanding payments plus administrative fees Can the employer pay more An employer can make payments above the compulsory superannuation guarantee as a reward for a worker

    Original URL path: http://australia-migration.com.au/page/Superannuation_Obligations_for_Business_Owners/147 (2016-02-17)
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  • Super for self-employed
    payment You also need to make sure you give your super fund or ensure your super fund has your tax file number otherwise Your super may be taxed an additional 31 5 and Your fund won t be able to accept member contributions from you which may mean you ll miss out of any super co contributions you may be eligible for Please note More information on these changes to super is available here on Australian Taxation Office ATO website to help you make your decision Which fund is best You have a wide choice of possibilities insurance companies banks other financial institutions These are generally public offer funds which means they accept contributions from the public at large When you are choosing which fund to use you should consider the administration fees the investment performance and the institution s reputation insurance cover options etc You can also do it yourself in a self managed fund Can I get disability death benefits You will need to get information about this from the fund but in general you can pay an insurance premium to cover this It should include benefits for total and temporary disability Usually the premium is simply deducted from your account balance Can I choose the investments This is usually available in a public offer fund although changing investment strategies can involve an additional administrative charge Also your participation in this is usually limited For example you may be able to choose between stable investment or more risky international equities The trustee makes the rest of the decisions My own fund You can set up your own fund which is called a self managed fund This fund must have fewer than five members for example a husband and wife and two children and give control and responsibility for

    Original URL path: http://australia-migration.com.au/page/Super_for_selfemployed/148 (2016-02-17)
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  • Obligations of a business owner or director
    a number of circumstances including whether the breach is of a warranty or a condition Unfair trading The Trade Practices Act and State consumer protection laws also prohibit certain types of conduct that are generally considered unfair Examples include misleading conduct ie this includes doing or refusing to do something false representations unconscionable conduct issues considered when assessing this include the relative bargaining strengths of you and your customers any unreasonable conditions any undue influence etc bait advertising ie advertising a product at a low price to entice a consumer to buy a more expensive item etc If you breach the Trade Practices Act or the State consumer protection laws you may be prosecuted by either the relevant State department or the Australian Competition and Consumer Commission Negligence As a business owner you and your staff will owe a duty of care over and above any obligations imposed by legislation It is a duty which is part of the law of negligence and belongs to what is called the common law or judge made law What this means is that if you breach the duty of care that is owed to another person and that person suffers some harm or loss that is reasonably foreseeable then you and or your staff may be negligent and the person who suffered the loss may be able to make a claim for damages In each situation the important questions that must be asked are Does a duty of care exist Do your actions affect another person What is the standard of care This is based on what would be expected by a reasonable person Has the duty of care been breached This will be a question of fact in each situation Has the person suffered any harm or loss This can be physical harm loss of property or in some cases mental harm nervous shock Again this will be a question of fact Has the action caused the loss Would the harm have not occurred but for the action Was the type of loss foreseeable Again the test is what a reasonable person would foresee as likely given all the circumstances Possible defences include denying the allegation this could take the form of denying that a duty of care existed arguing that the action taken was reasonable arguing that no damage was suffered denying a causal link between the breach of duty and the damage or arguing that the damage was not reasonably foreseeable contributory negligence you argue that the person didn t take the necessary care This is not a complete defence it simply apportions the fault voluntary assumption of risk you argue that the person has knowingly taken on the risk of certain actions This is a complete defence but the courts take a conservative view in applying it You would also need to prove that the person had a real appreciation of the risk they were taking and their choice to take the risk was unconstrained Note disclaimers are not

    Original URL path: http://australia-migration.com.au/page/Obligations_of_a_business_owner_or_director/149 (2016-02-17)
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  • Bad Debts
    work supply is begun get supply agreements in writing so you have proof of agreement to the supply terms check out whether it is feasible to withhold the passing of title in equipment and materials until payment is made avoid later claims of unsatisfactory work by getting a customer to sign an agreement that the work was completed satisfactorily investigate the possibility of progress payments for ongoing contracts or work Debt collection You can do this in a number of ways use a lawyer use a debt collection agency or you can do it yourself there are software programs that you can use If you use an agency remember to ensure that you receive progress reports about their actions and ongoing costs Check if the agency will charge for their work if the debt is not collected Letter of demand You can send a letter of demand to the debtor when it is clear that the debt is not going to be paid or is long overdue Although you can write the letter yourself a debtor will probably give greater credence to a letter from a solicitor If the letter is unsuccessful you can consider legal action get advice about

    Original URL path: http://australia-migration.com.au/page/Bad_Debts/150 (2016-02-17)
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  • Selling your business
    the lease Tax implications e g capital gains tax value of stock roll over relief etc The business s market and the nature of competition Valuation Formal valuations of businesses are normally carried out by people with the appropriate qualifications There is no specific method or manner of valuation and often it depends on the type of business and the circumstances of its sale A valuation may also include a determination of the net tangible assets of the business i e taking into account the liabilities of the business and the current value of the assets The current value must reflect the written down value of the assets which may be different depending on whether the business is a going concern or the assets are to be sold Goodwill This is part of what is being sold in a going concern and will often be the largest percentage of the saleable assets of the business Considerations should include whether the business name and any trademarks or other intellectual property is part of the sale the seller has an obligation to maintain the goodwill until the transfer of the business training of the buyer is included in the sale the buyer will be introduced and promoted to established customers contracts with customers and suppliers are part of the sale there will be a restraint of trade agreement e g the vendor agrees not to open a similar business within a certain geographical area or restrictions on the right to assist a competitor Selling expenses Don t underestimate the expenses that you may face in selling the business for example repair and maintenance of assets before sale advertising the sale professional costs to lawyers accountants business brokers etc Who sells Brokers are professionals who sell businesses in a similar way that real

    Original URL path: http://australia-migration.com.au/page/Selling_your_business/151 (2016-02-17)
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  • Dispute Resolution
    of employees etc And of course you may also have a dispute with a supplier or a customer There are many ways you can deal with these disputes Depending on the dispute it will often be appropriate to sit down with the person and try and negotiate a resolution that suits both of you If this is not successful or not appropriate you may be able to deal with the dispute through mediation or arbitration Mediation Mediation is a way of reaching an agreement without using courts It is becoming increasingly popular because it is usually cheaper and quicker than using courts The two people or more who have the dispute meet together with a trained mediator A mediator will help you to focus on the issues communicate effectively have your say uninterrupted and find a fair solution Once the mediation is underway the mediator will help you both to negotiate an outcome work out priorities find some common ground test an agreement to check that it works and make a summary of the points you agree on If you can reach an agreement you then put this agreement in writing Note the mediation process is not a binding legal

    Original URL path: http://australia-migration.com.au/page/Dispute_Resolution/152 (2016-02-17)
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  • FAQ's about running your business
    is not specifically asked Yes You have to reveal anything that would affect the company s decision to offer the insurance contract Often a proposal will contain a question like Are there any further facts that should be disclosed If I am the only employee of my company and the company owns the car I drive does the company have to pay fringe benefits tax FBT is levied against companies in relation to benefits received by employees above wages salaries and superannuation The law changes regularly To check whether a particular benefit is covered talk to your accountant or contact the Australian Taxation Office Is payroll tax applied to payments made to independent contractors Yes depending on whether the amount is larger than the minimum total payments set by your State where payroll tax kicks in What can I do if my employee won t give me his tax file number How can I deduct his PAYE tax You must get advice from the Tax Office but in general you will be obliged to calculate tax at the top marginal tax rate Do I have to accept an offer to pay a debt from a customer in instalments No but it might be a good idea if you don t want to go to court and the debtor is making a genuine effort to pay the debt If a company owes me money can I put a caveat on their property You can generally only put a caveat on a person s property if you have what is called a caveatable interest A debt would not normally give you this right There are a number of methods you can use for debt collection talk to a lawyer about these Can I sue a supplier for unconscionable conduct You may be

    Original URL path: http://australia-migration.com.au/page/FAQs_about_running_your_business/153 (2016-02-17)
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