News Archived

Archived News

23 May 2011 – Isaacs & Cole are re-locating

We have now moved to our new office:

Lifestyle Working Brookvale
Suite 55
117 Old Pittwater Road
Brookvale NSW 2100

We look forward to seeing you at our new location. Please note all other contact details have remained the same.

18 May 2011 – SMSF seminar

Partner Catherine White recently presented at a seminar for Westpac Bank clients in Narrabeen addressing Self Managed Superannuation Funds (SMSF). The topics Catherine covered included the benefits and pitfalls of setting up and maintaining a SMSF, tax traps and planning opportunities. If you would like to speak to Catherine further about whether a Self Managed Super Fund is right for you please contact our office on (02) 9939 4668 or email Catherine directly at catherinew@isaacscole.com.au

16 May 2011 – ATO cash economy letter program

This year, the ATO will target over 100,000 small business tax payers believed to be participating in the cash economy. The selected businesses will receive letters requesting information over and above what is included in income tax returns, and explanations on why the business may have performed a certain way.

The process of selecting a small business operator for this kind of review is not random- the ATO systematically selects targets as a result of an industry benchmarking exercise and a general assessment of whether your business derives enough net income to support maximum living expenses. The industry benchmarking process involves comparing financial data from your income tax returns, such as profit margin, to industry averages.

If you are a small business operator and would like to know more about how your business performs against the benchmarks, the benchmarks and further information on the cash economy letter program can be found on the ATO web- site at:

www.ato.gov.au/content/00214689.htm

If you have any questions, or would like any assistance with benchmarking your small business, please don't hesitate to contact our office.

Late May 2011 – Isaacs & Cole are re-locating

We are pleased to announce that Isaacs & Cole will move to new premises at:
Lifestyle Working Building
Suite 55
117 Old Pittwater Road
Brookvale NSW 2100

The move is scheduled for the end of May. We'll still be located in the same suburb, however our new office will have better access to car parking and be far more environmentally friendly.

All other contact details will remain the same.

1 October 2010 – Extension of the Small Business Assistance package

The government recently announced the extension of the Small Business Assistance package which will now run until 30 June 2011. This means that eligible businesses with a turnover less than $2 million will continue to have access to:

A deferral of activity statement due dates
A 12 month General Interest Charge free payment arrangement with the Australian Taxation Office

If you would like to assess your eligibility for the Small Business Assistance package, or would like to enquire about the assistance package generally please contact Isaacs & Cole.

8 June 2010 – Making investment decisions - Have you done your research?

Are you considering a tax-effective investment? It's important that you have all the facts to enable you to make an informed decision.

Some investments offer tax benefits such as reducing assessable income or increasing deductions, but end up being outside the law. You can check with the ATO to ensure promised tax benefits will be available.

Find out as much as you can about an arrangement before investing. Make sure the arrangement has a prospectus or product disclosure statement and get independent advice about the promised tax benefits from a professional advisor. A person associated with the scheme is not independent.

Start by visiting www.ato.gov.au/investing and read the Investigate before investing fact sheet. It provides information about tax effective investing and how to detect potential tax avoidance schemes.

You can also check if the arrangement you're considering is covered by an ATO product ruling confirming the tax benefits, or whether a Taxpayer Alert has been issued warning about the arrangement.

Doing your research will help you avoid negative consequences including having to repay tax and incurring interest and penalties.