Every business has a basic obligation to provide its customers with quality goods or services. That is quality in the sense of delivering what you say or on a promise. It is the business’s responsibility to make sure they are not selling shoddy or unsafe products or services. However, whilst a business would like every…
Categorising the problems and growth patterns of small businesses in a systematic way can increase owners’ understanding of the nature, characteristics and challenges of business. While small businesses vary widely in size and capacity for growth, they do experience common problems that arise at similar stages in their development. For owners and managers of small…
The ATO has begun working with insurance companies to assess artworks and collectibles owned by taxpayers and identify the owners of these kinds of assets. There have been many instances where the tax office has identified ‘lifestyle assets’ that were not being properly accounted for. Since some assets may be subject to capital gains tax…
After a taxpayer has held a life insurance policy for ten years or longer, the reversionary bonuses received on that policy become tax-free. Life insurance policies are issued by life insurance companies and friendly societies. A reversionary bonus is profit earned annually on traditional life contracts on top of the sum insured that is added to…
