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Tax alert for the self-employed

More great information from ICA…

At ICA we keep you ahead of the small business news that can affect you.

* It’s happened again! An independent contractor working through his own company has failed the ‘results test’. The court decision supports the ATO’s approach that people working through companies and trusts may have all the company/trust income treated and taxed as if it is their personal income. The ATO is auditing such arrangements, potentially affecting 700,000 workers in Australia. ICA recommends that potentially affected people immediately review their arrangements to ensure tax compliance. http://www.contractworld.com.au/reloaded/ica-news.php

* ICA is consistently impressed with the Victorian Government’s approach to small business. It leads Australia with dispute resolution through its Small Business Commissioner. It has just announced a small business marketing package which is worth looking at. http://www.business.vic.gov.au/BUSVIC/STANDARD//pc=PC_62627

* Do you have a rental property as an investment? The ATO has just released some information on claiming tax deductions for repairs, maintenance and capital works. The information is helpful and easy to read. http://www.ato.gov.au/individuals/pathway.asp?pc=001/002/002/010/005

Regards
The Team at Independent Contractors of Australia

National conference on independent contractor issues.
Independent Contractors of Australia is planning a national conference for late 2009 in Melbourne. We’ll keep you informed as plans unfold.

Related posts:

  1. Craig Emerson to launch major new research and book on independent contractors
  2. Fair Treatment under contracts
  3. Finding the facts about independent contractors

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