The Centralian advocate Tue 25 Sep 2007
Centralian Advocate; NewspaperNT
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Community newspapers -- Northern Territory -- Alice Springs; Tennant Creek (N.T.) -- Newspapers; Alice Springs (N.T.) -- Newspapers.; Australia, Central -- Newspapers
Nationwide News Pty. Limited
v. 61 no. 38
Copyright. Made available by the publisher under licence.
Nationwide News Pty. Limited
12 Centralian Advocate, Tuesday, September 25, 2007 PU B : C A D V D A T E : 25-SE P -2007 PA G E : 12 C O L O R : C M Y K BUSINESS & FINANCE BUSINESS IN THE CENTRE www.nt.gov.au/business DEPARTMENT OF BUSINESS, ECONOMIC AND REGIONAL DEVELOPMENT phone 8951 8524 Potential concessions COMMENCING in the 2007/2008 financial year, the criteria to enter the simplified tax system will be replaced with a small business entity test. Taxpayers who previously qualified for the simplified tax system should have no problem qualifying as a small business entity. Entities that qualify as small business entities will have access to a range of income tax and CGT concessions. An entity will qualify as a small business entity if it Carries on a business, and Satisfies the $2 million aggregated turnover test. The concessions include the previous concessions available to entities that entered the simplified tax system. These are: Simplified depreciation rules: Most depreciating assets costing less than $1,000 can be written off immediately . Other depreciating assets are pooled and deducted using the diminishing value method at rates of 30 or 5 per cent, depending on their effective life; Simplified trading stock rules: you will not be required to do stocktakes or account for the change in the value of your trading stock, unless the value of your stock changes by more than $5,000; Immediate deductions for some expenses: You are able to claim deductions immediately for some expenses paid up to 12 months in advance; Capital Gains Tax 15-year asset exemption rules: Tax payers can disregard capital gains arising from a CGT event if the CGT asset was owned by them for at least 15 years. Capital Gains Tax 50 per cent active asset reduction: Capital gains arising from the sales of active assets can be reduced by 50%. Capital Gains Tax retirement exemption: A taxpayer can choose to disregard a capital gain from a CGT event if the capital proceeds from the event are used in conjunction with retirement. There is a lifetime limit of $500,000. The above highlights the concessions available to small business entities. There are specific criteria which apply to each individual concession. Professional guidance should be sought to verify your eligibility. This article is of a general nature only and is not intended to be relied on as specific expert advice. Tanya Kirker CA is a director of Horwath Alice Springs, Chartered accountants and Business Advisors. Super hits magic trillion Erica Thompson THREE magic months have seen Australians smash all retirement savings records. New figures from the Australian Bureau of Statistics show total superannuation assets swelled by 8.4 per cent, or a massive $72 billion, in the June quarter. A key driver was the rush to make extra contributions before new rules affecting super came into effect, but strong share market performance and the governments co-contribution scheme also played a part. The Association of Superannuation Funds of Australia said at least an additional $14 billion of large contributions went into retail, self-managed and industry super funds in the run up to June 30. This was almost three times the normal rate and the largest quarterly rise ever. ASFA research director Ross Clare said the latest boost would push total super assets well and truly over the $1 trillion mark. As well as the $1 million contribution opportunity, the average super fund benefited from share market returns of around 3.5 per cent in the June quarter, with total investment earnings reaching around $30 billion. An additional $1 billion went into super accounts from the governments one-off doubling of the co-contribution for personal contributions in 2005-06. October inspiration OCTOBER Business Month 2007 will be launched in Alice Springs on October 2 by Peter Switzer, one of the most sought-after communicators on the business-speaking circuit in Australia. Peter Switzer will open October Business Month. A former lecturer of economics at the University of New South Wales, Peter Switzer is a contributor to the business and finance pages of The Australian newspaper, a money columnist with the Daily Telegraph and a business and finance commentator for Radio 2GB, Vega FM and ABC radio. Now in its 13th year, October Business Month is an exciting series of events run throughout the month, designed to educate and inspire Northern Territory business owners, managers and their staff. Delivered by the Northern Territory Government in conjunction with major sponsors Sensis Yellow Directories, National Australia Bank and .au Domain Administration, October Business Month 2007 promises to be bigger and better than ever (for a full list of sponsors visit www.nt.gov.au/ obm). October Business Month events are held in all main Territory centres, providing businesses with access to the latest business information, ideas and trends. Peter will take the confusing world of money, finance, small business, economics and personal investment and make it all understandable. He will launch October Business Month at a breakfast function at the Alice Springs Convention Centre on Tuesday October 2. Registration starts at 6.30 am, with the breakfast commencing at 7am and concluding at 9 am. As well as educating and inspiring participants, October Business Month events are a great opportunity to network with like-minded business people. Mr Beat Keller from Kellers Restaurant and Stuart Chemicals and Cleaning Supplies is a long-term supporter of October Business Month. He said the workshops give him the edge over his competition. If you want to move on in business, stay competitive and learn about the latest trends and techniques then you should attend as many October Business Month events as you can, he said. To learn more about October Business Month 2007 and to download the calendar of events, visit www.nt.gov.au/ obm or grab a copy from the Territory Business Centre, 67 North Stuart Highway. Cathy Stewart with two of her employees at Gloria Jeans, assistant manager Nyaree Carter and Lauren Gosling. Picture: ANGIE BASDEKIS Award for coffee shop Daniel Burdon ALICE Springs has the best Gloria Jeans coffee in Western Australia and the Northern Territory. That is according to the award the coffee shop received recently. The shop, owned by exuberant entrepreneur couple Cathy and Mark Stewart, was awarded the Rookie of the Year award. It recognises franchisees who have performed above and beyond other Gloria Jeans competitors in their area. Having a constant flow of traffic from stay-at-home mothers with children to Alice Springs business community and high-school stud ents, the shop is a favourite meeting place for many residents. Cathy said she did not even know about the awards until a week before they were nominated last month but when they found out: it was a huge suprise. The excited business owner said she could not have kept up with the frantic pace the shop has if it was not for the 17-staff-member Gloria Jeans team. Although the award is just the first step towards national recognition, it should help to boost the shops roaring trade in coffee, cakes and snacks. Mr and Mrs Stewart juggle two businesses and family life in Alice Springs and cannot wait to hear more about the national finals. 2007 Bookings essential book online www.nt.gov.au/obm or for further information call 8951 8524 Media Associates: October Business Month Offi cial Opening Keynote Speaker: Peter Switzer, Top 16 Business tips When: Tues 2 October, 6.30am to 9am Venue: Alice Springs Convention Centre, Free Skilled Migration: It can work for you! Learn more about employing skilled workers from overseas at this free Business and Skilled Migration forum. When: Thurs 4 October, 7am to 9am Venue: Alice Springs Resort, Free Easy E-Biz Workshop Important e-business language and concepts including an interactive session on e-business helping participants place their e-business and online activities in a strategic context. When: Mon 8 October, 7.30am to 4pm Venue: Alice Springs Resort, Free Bookings: www.becnt.com.au | 8947 5544 Peter Switzer Top 16 business tips
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