2008 Next Big Thing Awards

Applications are being sought nationwide from businesses and individuals who have designed new products with the potential to become the 'next big thing'.

The Next Big Thing Award, created by the Victorian Innovation Centre INNOVIC, is designed to celebrate and promote Australian innovative ideas.

Winners receive over $50 000 in cash and prizes plus media exposure. An exhibition of the 21 finalists' innovations also be held at the Melbourne Museum.

Applications close on 14 March 2008. For more information on eligibility and the application process, refer to the Next Big Thing Award website or phone INNOVIC on (03) 9650 4733.

December quarterly superannuation contributions due soon

ATO Media Release 2008/05

The Tax Office today reminded employers that December quarterly superannuation contributions for their employees must be paid to a complying superannuation fund by Tuesday, 29 January 2008.

Tax Commissioner Michael D’Ascenzo said that since the 28 January deadline falls on a public holiday, contributions can be made without penalty until close of business on Tuesday, 29 January 2008.

“Even if you contribute more frequently than quarterly, you should pay all super guarantee contributions for the December quarter on or before the due date,” Mr D’Ascenzo said.

“If employers don’t make sufficient superannuation contributions by the deadline, they must lodge a superannuation guarantee charge statement and pay the super guarantee charge to the Tax Office by 28 February 2008.”

Employers unsure how to meet their super guarantee obligations can visit the Tax Office website at www.ato.gov.au/super or phone 13 10 20 for more information.

Company, Super and Trust Returns Due

REMINDER:

If you are not using a registered tax agent to prepare and lodge for you, the due date for company, superanuation fund and trust income tax returns is January 15th, 2008.

Centrelink info for business

As a business owner and/or employer, you should be aware of information available to you from Centrelink.

Without ever leaving your computer, you can discover a range of information on assistance, services and business opportunities available to you and download a number of business publications.

For more information check out the Centrelink Business Index.

Risk Management Guide for Small Business

As a business owner you need to be aware of the risks (and not just financial ones) associated with your business. The NSW Department of State and Regional Development have made a free Risk Management Guide available.

The guide can help you identify risks to your business and meet legislative and regulatory requirements in the areas of:

- occupational health and safety
- fair trading
- contracts
- insurance

To read the guide online or download a free PDF version to your own computer, you can head directly to the Risk Management Guide at the NSW Small Business site by clicking here.

Super Contributions Due Soon

REMINDER:

If your business employs staff, you will need to make your Quarter 1 superannuation guarantee contributions by 28 October 2007.

Tax Office Announces External Debt Collection Panel

Source: ATO Media Release 2007/48

The Tax Office today announced the appointment of a panel of external collection agencies to assist with the collection of debt, including tax debts over two years old and employer superannuation guarantee charge debt.

Acting Tax Commissioner Jennie Granger said the appointments follow a successful 3 month trial conducted in 2006, which resulted in $21 million in outstanding debt being collected.

“We do understand there are situations when it can be difficult to pay an outstanding debt. What is really important is that people contact us as early as possible so we can agree on a suitable arrangement to get them back on track,” Ms Granger said.

“The panel will help us follow up more quickly and encourage people and businesses to pay their debts.

“Some of the debt to be referred for collection will be superannuation money owed to employees so will help protect retirement savings,” Ms Granger said.

The Tax Office was allocated an additional $42 million over four years in this year’s federal budget to establish and pay for the services of the panel, and expects to commence referring parcels of debt for collection activity towards the end of 2007.

The panel is required to adhere to strict privacy and professionalism guidelines and will have to report back to the Tax Office monthly on their progress and adherence to these guidelines. They will also need to meet all Commonwealth secrecy and privacy requirements.

“Our debt collection strategies, including the establishment of this panel are about fairness and creating a level playing field for everyone.

“I encourage anyone experiencing difficulties to contact us as soon as possible on 13 11 42 and we will work with them to clear any tax debt before it becomes unmanageable,” Ms Granger said.