Protect your assets, structure correctly and save tax Merry Christmas from the team at CTBS. Thanks for your support during the last year. We really appreciate your custom. The next year will bring new challenges. Its always a good time of the year to reflect on your accomplishments. As yourselves (Are my taxes up-to-date?) (Should…
Gifts which ARE NOT consider to be entertainment These generally included, for example Christmas hamper, a bottle of whisky, wine, etc. and gift vouchers, a bottle of perfume, flowers, a pen set, etc The general FBT and income tax consequences for these gifts are as follows: gifts to employees and family members – FBT is…
Workcover is something that business owners often think about but sometimes never get around to doing something about it. So let’s look at some of the key things to be aware of and when you need to register for Workcover in QLD. Workcover is a state based scheme that protects employees and employers in the…
A taxpayer who carries on a business from home or is required to carry out part of their employment duties at home may be entitled to claim deductions for home office expenses. The ATO will generally not allow a taxpayer to claim for expenses associated with their home office unless their employer considers it necessary…
You must bring in your bank account details if you expect to get a refund. The ATO will only allow a tax return to be lodged electronically if there are the relevant bank account details included on the front page of the tax return (assuming a refund) You must bring your Private Health Insurance Tax…
1. It helps you keep your eye on the prize A budget helps you figure out your long-term goals and work towards them. If you just drift aimlessly through the next financial year, tossing your money at every pretty, shiny object that happens to catch your eye, how will you ever have enough surplus funds…
The new Act reduces the company tax rate from 30 per cent to 28.5 per cent for companies that are small business entities with an aggregated turnover of less than $2 million from the 2015-16 income year. The corporate tax rate for companies that have an aggregated turnover of $2 million or more remains at…
Last Tuesday Joe Hockey handed down his second budget. I can safely say this isn’t as harsh and boring as the budget from a year ago. Small businesses that are making some money are the big winners. The Instant Asset Write-Off From 7:30pm Budget night to 30th June 2017 if you are a small business…
Whenever you get audited by the ATO it’s never a good thing. FBT Car Audit Activity is on the rise. If you have a non commercial vehicle in a company or trust structure you should be prepared if you do have an audit as coming through unscathed may be difficult. Here are some tips. Valid…
Maximise Super Contributions – Use the Cap $30, 000 for people aged 18-49 as at 30 June 2014. $35, 000 for those 50 and above. Caps will remain the same in the 2015 year. Super guarantee is included in these caps. So do not exceed the limits as 46.5% tax will apply. Superfund must receive…
