Obtaining and keeping exceptional staff comes hand-in-hand with fringe benefits especially as talent can be hard to come by. When deciding on those perks for new and existing employees Fringe Benefits Tax (FBT) should be considered. While many assets are assessable under FBT there are some that are exempt. Minor Benefits Benefits to employees costing…
With tax time just around the corner it is important to not only consider what you need to provide to your accountant but what you need to keep and for how long. The ATO has strict guidelines on how long supporting documentation needs to be kept in case of an audit or review. Why do…
With an ever-growing, aging population estate planning is becoming a hot topic of conversation around Australia. It’s not easy approaching your own mortality and looking to your family’s future without you however it is one of the most important things you can do to help them after you pass away. Wills According to statistics from the…
With the end of financial year fast approaching it’s a good idea to start considering what your income is, what you’ve spent on deductions and how you want your individual return lodged. Income The main missed item that the ATO finds on individual tax returns is actually income. When considering what your income is…
With an election looming there have been some significant changes affecting individuals, businesses and superannuation. 1. Targeted personal income tax relief From 1 July 2016, the government will increase the 32.5% personal income tax threshold from $80,000 to $87,000. This measure will reduce the marginal rate of tax on incomes between $80,000 and $87,000…
Initial Repairs and claiming deductions When purchasing an older property as an investment it is common for buyers to proceed immediately with repairs to increase the potential for gaining a tenant. The ATO are focusing on these investments particularly where initial repairs are being claimed as expenses rather than having them added to the property…
The taxable value of a car fringe benefit is usually calculated under either the statutory formula or the operating cost method. However, certain car fringe benefits are exempt from fringe benefits tax (FBT). What is FBT The ATO Website states that a fringe benefit is a ‘payment’ to an employee, but in a different form…
Do you ever get to tax time and think to yourself “I really wish I had thought about what I could claim six months ago?” Well what better time to start considering your tax than April! Research from Officeworks in 2014 shows Australians miss out on $426 each of unclaimed tax each year — or $1.65…
Pizza delivery drivers, who must provide their own cars in performing their deliveries, are employees for the purposes of Superannuation Guarantee (Administration) Act 1992 (SGAA). Facts: – A taxpayer operated a pizza delivery franchise where the delivery drivers were required to provide and maintain their own vehicles. The conditions meant they had to sign an…
We know that most small business are required to pay their GSTon a quarterly basis. A problem we see a number of small businesses encounter, particularly those new to business, is that… good cashflow can be difficult when it comes around to paying the BAS. It is important to remember when charging customers, that you…
