Here is my tax tip of the day. If you employ staff then buy them a birthday cake on their birthday. It’s a great little social team gathering usually around morning tea. Any small gifts that aren’t entertainment are tax deductible. Staff Amenities are tax deductible if consumed in the office. Tim Wilshire Contact…
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Many people would assume that a gain made on the sale of a rental property held for nearly 10 years would be a capital gain eligible for the 50% general discount. However, in a recent decision by the Full Federal Court, the length of time an investment property had been owned was judged not as…
DetailsMany people would assume that a gain made on the sale of a rental property held for nearly 10 years would be a capital gain eligible for the 50% general discount. However, in a recent decision by the Full Federal Court, the length of time an investment property had been owned was judged not as…
DetailsWhat every employer needs to know about fringe benefits On 31 March 2017, the Fringe Benefits Tax (FBT) year ends. The ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. To help you meet your fringe benefits obligations, we’ve put together a list…
DetailsWhat every employer needs to know about fringe benefits. On 31 March 2017, the Fringe Benefits Tax (FBT) year ends. The ATO will be reviewing whether all employers who should be paying FBT are, and that they are paying the right amount. To help you meet your fringe benefits obligations, we’ve put together a list…
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We are already in March. 30 June will be here before we know it. Too often, we end up suffering because we have procrastinated and not made a decision to do something about it. If we all leave tax planning until the end of May and early June, there may not be enough time to…
DetailsWe are already in March. 30 June will be here before we know it. Too often, we end up suffering because we have procrastinated and not made a decision to do something about it. If we all leave tax planning until the end of May and early June, there may not be enough time to do…
DetailsAfter lodging an activity statement you may find that you have missed something or neglected to include a particular item. While the ATO will generally take your word for self assessed activity statements they will review information via means such as data matching which may highlight any errors you have made. If an inadvertent error…
DetailsAre you clear on what non‑concessional contributions you can contribute in a year? With the Government abandoning its policy to introduce a $500,000 lifetime cap for non-concessional contributions are you clear on what non-concessional contributions you can make to superannuation now? Non-concessional contributions are contributions that are made to super from after-tax income or…
DetailsNon-concessional contribution cap The original proposal was to replace the existing non-concessional contribution cap with a lifetime limit of $500,000, including all non concessional contributions made since 1 July 2007. This measure is replaced with an annual non-concessional contribution (NCC) cap of $100,000 (currently $180,000). Individuals under the age of 65 are also able to…
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