A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee. If you conduct your business through a company or trust, you may be an employee of the company or a trust. A car is made available for private use by
An everyday occurrence across the business landscape in Australia is the practice of taking both existing and potential clients out for a meal to cement the business relationship, with the cost of this meal often covered by one party. Equally, business owners commonly reward by taking high performing employees out for lunch and covering the
RATs are now tax deductible! And no FBT. As we move into living with COVID as the new norm, the Federal Government have finally caught up with the fact that PCR and rapid antigen tests (RATs) for COVID are becoming an everyday cost for individuals and employers. The Government have announced a policy change
Are you providing COVID-19 related benefits to employees? Business owners providing benefits in addition to salary or wages because of COVID-19 need to check if fringe benefits tax could apply. Although you may be providing various benefits to create a safe workplace and support employees, you may be inadvertently liable for fringe benefits tax.
When you first set up your discretionary trust it was for a specific purpose - whether asset protection, tax minimisation or to build a family wealth structure. However, like a mobile phone, what features were once popular may have gone by the wayside. It is important to have a modern, up to date discretionary
There are almost 3 million private companies in Australia. Many are used by small businesses to trade and for others, companies act as a trustee for a discretionary family trust or a self-managed super fund. However what happens when the director of the company – trading or trustee dies or becomes incapacitated? Will the
A Director Identification number (Director ID) is a unique 15-digit identifier you will keep forever. It will help to prevent the use of false or fraudulent director identities. Directors need to apply for their own director ID. It’s free to apply. Existing Directors need to apply for their Director ID by 30 November 2022.
In the lead-up to 30 June 2021, we want you to be aware that you need to complete your trust distribution resolutions before 30 June. Why? To avoid paying extra tax of up to 47% of Trust profits. How can this happen? If a Trustee of a Trust fails to make a resolution to
Projecting your cashflow pipeline forwards during a crisis is vital. To be able to navigate the future path of your cashflow, you need to start forecasting – so you can map out your financial position over the coming months and can take the appropriate action to safeguard your cash position. Plus, when you have
