Tax

What Business Owners Need to Know About 2023 Fringe Benefits Tax

By |2023-03-21T11:35:02+11:00March 21st, 2023|Business, Companies, Fringe Benefits Tax, News, Tax|

On 31 March 2023, the Fringe Benefits Tax (FBT) year ends. With the ever-increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it, and that they are paying the right amount. The ATO has recently announced that the ‘FBT gap’

Changed Record Keeping Requirements to Claim Tax Deductions for Working from Home

By |2023-01-25T12:48:18+11:00January 25th, 2023|Business, Companies, News, Tax|

The ATO has recently released a draft tax guidance (PCG 2022/D4) for claiming tax deductions for working from home. From 1 July 2022, the ATO has explained that taxpayers who are working from home can claim deductions based on their actual expenses, or alternatively they can potentially adopt a revised fixed rate method which

Apply for Director ID before 30 November 2022

By |2022-10-17T12:27:52+11:00October 17th, 2022|Business, Companies, News, Tax|

If you are a director of a company and you have not yet applied for your director ID – the following information is important to you! All Directors must apply for a director identification number (director ID) by 30 November 2022.  Please note this also applies to you if you have a corporate trustee for your

Sole Traders and ATO Tax Time Toolkits

By |2022-10-03T12:02:57+11:00October 3rd, 2022|Business, Companies, News, Tax|

The ATO have recently flagged some common mistakes they come across for sole traders. These include: not adjusting expense deduction claims for private use; omitting wages or other income earned outside the business; and incorrectly offsetting non-commercial losses against other income. The following ATO link provides a range of information, guides & fact sheets

ATO to Focus on Small Business Tax Returns for 2021-2022

By |2022-07-04T11:46:38+10:00July 4th, 2022|Business, News, Tax|

In a release last 21 June 2022, the ATO said it will be focusing on small business tax returns for 2021-22. In particular, the ATO is concerned about: deductions that are private in nature and not related to business income, as well as overclaiming of business expenses (especially for taxpayers running a home-based business);

3 Things Business and Entity Owners Must Do Before 30 June

By |2022-06-06T10:53:51+10:00June 6th, 2022|Business, Companies, Tax|

As an owner of a business or entity structure, there are certain actions that need to be taken prior to 30 June to avoid adverse tax consequences. 1. PRIVATE COMPANY (“DIV 7A”) LOANS Where a shareholder or associate of a private company takes money out of the company, this may be subject to the ‘Division

Tax Planning Strategies for Business

By |2022-05-23T12:21:38+10:00May 23rd, 2022|Business, Tax, Uncategorised|

Tax planning is so important for business owners.  By taking action before 30 June, business owners have the time and opportunity to implement a number of strategies to minimise tax and take advantage of any tax concessions available. The strategies to be implemented does depend on the circumstances of each business.  This article explores

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