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’

STP Phase 2 Implementation

By |2023-03-13T18:54:19+11:00March 13th, 2023|Business, Companies, News|

WHAT IS STP PHASE 2? In the 2019–20 Federal Budget, the Government announced that Single Touch Payroll (STP) would be expanded to include additional information. Under Single Touch Payroll Phase 2, the Australian Government will require all employers to report additional information through STP on or before each payday. This information will include details

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

Rental Property Second-Hand Depreciating Assets and Tax

By |2022-09-05T11:24:18+10:00September 5th, 2022|Business, News|

The ATO has recently released a reminder to tax payers on the tax deductibility of depreciation on second hand assets purchased for rental properties. Second-hand depreciating assets are depreciating assets that were already installed ready for use or used: by another entity (except as trading stock) in your private residence for a non-taxable purpose,

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

Cryptocurrency and Your Tax Return

By |2022-04-03T13:02:01+10:00April 3rd, 2022|Federal Budget, Uncategorised|

The number of Australians investing in cryptocurrency (commonly referred to as Crypto) has grown rapidly over the last couple of years, however many investors are unaware of their tax obligations when dealing with crypto. Due to the increase in crypto traders and investors, crypto is an increased area of scrutiny for the ATO. What

Avoid extra tax with a Trust Distribution Resolution before 30 June 2021

By |2021-05-31T12:41:19+10:00May 31st, 2021|Accountant Life, Business, Companies|

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

The Value of Cashflow Forecasting During a Crisis

By |2021-05-26T19:10:41+10:00May 26th, 2021|Accountant Life, Business, Companies|

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

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