2021-04-06T14:23:10+10:006th April 2021|Accounting, COVID-19, Taxation|
Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.
A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related
2021-04-06T14:37:30+10:006th April 2021|Accounting, Advisory, News, Taxation|
On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business.
Drawing on key features of the Chapter 11 bankruptcy model in the United States, the new system aims to speed up the insolvency process, reduce costs and where possible, restructure
2021-04-06T14:21:30+10:006th April 2021|Accounting, Advisory, News, Taxation|
Sometimes the difference between a good business and a great business is simply having sufficient capital to execute your business plan. For many businesses, the owners have put everything they have into growing the business but there is still a gap. Investors offer an opportunity to close that gap but at what
2020-12-02T14:24:40+10:002nd December 2020|Accounting, News, Taxation|
If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.
In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between
2020-12-02T14:24:35+10:002nd December 2020|Accounting, News, Taxation|
Stimulating investment is high on the Government’s agenda. To encourage spending, the 2020-21 Budget introduced a measure that allows businesses with turnover under $5 billion* to immediately deduct the cost of new depreciable assets and the cost of improvements to existing assets in the first year of use. This means that an
2020-09-29T10:08:38+10:0029th September 2020|Accounting, News, Taxation|
FBT liabilities can trap unwary businesses, some of whom don’t recognise that there can be a tax consequence from providing benefits to staff such as entertainment.
It is essential to understand there can be implications from seemingly straight-forward business activities across income tax and GST, as well as FBT.
For some smaller businesses, it
2020-12-01T15:14:25+10:0029th September 2020|Accounting, COVID-19, Taxation|
For a while now, the Australian Taxation Office (ATO) has been concerned about tax deductions individuals have been claiming for a whole host of expenses. The latest on their ‘hit list’ are home office expenses. We will guide you through what you can and can’t claim if you work from home.
Last financial
2020-12-01T15:47:10+10:0029th September 2020|Accounting, COVID-19, News, Taxation|
The JobKeeper subsidy has progressed beyond the rush for eligibility into the second round. Along with the new eligibility thresholds that will carry through until March next year, the ATO is beginning to focus attention on compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will
2020-09-23T09:20:37+10:0016th June 2020|Accounting, News, Taxation|
The new financial year is just around the corner – and it’s going to be a little different this time around.
A raft of new changes is due to kick in which will affect almost everyone, including individuals, families, workers, business owners and even retirees.
Here is the list of changes that will affect
2020-09-23T10:00:08+10:0016th June 2020|Accounting, Advisory, Superannuation, Taxation|
About this time every financial year, it’s an excellent time to review any super contribution opportunities. However, since March 2020, there has been high volatility in investment markets, which may have created extra potential for clients to benefit. There have also been changes to super contribution rules over the last few years
