With the Fringe Benefits Tax year ending on 31 March, it is a good opportunity to look at the difference between providing a fully paid car for your employees (subject to fringe benefits tax), or instead providing them with a car allowance. This article will help to explain the difference and hopefully assist with […]
Long Service Leave is an entitlement that is payable to most employees under State legislation. The rules around entitlement do vary from State to State, but in general the entitlement is available to long term employees who have typically worked for more than 5-10 years for the one employer. For some industries that type […]
Compulsory superannuation started in Australia in 1992 and almost 30 years later it is still an obligation that not all employers take seriously. It is often not until an employee starts to chase their employer for unpaid super that the issue is highlighted and I have seen many salary and wage earners turn a […]
As tax time is upon us again. The cycle of what we do is all too familiar after years of experience. While we look at 30 June as the date everything hinges on, our work really does span a full year. Lodgement dates are peppered throughout the year. We don’t just lodge income tax returns, […]
Small Business COVID-19 Support Grant The NSW Government has announced a major new grants package to help tens of thousands of Small Businesses, Sole traders, Not-for-profits, Tourism, hospitality and Regional NSW businesses across NSW impacted by the current COVID-19 restrictions. The package includes grants of between $5000 and $10,000. What can the grants be […]
My previous article was about tax planning for business. Business is unpredictable and requires planning towards the end of the financial year. For most individual taxpayers, the tax situation is relatively stable from year to year. While there are a few tips to help you get the best return, it is best to be […]
It is that time of year when business clients require tax planning. Tax planning prior to April can be rather useless for businesses as most have a level of unpredictability about their performance. By the end of March we have a reasonable idea of how the business has travelled and can make some predictions […]
Its June, and everyone is madly thinking how to reduce their tax bill. Media publications, accounting bodies, finance gurus are all posting on legal ways to reduce tax. Apart from a few options, most involve spending more money. But is reducing tax, at the expense of everything else, really the right approach to financial security? […]
Over the last few weeks, we have been sending out FBT returns for signing. In nearly all cases, there is no amount payable. So what’s the point? FBT was brought in as an additional tax regime in 1986. The purpose was to provide a taxing point for ‘non-cash’ benefits outside an employee’s normal salary. The […]
Crypto in 60 seconds Crypto currencies (e.g. BitCoin, Etherium, etc.) can be treated in 2 ways: – Capital Assets (CGT rules apply) – Revenue Assets (Trading stock rules apply) This brief guide focuses on what things taxpayers need to consider regarding Crypto CGT assets, and does not delve in high Crypto volume trading and profit […]