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Car fringe benefits and your liabilities
March 31st, 2017Another Fringe Benefits Tax (FBT) year has ended and businesses are now getting their annual FBT returns lodged before the deadline. Unfortunately, some grey areas remain on FBT for business tax payers, particularly in the situation where an employer fails to identify that a car fringe benefit has been provided to an employee. One commonread more
Avoid having troubles with the ATO – Tips to substantiate claims for online purchases
March 29th, 2017Given the ATO has access to so much information, this serves as a timely reminder for businesses who purchase tax deductible assets from peer to peer websites such as Gumtree, Trading Post or on Facebook groups. To help you avoid having troubles substantiating your claims with the ATO, we’ve listed below tips on how youread more
NSW Senator on underwriting at the time of claim: “a serious problem”
March 27th, 2017NSW National Party Senator, John Williams, who appeared before the Financial Services Council committee earlier this month, called underwriting at a time of claim “a serious problem”. “I think that is a really serious problem when families take out their direct insurance thinking that the family is covered.” said the statesman. His statement echoes the sameread more
Important Changes on QROPS Rules
March 16th, 2017If you are in the process or planning to transfer your UK pension to Australia, it is important that you stay informed on the latest rule changes on Qualifying Recognised Overseas Pension Scheme (QROPS). Early in March, Her Majesty’s Revenue and Customs (HMRC) announced that payments made to QROPS may be subject to 25% UKread more
Managing the Debt Drain – the Critical Issues for Small Business
March 5th, 2017February and March are traditionally the worst cashflow months for small business – the Christmas rush is over, the Business Activity Statement is due, and payments slow down with a dip in consumer spending. You might be ok but your customers could be under pressure and often whoever wields the most influence gets paid first.read more
Penalty Rates and the Impact of Change
March 4th, 2017The Fair Work Commission (FWC) has moved to cut Sunday and public holiday penalty rates. Flagged back in 2014, the review into penalty rates was part of the FWC’s four yearly review of all Modern Awards. Hearings, submissions and reviews have been ongoing since 2015. The outcome of that process (see AM2014/305 Penalty rates case)read more
Thinking of Investing in Property? It’s Time to Consider Using a Broker
March 3rd, 2017Buying a home or investing in property can be one of the most exciting, yet daunting events in one’s life. It does not only involve choosing an ideal location, but it also requires careful planning to find the best loan and establish the right financing strategies. If you are not sure of what you’re doing,read more
Changes to Fringe Benefits Tax (FBT)
March 3rd, 2017A reminder that another FBT year comes to a close on 31 March 2017. There have been several minor changes in the FBT arena this year, the most notable include changes in the treatment of some electronic devices and meal entertainment for not-for-profit organisations. Limit on Electronic Devices Lifted Since 1 April 2016, employers of smallread more
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