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Taxation
Super Guarantee Amnesty – What does it mean for your business?
June 18th, 2018Do you think you may have outstanding Superannuation contributions owing on behalf of your employees? If so, read on – you may well have a chance to rectify the issues whilst avoiding late payment penalties. What are the details? The Australian Taxation Office (ATO) has estimated that $2.85 billion is currently owed in late orread more
Subdividing and Building on the Family Property – What are the CGT Implications?
May 28th, 2018Have you ever thought about subdividing your family property, rather than buying another piece of land to do the same? Make sure you’re aware of all of the Capital Gains Tax (CGT) implications of taking this route. CGT can already be a complex area for the uninitiated, and this is certainly no different when itread more
Claiming Work-Related Car Expenses
May 14th, 2018Have you ever claimed work-related car expenses? The Australian Taxation Office (ATO) is increasingly concerned about taxpayers making false claims, whether inadvertent or deliberate, and will be focusing on it closely. According to the ATO, around 3.5 million made work-related car expense claims last year, totalling around $8.8 billion. As this is such a highread more
Franchising – What are your Tax Obligations?
April 30th, 2018Are you thinking about taking on a franchise? Many Australians become franchisees of large companies to leverage existing brand power and customers, whilst also giving themselves the opportunity to run their own small business. As attractive as this type of business setup might look, it is crucial to understand all the related tax obligations, feesread more
Fringe Benefits Tax – Year-End Roundup
March 16th, 2018March 31st is right around the corner – and therefore so is the Fringe Benefits Tax (FBT) year-end date. With that in mind, it is worth a quick look into a few key points regarding FBT, particularly what can attract it, as well as the application of salary sacrifice. Note this article explores some ofread more
REMINDER – Single Touch Payroll coming soon
February 9th, 2018Do you employ staff? If so, please read on – there are important changes to payroll processing and reporting just around the corner that may affect you and your business. It’s hard to believe that January has already come and gone! Therefore it’s worth a refresher on Single Touch Payroll (STP) before the April 1stread more
Fresh Tax Ruling for Truckies’ Food Allowances
January 25th, 2018Backflip for Truckies’ Food Allowances... The Australian Taxation Office has recently reversed a decision made regarding “reasonable rates” for overtime meal allowances. Rulings in this area typically affect people in jobs such as long-haul truck driving, but applies to everyone who receives a bona fide travel or meal allowance in the course of travelling overnightread more
Upcoming Audit Focus Areas for the ATO
January 15th, 2018When it comes to industries or areas of particular interest, The Australian Taxation Office (ATO) is relatively transparent about changes or increases in audit activity. Similarly, the media tends to have its finger on the button to report any news of this sort to the public. There are a few key areas which can expectread more
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