Large Proprietary Company Thresholds to Double
Written by Jayson Palomaria: The financial reporting requirement for large proprietary companies to lodge their annual audited financial reports was introduced back in 1995 aimed at regulating the reporting of financial activities of proprietary companies which have a significant economic influence. The proprietary company reporting threshold contained in section 45A of the Corporations Act 2001, […]
2019 Year End Tips
The 2019 financial year is quickly drawing to a close and we believe it is important that all our clients are informed of changes to the tax system and strategies to potentially reduce costs and taxes. The purpose of this is to make you aware of these important changes however the articles are for general advice and […]
Private Use of Work Vehicles
Written by Nick Fedele: During the last Fringe Benefits Tax (FBT) year, the Australian Taxation Office (ATO) released guidance outlining their compliance approach when determining whether the private use of eligible vehicles meet the requirements of the FBT car-related exemptions. Following public consultation, the ATO further strengthened its position by releasing updated guidance (PCG 2018/3) […]
Running Your Business from Home
The technology available to us today means that business activities can be performed from just about anywhere. Some of Australia’s most successful and well- known brands were started from someone’s kitchen, spare room or garage. Running a business from home is certainly a popular starting point especially for a small business that is starting out […]
ATO target FBT on luxury cars in businesses
We are seeing increased audit activity in regards to the Fringe Benefits Tax treatment of luxury cars held in entities. The ATO has a national special task force accessing registration records of entities to seek out those holding luxury cars. We have been advised by the ATO that entities with one or more high value vehicles are […]
Are You Providing Fringe Benefits?
Written by Sarah Riccio: What is a Fringe Benefit A fringe benefit is a ‘payment’ to an employee provided in a different form to salary or wages. For example, a fringe benefit may be provided when an employer: allows an employee to use a work car for private purposes pays an employee’s gym […]
Common Errors in the Preparation of Business Activity Statements
Written by Robert Lennox: The end of September brings us to the end of the first quarter of the current financial year. Many of us will be preparing & lodging various activity statements. We wanted to take the opportunity to give everyone a reminder about some common mistakes that can be made when preparing business […]
Single Touch Payroll – What is it and does it affect me?
Written by Stephanie Hulme: Single Touch Payroll (STP) is a government initiative to streamline reporting requirements for businesses. If you employ 20 or more employees, this obligation will be compulsory from 1 July 2018. However, employers with less than 20 employees have the choice to implement STP. STP simplifies reporting because at the end of […]
Making a Payment Plan with the Australian Taxation Office
Written by Adam Taylor: There may be times when cash flow is tight and paying your tax bills on time may be difficult. In times like these, a payment plan with the Australian Taxation Office (ATO) to pay your debt over instalments may be an option. A payment plan can be set up online via […]
Why the Balance Sheet is Important to your Business
Written by Sarah Riccio: Most small business owners tend to look at the Profit and Loss Statement for financial data about their business but when it comes to the balance sheet, they do not understand its importance and that it contains data that is not obvious in other financial reports. What is a balance sheet? […]