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) […]
Reporting obligations of ACNC registered companies to ASIC
Since the introduction of the Australian Charities and Not-for-profits Commission (ACNC) in December 2012 we often receive queries from confused clients on their reporting obligations to other regulators. This is particularly the case for charitable companies limited by guarantee, often made worse by the tiered ACNC financial reporting requirements. A company limited by guarantee is […]
Changes to Payroll Tax from 1 January 2019
From 1 January 2019, businesses with annual taxable Australia wide wages of up to $1.5 million are not required to pay payroll tax, and the payroll tax rate for taxable wages between $1.5 million and $1.7 million will be entitled to a reduced payroll tax rate. For businesses grouped for payroll tax, the $1.5 million […]
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 […]
Motor Vehicle Thresholds and Deductions for 2017-2018
Written by Nick Fedele: In general, the running costs incurred for a motor vehicle are deductible in the proportion that it is used for work and business. Examples of costs that are deductible include fuel, maintenance, registration and insurance, and depreciation. Depreciation is deducted using the diminishing value method at a rate of 25% 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? […]
The Tax Implications of the Sharing Economy
Written by Nick Fedele: Are you thinking of renting a room in your home through Airbnb or becoming an Uber driver to earn additional income? If you are, then you will be entering into the sharing economy and you will need to be aware of the different tax implications. The following explores the implications for […]
