Last-minute tax planning for individuals. The current financial year is almost at an end, but there are still strategies you may be able to put into play to ensure you pay not one cent more tax than is necessary for your 2015-16 income year.
SMSF Advice – removal of the accountants. You may be aware of the changes taking place in the accounting industry in relation to the provision of Self-Managed Superannuation Fund (SMSF) and superannuation advice in future.
Federal Budget 2016 wrap up. The Budget has a few sweeteners, but not so much that will turn anyone hyperactive.T he welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million.
FBT exemptions under the radar. Providing fringe benefits goes hand-in-hand with the task of retaining good and loyal employees as well as attracting new talent for your business. However the types of benefits provided can sometimes relieve the compliance headache
Business assets, personal use? Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.
More than 60% of all Australia’s small businesses are already on board with SuperStream. If your business is not one of them, you’ve got 90 days remaining to get it done.
Employers: Beware “left- field” FBT liabilities. It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship.
Got your car log book ready? When claiming for work-related car expenses, many taxpayers miss out on maximising their claim due to inadequate record keeping. But also, failing to maintain a valid car log book can cost taxpayers dearly in a Tax Office audit.