Archive for May 2016
Federal Budget 2016 wrap up.
The Budget has a few sweeteners, but not so much that will turn anyone hyperactive. The welcome news is that the turnover threshold for classifying a “small business entity” will increase from $2 million to $10 million. This will allow a further 90,000 to 100,000 businesses to access a range of small business tax concessions,…
Read MoreSMSF trustees: Don’t let “cognitive decline” sneak up on you!
As the Australian population ages, and retirees become either fully or partially reliant on their own retirement savings instead of the government pension, the ability to manage those funds may be affected by one of the possible downsides of a long life. The possibility of declining health, both physical and cognitive, may be uncomfortable to…
Read MoreConsiderations if your employee wants to salary package.
Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost to the business but with a tax advantage to the employee. WHAT’S SALARY PACKAGING? Basically, an employee agrees with their employer to forego part of their future salary or wages…
Read MoreCan your summer holiday house be turned into a tax advantage?
Now that summer has come and gone, the ATO has been active in issuing reminders about the taxation issues surrounding holiday homes. The fact the ATO issues reminders is a sure sign that the topic is continuing to be a concern. Even though it is still some time before the owners of beach shacks or…
Read MoreAmending your activity statement
Once we have lodged your latest activity statement, you may realise that something has been left out or you have neglected to include a particular item. The Australian tax system is based on “self-assessment”, which means the ATO generally takes your word, under our guidance, and bases its assessment on the information it has been…
Read MoreFBT 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. Now that we have entered into the new fringe benefits tax year (which began on April 1), business owners are reminded…
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