Fringe Benefits Tax Year End Planner
Fringe Benefits Tax (FBT) is a tax imposed on employers for specific benefits they provide to their employees or their employees family or friends. FBT’s purpose for its existence is to prevent tax leakage from businesses deducting the cost of provide those however income tax is not collected on the employee side. Some major examples […]
Tips for Boosting Your Superannuation and Retirement Savings
For many Australians there is a huge gap between how much money they think they need to save in comparison to much they really need to save in order to safely retire. Australia’s average life expectancy in 82 and a half years of age. If someone was hoping to retire at age 65 it would […]
An Introduction to Understanding HECS-HELP for New University Students
This month universities across the country will commence classes for the first semester of 2021. New students who are wanting to defer paying their fees can do so by taking advantage of the federal governments HECS-HELP loan scheme. The HECS-HELP loan scheme is both a loan and a student discount for eligible students who are […]
Fringe Benefits Tax (FBT) In the Age of Covid-19
A fringe benefit tax (FBT) is paid by employers who provide certain benefits to their employees or their employees family or friends. Key examples of fringe benefits include; allowing an employee to use a car for work for private purpose unrelated to work, paying for an employee’s gym membership, providing entertainment by giving away free […]
Tax Deduction Claims For Education & Training Could Soon Be Widened
Australian taxpayers might soon be able to claim deductions for training and education programs unrelated to their chosen area of profession. Changes surrounding FBT exemptions for retraining and reskilling included in the recent federal budget have been implemented to encourage Australian workers to upgrade their skillset to make themselves more desirable to employers for a […]
Tax Deductions for Self-Education Expenses
Australian workers are currently able to claim tax deductions on self-education expenses when the education activities are directly connected to the income arising from their current employment activities. To be tax deductable the self-education must also maintain or improve the specific skills or knowledge that is required in your current work activities. Furthermore, the self-education […]
The 80¢ Per Hour Work-From-Home Deduction Method Has Been Extended Until 30th June 2021
A significant number of Australian business owners and employees are working from home as a result of the covid-19 pandemic. A direct consequence of working from home is that additional expenses are accumulated by workers in relation to their income-producing activities. These additional expenses include more money spent on lighting, heating, clean and cooling. Working […]
Corporate Tax Losses
Do you pass the ‘continuity of ownership’ (COT) test? If your company has past tax losses that haven’t been used as a tax deduction, this tip is for you… Check the conditions under which a company’s past losses may be claimed as tax deductions. The benefits may include significant reductions in corporate tax payable. Owners […]
