Some of the Best Ways to Use Your Tax Refund
The money you are refunded as a result of your tax return could be used as an opportunity to eliminate debt, increase your savings or do something ‘long-term’ to support your children. Here are some tips to better utilise the money you get from your tax refund as opposed to going straight to the shops […]
Tax Deductions for Hospitality Workers
The hospitality industry has been one of the hardest hit sectors during the covid-19 pandemic. To make your financial situation less difficult it is important for hospitality workers to be aware of the many tax deductions that they are entitled to thus allowing them to put a huge amount of hard-earned cash back into their […]
The ATO Raises Key Rates For Australians Wanting To Top Up Their Superannuation
The Australian Tax Office (ATO) has decided to increase some of the key rates and thresholds for people who are wanting to top up their superannuation. On 1st July 2021, concessional and non-concessional contribution caps and the general transfer balance cap will increase for the first time in four years. Under the current laws, employers […]
The Tax Consequences for Business Events Ahead of Trans-Tasman Travel Bubble
On Monday 19th April 2021 the Australian and New Zealand federal governments plan to lift international border restrictions between the two countries. As a result of the travel ban coming to an end corporate events will become a more frequent occurrence “extravagant” corporate events are likely to pique the interest of the Australian Tax Office. Australian […]
The Otherwise Deductible Rule and Declarations – Fringe Benefits Tax (FBT)
The Otherwise Deductible Rule (ODR) is a mechanism within the Fringe Benefits Tax (FBT) legislation which enables the taxable value of an expense payment benefit provided to an employee to be reduced to Nil, this consequently removes the requirement to pay fringe benefits tax. A tax benefit can be classified as Otherwise Deductible if the […]
New Car Parking FBT Changes
The Australian Government has expanded the definition of the Small Business Car Parking exemption. It therefore is important for employers to be aware of the two big changes which will come into effect at the end of the 2021 Fringe Benefits Tax (FBT) year on 31st March 2021. From 1st April 2021, exemptions will apply […]
10 Common Tax Mistakes Made by Rental Property Owners
The ATO has published a list of tips that aims to help rental property owners avoid making some of the most common mistakes which are made when completing their tax. The avoiding these errors will help the property owner save money and time. 1. Keeping the right records Your client is required to have […]
IPA Supports A New Deduction to Help Australians Retrain and Reskill
The Institute of Public Accountants is pushing for the federal government to implement a new tax deduction to encourage Australians to retrain and reskill. The IPA, contents that a new deduction will fill a gap in the tax system that has neglected taxpayers who have been made to pay full cost of retraining and […]
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 […]
Accounting Advice for Recently Appointed Barristers
Congratulations on your recent appointment, if you have recently been appointed as a barrister, from a business structure perspective you will be operating as a sole trader. You will therefore need to apply to obtain an ABN (Australian Business Number). During your time spent in previous roles of employment you have been operating as a […]