The ATO Announces a Permanent Review Service for Small Businesses
On Friday 26th March the Australian Tax Office (ATO) announced that it will permanently install its independent review service following a successful three-year pilot program which gained the approval of its participants, whether they got the outcome they hoped for or not. In a statement released by the ATO, the tax agency proclaimed that the small businesses […]
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 […]
What to Do If You’ve Lost Your Tax File Number (TFN)
Your Tax File Number (TFN) is a crucial piece of information required for many different reasons. It’s much more than a simple reference number you need to use at tax time. Applying for government benefits, opening a new bank account and keeping track of your super savings will all require you to have access to […]
How to Use Your Tax to Plan for The Future
Young and middle-aged Australians might not often think about what their financial situation might be like once they reach old age. However, it is important to plan for your future and put away money overtime so that one day you can eventually retire. It can be difficult to plan for your future, especially if you […]
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 […]
How Owners of Bitcoin And Other Cryptocurrencies Will Be Taxed
The price of Bitcoin and many other cryptocurrencies has surged in recent years. One bitcoin currently equals just under $60,000 Australian dollars. As result of this financial phenomena many investors around the world have managed to make large sums of money in a short period of time. At the same time, many inexperienced investors have […]
The Importance of Declaring Cryptocurrency Related Assets
As cryptocurrencies become more and more entrenched in the mainstream, one of the biggest challenges in accounting for them has been that some investors may not be aware that it is a requirement for them to disclose crypto assets to their accountants. It is super important for financial advisers to educate themselves in relation to […]