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 […]
Getting A Licence to Legally Distil Alcohol In Australia
For Australians wanting to distil their own alcohol, it is important to know that you have to pay tax on the alcohol you produce. Similar to driving a car, an individual must obtain a licence if they wish to distil alcohol. A licence is issued by The Australian Tax Office and can be obtained for […]
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 […]
C&D Adapting to rapidly changing landscape
Over the next few weeks, there will be a new colour and a change of logo to the C&D presence as we continue to adapt to the changing economic landscape. The last six months have been challenging for most businesses and we have been in the same boat. Whilst missing our Yeronga home, the opportunity […]
The Need for Tax Due Diligence
Loan interest for refinancing in partnerships
A general law partnership is formed when two or more people (and up to, but no more than, 20 people) go into business together. Partnerships are generally set up so that all partners are equally responsible for the management of the business, but each also has liability for the debts that business may incur.
Valuations in your SMSF
The days of a lax approach to valuations are over. While there is not always the need to employ a qualified independent valuer for each valuation, there are important circumstances where it is mandated, and others where it is recommended. Where one is not used then appropriate documentation needs to be kept of how valuations were determined. Back of the envelope or simply made-up valuations will not suffice.
Tax of online selling
Many taxpayers will have noticed that “pre-filling” has become much more widespread, which is only possible due to the amount of financial information that is able to be accessed by the Tax Office.
What should I bring to a tax return meeting
If you’re coming in soon to discuss your tax return for yourself or your business, try not to turn up completely empty handed, or at least to turn up prepared with some records or electronic access to them.
Are tips assessable?
Have you ever gone to pay for your coffee or lunch and saw the tip jar at the local café counter, and wondered how (or if) the business and/or its staff accounts for tax on that money? Depending on a number of factors, this can add up to quite a sum over a year, assuming the café owner empties the jar each day. Not surprisingly, the taxman has thought of this scenario, and has devised guidance for dealing with “tips and gratuities”.