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 […]

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 […]

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 […]

C&D Advisory Newsletter Issue 1

Proudly debuting the first edition of C&D Restructure’s monthly newsletter. We’ll be using this newsletter to celebrate our team’s achievements, share comprehensive resources authored by our experienced consultants, and talk about important industry issues impacting our peers and clients. Newsletter Issue 1

Tax Return Planning

It is highly recommended that you keep receipts for all expenses and possible tax deductions you are considering claiming for you or your business. It is also a good idea to scan and file them electronically so that they are accessible should you need them for audit purposes.

Business Assets – Personal Use

Is there a problem with using your company’s assets for yourself? Assets that belong to your business but that are being used for your own benefit or enjoyment can potentially trigger a tax issue known as “Division 7A”.

What is a Director Penalty Notice

A Director Penalty Notice (DPN) can be issued by the ATO against company directors in order to recover unpaid debts. Company directors can be held personally liable for the outstanding tax liabilities of a business so it’s crucial to have a good understanding of your rights and obligations under this area of law.