Fringe Benefits Tax (FBT)
FBT – More Than Meets The Eye What Fringe Benefits Tax is Fringe Benefits Tax (FBT) is separate from income tax. It is a tax paid on certain benefits provided…
Avoid ATO’s increased tax penalties – reminders and updates
Increased penalty rates After a recent increase in January 2023 from $222 to $275, Commonwealth penalty unit rate has witnessed yet another hike from 1 July 2023 and currently sits…
Removal of administrative concessions for SMSF’s
Removal of administrative concessions for SMSF’s From 1st July 2023, significant changes are required to how we administer Self-Managed Superannuation Funds (SMSFs) due to the implementation of event-based reporting requirements.…
Claiming Motor Vehicle Expenses: Cents per Km or Logbooks?
Claiming Motor Vehicle Expenses: Cents per Km or Logbooks? When it comes to claiming motor vehicle expenses for tax deductions, there are two methods – the cents per KM method…
Maximising Staff Retention and Tax Benefits with Novated and Associate Leases
Maximising Staff Retention and Tax Benefits with Novated and Associate Leases In today’s competitive job market, attracting and retaining top talent is essential for business success. Employers are constantly seeking…
Why your tax assessment may be different this year?
Why your tax assessment may be different this year? Over the past few years, you may have noticed when lodging your income tax return you have received higher than usual…
2023 Federal Budget Highlights
2023 Federal Budget Highlights The Federal Treasurer Jim Chalmers handed down the 2023 Federal Budget on 9 May 2023. The following is a list of highlights from a tax and…
Trust Evolve™
Trusts – an evolving landscape. In December of 2022, the Australian Taxation Office (ATO) released a tax ruling that provides their perspective on how tax laws apply to family or…
Working from Home Expenses
New record keeping requirements for working from home expenses Working from home is becoming the norm for many people, however the rules regarding how you claim working from home deductions…
Your Business Exit Strategy
Your Business Exit Strategy If you are looking to exit your business or have a future plan to do so, you need a clear business plan and strategy. When you…