Can staff celebrations attract FBT? With the holiday season coming up, employers may be planning to celebrate with their employees. Before they hire a restaurant or book an event, employers should make sure to work out if the benefits they provide their employees are considered entertainment-related, and therefore subject to fringe benefits tax ('FBT'). This [...]
Avoid a tax time shock Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year: let their employer know if they have a study or training support loan, such as aHECS or HELP debt; check they are only claiming the tax-free threshold [...]
ATO's tips for correctly claiming deductions for rental properties Taxpayers who have work done on their rental property should consider the following factors in determining claims for expenses. Repairs and general maintenance are expenses for work done to remedy or prevent defects, damage or deterioration from using the property to earn income. These expenses can [...]
ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses which have not yet taken advantage of the ATO's lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria in order to be eligible for the [...]
Year-end (and other) staff parties Editor: With the well earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients. [...]
A new process has been introduced by the Australian Taxation Office (ATO) for nominating a registered agent. This new process is called ‘Client-to-agent linking’ and, effective from 13 November 2023, it applies to all taxpayers with an Australian Business Number (ABN), excluding sole traders. As a result of this change, you will need to take [...]
As of May 9, 2023, as part of the 2023-24 Budget, the government has introduced a lodgment penalty amnesty program aimed at encouraging small businesses to re-engage with the tax system and bring their obligations up-to-date. This amnesty specifically covers overdue income tax returns, business activity statements, and fringe benefits tax returns that were originally [...]
Tax issues for businesses that have received a support payment Taxpayers who have received a government support grant or payment recently to help their business recover from COVID-19 or a natural disaster should check if they need to include the payment in their assessable income. Grants are generally treated as assessable income, and taxpayers may [...]
Appointing an SMSF auditor The ATO reminds SMSF trustees that they need to appoint an approved SMSF auditor for each income year, no later than 45 days before they need to lodge their SMSF annual return. An SMSF’s audit must be finalised before the trustees lodge their SMSF annual return, as the trustees will need [...]
