ATO target FBT on luxury cars in businesses
We are seeing increased audit activity in regards to the Fringe Benefits Tax treatment of luxury cars held in entities. The ATO has a national special task force accessing registration records of entities to seek out those holding luxury cars. We have been advised by the ATO that entities with one or more high value vehicles are […]
Are You Providing Fringe Benefits?
Written by Sarah Riccio: What is a Fringe Benefit A fringe benefit is a ‘payment’ to an employee provided in a different form to salary or wages. For example, a fringe benefit may be provided when an employer: allows an employee to use a work car for private purposes pays an employee’s gym […]
Common Errors in the Preparation of Business Activity Statements
Written by Robert Lennox: The end of September brings us to the end of the first quarter of the current financial year. Many of us will be preparing & lodging various activity statements. We wanted to take the opportunity to give everyone a reminder about some common mistakes that can be made when preparing business […]
Single Touch Payroll – What is it and does it affect me?
Written by Stephanie Hulme: Single Touch Payroll (STP) is a government initiative to streamline reporting requirements for businesses. If you employ 20 or more employees, this obligation will be compulsory from 1 July 2018. However, employers with less than 20 employees have the choice to implement STP. STP simplifies reporting because at the end of […]
Making a Payment Plan with the Australian Taxation Office
Written by Adam Taylor: There may be times when cash flow is tight and paying your tax bills on time may be difficult. In times like these, a payment plan with the Australian Taxation Office (ATO) to pay your debt over instalments may be an option. A payment plan can be set up online via […]
Why the Balance Sheet is Important to your Business
Written by Sarah Riccio: Most small business owners tend to look at the Profit and Loss Statement for financial data about their business but when it comes to the balance sheet, they do not understand its importance and that it contains data that is not obvious in other financial reports. What is a balance sheet? […]
The Tax Implications of the Sharing Economy
Written by Nick Fedele: Are you thinking of renting a room in your home through Airbnb or becoming an Uber driver to earn additional income? If you are, then you will be entering into the sharing economy and you will need to be aware of the different tax implications. The following explores the implications for […]
Taxing Foreign Income in the Hands of an Australian Resident
Written by Emily Baulderstone: Under Australian Tax Law, income derived by an individual who is considered to be an Australian resident for tax purposes is subject to income tax whether this income was derived from an Australian or Foreign source. Determining if you are an Australian resident for tax purposes can be a difficult issue […]
Deciding whether to divest poor performers
Poor performing products or services can be a serious detriment to your business, diverting valuable resources and finances from more successful ventures and pulling down the overall profitability of your entire business. So knowing when to pull the plug on a poor performing product or service is important. Some signs which may indicate that a […]
How to increase your profit margins
Many business owners think you need to increase sales to make more money. But often this is the more difficult path. A minimal increase to your profit margin can have a much more profound effect. Watch our video How to improve your business profitability to explore why this is the case and what you should […]
