Posts

Employers: Beware “left-field” FBT liabilities

It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. In other words, a ‘payment’ (other than salary or wages) made, or benefit provided, to somebody because they are an employee.

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Tax relief for small business restructure

Yesterday, 29 February 2016, Parliament passed legislation that will allow small businesses to change their legal structure without attracting a capital gains tax (CGT) liability at that time.

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Builders: There may be questions about your taxable payments report

The Tax Office has announced that it is contacting certain businesses in the building and construction industry that have lodged an annual “taxable payments report” about some of the information that has been provided.

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Tax and online fraud: protect yourself and your business

Since July this year, scams targeting both individual and business taxpayers have been running rife.

From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up.  So how can individuals and businesses protect themselves from online fraud and crime?

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4 tips for claiming the small business pool write-off

The temporary $20,000 immediate write-off for “small business entities” attracts regular queries, despite it being many months since the initiative was announced in the Federal Budget in May.

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How can your business claim website costs?

Your business can claim website development and maintenance costs under various tax rules.

As a business owner you probably know by now that you need a website; whether to display your credibility, ensure you are accessible, target a wider audience, showcase your work or transact with your customers. Since most consumers now search online before making a purchase decision, a professional-looking site is important.

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Startup tax deductions now include professional fees

Startup small businesses are able to deduct a range of expenses associated with launching their venture, such as the costs of professional accounting and legal advice.

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Can your small business claim tax deductions for employee training fees?

Running a successful small business sometimes requires an up-skilled team. If you need your employees to grow their expertise in a particular area, spotting them for short-courses, seminars, one-day intensives, professional qualifications or a bunch of “101s” can be a worthwhile endeavour.

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Your guide to FBT and Christmas: 5 tips to keep your gifts and party tax free

Christmas will be here before we know it, and it is likely that employers will already be thinking about their yuletide preparations. You may also be thinking about how to manage FBT and Christmas.

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Booster strategy for claiming GST credits

Businesses in Australia are required to deal with the goods and services tax (GST) in various ways — from charging customers 10% and paying the Tax Office the tax collected, to claiming GST on purchases.

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