When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping. Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).
Christmas will be here in a moment and many employers will be thinking about recognising their team’s efforts throughout the year. You may already have plans in place, but have you thought about how to manage tax and Christmas gift giving?
Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. Fringe benefit tax (FBT) and associated income tax and GST pitfalls are the big ones to watch out for.
With only two more sleeps until the 2019 Federal election, Australians have a plethora of promises to consider. We’ve found a very helpful comparison of the two major parties’ tax policies, released by The Tax Institute.
To a large extent, the parties have sought to differentiate themselves through their tax policies. Their proposals present two different versions of Australia. In the Coalition’s 2019 Budget, we were presented with a long-term plan for “lower, simpler, fairer taxes”. Labor have presented their response as a plan for a “fair go”.
Our views below are simply related to the parties’ tax policies in isolation, and how these might affect our clients. Of course, you will need a broader perspective to assess the overall merits of each party.
Fringe benefits tax (FBT) is a tax paid by employers on specific benefits provided to employees (and their families). Benefits commonly provided to employees include company vehicles, car parking, low interest loans, and living-away-from-home allowances. FBT places the tax burden on the employer rather than the employee, which can be an attractive arrangement for many workers.
Did you know that employers registered for GST can claim GST credits for reimbursements made to employees?
Here’s a quick run-down on what qualifies, what doesn’t, and how to claim.
In this newsletter we want to make sure employers are ready for Single Touch Payroll (STP) and that small businesses are ready for EOFY. We discuss some great tax planning opportunities for primary producers and outline developments in personal superannuation. Plus, check out what #teamsynectic have been up to lately.
‘End of financial year’ is a big deal for us accountants. With the intensity of the annual budget, tax lodgement due dates, and FBT deadlines all easing towards the end of June, we’re well and truly ready to relax a bit … maybe even welcome in the new financial year with a wild office party and NFY-eve countdown…
The other thing we love doing around this time of year is tax planning!
And the last few federal budgets have included some serious concessions for primary producers. We’ve listed below a few of the key tax planning opportunities for primary producers, and outlined some of the changes that have been made over the past few years.
Today we have an important reminder to record your odometer readings for company vehiclesthis Saturday (31st March).
We also want to talk to you about Labor’s proposed changes to the dividend imputation system, because we know that, if put into place, they will impact on many of our clients.
There has been much discussion about the dividend imputation system in recent weeks as the government and the opposition play political tennis with franking credits.
On 13th March, Opposition Leader Bill Shorten announced Labor’s plan to change the dividend imputation system if they win the next federal election. The changes would make franking credits non-refundable and, Labor claims, save the budget $59 billion over the decade to 2028-29.
Small and medium businesses were the big winners of last year’s budget. It is therefore no surprise that the 2017-18 Federal Budget announcements have been less stimulating. However, there are still tax and business planning opportunities coming out of the Budget which we look forward to assisting our clients with.