Tax Tips

April 5, 2017

Recent Changes to Fringe Benefits Tax

Fringe Benefits Tax (FBT) is due at the end of March, but there have been some changes made to how it’s calculated this financial year. Here we take a look at what these changes are, and how they could affect you and your business. Who pays FBT? Your employer pays FBT on your behalf, if you receive fringe benefits as part of your employment. Fringe benefits are only judged to be reportable if they are not included in your salary payments and amount to over $2,000 for the financial year. Your reportable fringe benefits have to be shown on your annual payment summary. Fringe benefits of your job can include: Company car Health insurance premiums School fees or childcare costs […]
December 21, 2015

Tax Matter For Closing A Business

There are a number of tax matters you may need to deal with if you: register a business but don’t actually start the business change your business entity type because you restructured your business stop operating your business sell the business wind up your company. These tax matters may include: cancelling your Australian business number (ABN) and other registrations lodging and paying any outstanding activity statements and instalment notices making goods and services tax (GST) adjustments on your final activity statement lodging final tax returns. You should also check whether your state or territory government has any special requirements. If your business exit is planned, we have found that leaving a business is less risky if you work with your […]
August 5, 2015

Tackle the Hit List of ATO with These Tax Tips

It’s time to do some tax planning with the announcement the ATO made with their 2013-14 hit list. Here are a few tips to help you do some great planning: Nest Egg Building You can more quickly build your nest egg when you pay fifteen per cent rather than forty six and a half per cent. One of the most legitimate and best methods of minimizing your bill for income tax is by sacrificing your salary into superannuation with these terms. Getting a bookkeeper Melbourne will actually help you through the process. Offset Losses and Defer Sales With the gains you already make, offset losses and defer sales in order to minimize capital gains tax. In the year 2013-13, it […]