The Treasurer, Jim Chalmers, handed down his Federal Budget for the new financial year on Tuesday, 9 May 2023, which focused on softening the blow of inflation and cost-of-living rises. Highlights were focused on the small business sector, which sees a return of the old $20,000 instant asset write-off (an immediate tax deduction for all …
The purpose of this document is to provide you with more information regarding Fringe Benefits Tax (FBT) to help you to identify fringe benefits you have or may have provided to your employees. The following is an explanation of the major types of benefits that are potentially provided in everyday business dealings. Please note that …
MINIMISE YOUR PERSONAL TAX Tax time is back and we need to get some homework done! Below are some strategies you can use to minimise your personal tax before 30 June 2022. Always keep in mind that there is no point in spending money just to get a tax deduction unless it is in …
MINIMISE YOUR BUSINESS TAX To help you get ready for tax time, we’ve put together a guide with strategies you can use to minimise your business tax. IS YOUR BUSINESS A “SMALL BUSINESS” ENTITY? Small businesses can access a range of tax concessions from the ATO. To qualify as a “Small Business Entity”, the business …
ATO’s Red Flags for the financial year 2021 Work-related expenses – Getting it right Don’t forget the three golden rules: You have spent the money and were not reimbursed It was directly related to earning your income You have a record to prove it Working from home claims (expectation from the ATO: to increase) This …
If you use your own car for work purposes, or you lease or hire under a hire-purchase agreement, you can claim a deduction using either the cents per kilometre method or the logbook method. The ATO says that you can claim a deduction for car expenses if you use your car to: perform your work …
When you take staff, clients and suppliers out for a meal, small business owners usually pay with the business card, but is this a legitimate business expense? If you are fostering relationships that will allow you to make more sales (or to maintain income), why wouldn’t the cost of that be tax deductible? Unfortunately, many …
If you are a home owner, investor or want to become one, you need to be aware of property taxes. One of them is land tax. This is a state or territory tax and each of them have their own laws, but although comparable, they do vary. Despite some exemptions, the amount of land tax …
Are fitness expenses tax deductible? Fitness expenses will be deductible if employees need an abnormal level of fitness to perform their job. Typically, this applies to only professional sportspeople, physical training instructors with the defence force and police force, firefighters, and special forces personnel. Implementation process: Determine whether the employee requires above normal (extreme) levels …
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