Planning a Staff Christmas Party? How to avoid The Christmas Party Tax!
The Christmas Party Tax is a real Grinch, but ignoring it could land you owing even more money! This is a quick guide on how to factor in
(or what to avoid) when it comes to FBT on your staff Christmas Party this festive season.
Don't assume that just because your foreign income has already been taxed overseas or qualifies for an exemption overseas that it is not
also taxable in Australia! Make sure you're reporting any overseas income correctly!
Rental property expenses - what you can and can’t claim
It’s not uncommon for landlords to be confused about what they can and can’t claim for their rental properties. What often seems to make
perfect sense in the real world does not always make sense for the ATO.
Tax return for low income earners - when do you need to lodge one?
There are a lot of common misconceptions about low income and tax returns. There are many reasons why someone under the tax-free threshold
may need to lodge a tax return. Make sure you talk with a registered tax agent to make sure you're meeting all your tax obligations.
Investment strategies of SMSFs are under scrutiny from the ATO, who are concerned that “a lack of diversification can expose the SMSF and
its members to unnecessary risk if a significant investment fails".
Record keeping is a crucial part of any business. In addition to meeting your tax and superannuation obligations, having good records will
give you a more accurate picture of your business to help you understand how you are doing, so you can spot potential problems sooner rather
Super, insurance and exit fees: changes from 1 July 2019
From 1 July 2019, new laws prevent superannuation funds from eroding member balances with unwanted or unnecessary insurance and exit fees.
Plus, inactive accounts with low balances will be moved to the ATO to try and unite the unclaimed super with its owner.
Who has your personal data, and are they keeping it safe?
Regardless of whether you're engaging an accountant or bookkeeper or a hair stylist - if a business needs to store your personal information
(email address and phone number included), make sure they are doing everything they can to protect your information!
Year End Tax Strategies for Individuals and Business Owners
We've put together a tax planning guide for both individuals and business owners. It includes updates on tax rates, general year-end
strategies, changes to superannuation, and areas of focus for the ATO.
The ATO is actively targeting geographic areas for special visits as part of a nationwide crackdown on the black economy. The plan on
visiting over 10,000 businesses in the 2020 Financial Year. It's a scary thought, especially if you don't know what to expect.