fbpx

Business

Get your depreciation questions answered

The complexity of depreciation unsurprisingly has many scratching their heads. While investors don’t need to be depreciation experts, here are some of the most common questions in this area of taxation. 1. What is depreciation and how does it work? It’s the natural wear and tear of...

Changes to casual employment

Do you have a casual employee? Here's what you should know about changes to casual employment. On 26 March 2021, the Government has passed an amended version of the Fair Work Amendment (Supporting Australia’s Jobs and Economic Recovery) Bill 2020 to change some sections covering workplace...

What You Need to Know about Fringe Benefits Tax 2021

On 31 March 2021, the Fringe Benefits Tax (FBT) year ends. With the ever-increasing budget deficits as a result of COVID-19, the ATO will be reviewing whether all employers who should be paying FBT are paying it and that they are paying the right amount. To...

Do you have a Family Trust? Learn how to save tax now

“Cap” tax using a “Bucket Company” Using a “bucket company” can be a great strategy for saving tax on trust profits distributed. If you have a Discretionary or Family Trust that generates profits, this strategy may apply to you. A "bucket company" is a company that is...

Tax Deduction Opportunities with Super in 2021

When you retire, your superannuation is likely to become an important source of your income. That’s why it’s a good idea to top it up while you are working. But did you know there are also some excellent tax benefits you can take advantage of right...

Top 10 must-know depreciation terms for residential investors

You don’t need to be a depreciation expert but understanding some of the key concepts surrounding this complex area of taxation can help your ongoing investment strategy. Capital works deduction This is the depreciation deduction you can claim on the structural component of the building and...

Why employers should lodge FBT Returns, even if no FBT is payable

What is a Fringe Benefit? A fringe benefit is a benefit provided to an employee (or their associate) because that person is an employee. Benefits can also be provided by a third party under an arrangement with the employer. An employee can be a current, future...

Insolvency reforms

Important changes to Australia’s insolvency laws commenced on 1 January 2021. The Assistant Treasurer has said that they are the most important changes to Australia’s insolvency framework in 30 years. The changes introduce a new, simplified debt restructuring process for eligible small businesses. The process allows...

Changes to PAYG and GST instalment notices

The ATO has advised they will no longer issue paper instalment notices for PAYG and GST quarterly instalments once an activity statement or instalment notice is lodged, revised or varied electronically through: a myGov account linked to the ATO the Business Portal Online services for...