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Taxation
Fringe Benefits Tax – Year-End Roundup
March 16th, 2018March 31st is right around the corner – and therefore so is the Fringe Benefits Tax (FBT) year-end date. With that in mind, it is worth a quick look into a few key points regarding FBT, particularly what can attract it, as well as the application of salary sacrifice. Note this article explores some ofread more
REMINDER – Single Touch Payroll coming soon
February 9th, 2018Do you employ staff? If so, please read on – there are important changes to payroll processing and reporting just around the corner that may affect you and your business. It’s hard to believe that January has already come and gone! Therefore it’s worth a refresher on Single Touch Payroll (STP) before the April 1stread more
Fresh Tax Ruling for Truckies’ Food Allowances
January 25th, 2018Backflip for Truckies’ Food Allowances... The Australian Taxation Office has recently reversed a decision made regarding “reasonable rates” for overtime meal allowances. Rulings in this area typically affect people in jobs such as long-haul truck driving, but applies to everyone who receives a bona fide travel or meal allowance in the course of travelling overnightread more
Upcoming Audit Focus Areas for the ATO
January 15th, 2018When it comes to industries or areas of particular interest, The Australian Taxation Office (ATO) is relatively transparent about changes or increases in audit activity. Similarly, the media tends to have its finger on the button to report any news of this sort to the public. There are a few key areas which can expectread more
Super Guarantee – What Happens When You Get It Wrong
August 29th, 2017The ATO receives around 20,000 reports each year from people who believe their employer has either not paid or underpaid compulsory superannuation guarantee (SG). In 2015-16 the ATO investigated 21,000 cases raising $670 million in SG and penalties. The ATO’s own risk assessments suggest that between 11% and 20% of employers could be non-compliant withread more
The Single Touch Payroll and what it means for employers
August 23rd, 2017Firms with 20 or more employees will be required to implement the Single Touch Payroll or STP from 1 July 2018. STP is an Australian Taxation Office (ATO) initiative aimed at streamlining the way employers report their tax and superannuation information to the ATO. Employers will be required to report salaries, wages, PAYG, and superannuationread more
You may be providing a car parking fringe benefit and not be aware of it!
August 14th, 2017The Australian Taxation Office (ATO) has been transparent in its undertaking of numerous fringe benefits tax (FBT) audits in both the small and medium business sector. With the ATO’s sophisticated data matching capabilities, it is easier for them to identify businesses that do not comply with their FBT obligations. One fringe benefits that is oftenread more
Personal income tax rates for Australian residents (2017-2018)
July 11th, 2017There were no changes to personal income tax rates and thresholds in the 2017-2018 Federal Budget. The three (3) year Temporary Budget Repair Levy (TBRL) of 2% for individuals with a taxable income of over $180,000 (announced in the 2014-15 Federal Budget) ceased on 30 June 2017. The table below outlines marginal tax rates applyingread more
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