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Taxation

Car fringe benefits and your liabilities

March 31st, 2017

Another Fringe Benefits Tax (FBT) year has ended and businesses are now getting their annual FBT returns lodged before the deadline. Unfortunately, some grey areas remain on FBT for business tax payers, particularly in the situation where an employer fails to identify that a car fringe benefit has been provided to an employee. One commonread more

Changes to Fringe Benefits Tax (FBT)

March 3rd, 2017

A reminder that another FBT year comes to a close on 31 March 2017. There have been several minor changes in the FBT arena this year, the most notable include changes in the treatment of some electronic devices and meal entertainment for not-for-profit organisations. Limit on Electronic Devices Lifted Since 1 April 2016, employers of smallread more

Are you ready for an ATO risk review & audit?

December 5th, 2016

As technology develops so do the data matching capabilities of the Australian Taxation Office (ATO). It’s a powerful tool and can often lead to compliance risk reviews and ultimately tax audits. How does it work? The ATO obtains information from a number of sources including banks, other government departments and industry generally. The information isread more

5 Tips to Ensure Your Business is Tax Compliant

November 10th, 2016

Individuals and businesses are both subject to mandatory contributions to the government in the form of taxes, but tax compliance for business isn’t as straight forward as you may think. To avoid penalties it’s important to adhere to tax requirements set by the Australia Taxation Office (ATO) and settle obligations in a timely manner. We’veread more

Trying to get your tax paperwork ready? Don’t waste time on these deductions!

September 30th, 2016

Many tax payers are rushing to gather together receipts for some deductions they hope they can claim.  Naturally, most taxpayers are keen to maximise their deductions. Many waste time looking to claim for expenses that are often knocked back by the Australian Taxation Office (ATO). To help you save time, listed below are items and costs thatread more

Are you able to claim tax deductions for insurance premiums?

September 28th, 2016

Generally speaking, the Australian Taxation Office (ATO) allows deductions for insurance premiums when there is evidence that the insurance cover relates to earning assessable income. One example of the kind of cover that may be tax deductible is income protection insurance. The ATO has allowed such claims in certain circumstances, even though the insurance policyread more

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