End of FBT year fast approaching, are you ready?
With the end of March fast approaching, so too is the end of the Fringe Benefits Tax year which runs from 1 April 2020 to 31 March 2021. While FBT returns do not need to be lodged until 21 May 2021, for many businesses, now is the time to start getting organised in...
55 Squat Challenge to Assist National Breast Cancer Foundation Research
This month we've challenged ourselves by getting to get a little extra movement in our office for a great cause.The National Breast Cancer Foundation is running the 55 Squat Challenge to raise vital funds for further research. Yes, that's 55 squats each per day, every...
ATO warning: watch out for tax avoidance schemes
Tax planning or tax avoidance? Do you know the difference? While tax planning is a legitimate and legal way to arrange your financial affairs to keep your tax to a minimum provided you make the arrangements within the intent of the law. Any tax minimisation schemes...
Tax implications of having more than one job
If you are working two or more jobs casually or if you have overlapping contract work, you need to be careful to avoid an end of financial year tax debt. With insecure, contract and casual work becoming increasingly common, particularly in the current COVID-19...
Pension transfer cap to increase
From 1 July 2021, the general pension transfer balance cap will increase from $1.6m to $1.7m due to indexation. "Indexation is a technique to adjust income payments by means of a price index, in order to maintain the purchasing power of the public after inflation,...
ATO data-matching: JobMaker and access to super
The data-matching programs just keep coming from the ATO this year, this time it will be focusing on data pertaining to the temporary early access to super due to COVID-19 and the JobMaker Hiring Credit. In relation to the early access of super, the ATO will be...
JobMaker Hiring Credit: is it right for your business?
Could your business use an extra $200 a week? With the other government COVID-19 economic supports such as the JobKeeper and JobSeeker winding down in the next few months, businesses that are seeking to employ additional workers but need a bit of help can apply for...
Reform of the ABN System
The ABN system was originally introduced as a simple way to provide businesses with unique identifier when dealing with the government. It has since become a de facto licence to do business despite no substantial changes in the application process in the intervening...
Areas of concern for SMSF trustees
If you are the trustee of one of the approximately 577,000 SMSFs in Australia at the moment, there are some areas the ATO wants you to pay particular attention to including the sole-purpose test, the in-house asset rules, unlawful schemes and arrangements, and...
Beware of clothing deductions this tax time
Beware of work-related clothing and laundry expense claims this tax time, the ATO is cracking down on individuals making unsubstantiated and exaggerated claims. It has reminded taxpayers that only uniform, protective or occupation-specific clothing that you are...