by Team Garnet | Jun 23, 2021 | Business Structures, Small Business, Tax News
Get ready, tax time 2021 is fast approaching, the ATO noted it will be focusing on work-related expenses such as car and travel expenses. While the ATO annual statistics releases are usually quite dry and technical, it does give a nice insight into why the ATO does...
by Team Garnet | May 26, 2021 | Business Structures, Small Business, Tax News
The 2021 Fringe Benefits Tax return for the period 1 April 2020 to 31 March 2021 is due soon. For those businesses that prepare their own returns, lodgment of the return can be made up until 25 June 2021 without incurring a failure to lodge on time penalty. Although...
by Team Garnet | Apr 29, 2021 | Investments, Tax News
Many of you have heard of family trusts, but perhaps don’t know too much about their benefits and how they differ from the usual non-fixed trusts. Essentially, a family trust is a trust where the trustee has made a valid family trust election (FTE) for tax purposes....
by Team Garnet | Apr 21, 2021 | Tax News
Did you use to do a lot of travelling for work… before everything changed last year? As we move to a post-COVID world where borders, both domestic and international, start to open back up, the issue of deductibility of certain business travel expenses are again...
by Team Garnet | Apr 7, 2021 | Investments, Tax News
What are capital works deductions? Understanding tax depreciation lingo can sometimes be confusing but as an investor, it’s important that you have a good understanding of the depreciation deductions you can claim to ensure you’re getting the most out of your...
