Outsourcing Payroll
If you’re a small business owner, outsourcing your payroll can be a smart decision for a number of reasons. Here are a few reasons why outsourcing your payroll might be the right choice for your business: 1. Save time and resources: Payroll can be a time-consuming and resource-intensive task, especially if you have a large […]
ATO announces changes to working from home deductions
If you’ve spent the past few years working from home, you might think you’re across what expenses you can claim on your tax return. Think again. The Australian Taxation Office (ATO) has refreshed the way that taxpayers claim deductions for costs incurred when working from home. You need to be aware of these changes so […]
FBT Exemption on Electric Vehicles
Electric vehicles could be almost $10,000 cheaper following passage of the government’s Electric Car Discount bill late last year. Under the legislation, which is designed to fast-track uptake and subsequently increase the amount of second-hand EVs in the market, businesses and employees will be exempt from Fringe Benefits Tax (FBT) on eligible company fleet and […]
What is a car Fringe Benefit?
A car fringe benefit commonly arises when an employer makes a car they own or lease available for the private use of an employee. If you conduct your business through a company or trust, you may be an employee of the company or a trust. A car is made available for private use by an […]
Why you should lodge an FBT Return?
Even though Fringe Benefits Tax (FBT) is designed to capture benefits enjoyed by an employee, it is levied on the employer. Unless your employment agreement allows for any FBT that becomes payable to be recouped from the employee, the employer will have no recourse for reimbursement. So, why should an employer lodge an FBT return […]
Saving Money on your Mortgage
Saving money on your mortgage has become increasingly important in the current economic climate, especially as many fixed rate mortgages are ending for some borrowers, leaving them facing potentially higher monthly payments. However, with the right approach, it is possible to reduce your monthly payments and overall interest paid on the loan. From shopping around […]
STP Phase 2
You need to be aware of a key change affecting your employees and the way their pay information is reported to the ATO. Your payroll software will need to be reviewed and settings for employees updated by the 31st March 2023. WHAT IS STP PHASE 2? Under Single Touch Payroll Phase 2, the Australian Government […]
Setting Goals in 2023
Setting business goals is a crucial step in the growth and success of any organization. Goals provide a clear direction and purpose, and they help organizations focus their efforts on what matters most. However, simply having goals is not enough to ensure success. It is important to have a plan in place to achieve these […]
Using A Bucket Company To Cap Your 2021 Business Tax
In the lead up to 30 June 2021, we want you to know why using a “bucket company” can be a great strategy for saving tax on trust profits distributed. Do you have a Discretionary or Family Trust that generates profits? If yes, then this strategy may apply to you. A “bucket company” allows you […]
Minimise Your 2021 Business Tax
With the end of financial year approaching quickly, NOW is the time to discuss with us the actions you can take before 30 June 2021 to reduce your tax and grow your wealth. For 2021, key priorities are likely to include: Maximizing superannuation contributions without exceeding the relevant limits Bringing forward deductible expenses Deferring taxable […]