Intent to claim a Super Deduction
Who should complete the Notice of Intent? The Notice of Intent should be completed by individuals who: Intend to claim a tax deduction for their personal super contributions. Want to modify a previously submitted valid Notice of Intent to their super fund. It’s important to understand that the personal contributions claimed as a tax […]
Scammers steal over $3bn from Australians
The latest Targeting Scams report has revealed Australians lost a record $3.1 billion to scams in 2022, as government, law enforcement and the private sector look to improve collaborative efforts to support the community in the fight against scams. This is an 80 per cent increase on total losses recorded in 2021. The report compiles data reported […]
“Cap” Using a Bucket Company
In the lead up to 30 June 2023, we want you to know why using a “bucket company” can be a great strategy for saving tax on trust profits distributed. PROFITS FROM A TRUST? Do you have a Discretionary or Family Trust that generates profits? If yes, then this strategy may apply to you. A […]
Importance of preparing a Trust Distribution Minute
As the end of financial year approaches, it’s important for trust holders to consider their options for distributing income and avoiding any extra tax. A Trust Distribution Minute is one of the tools that can be used to achieve this. Here’s what you need to know about Trust Distribution Minute’s and how they can help […]
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 […]