Tax

It’s getting closer to the time that FBT returns need to be lodged, so it’s important to understand that there may be a change to the FBT liability of your business when it comes to one employee benefit. Car parking as an FBT benefit is provided on a particular day when, between 7.00am and 7.00pm: […]

Before you claim a tax loss for your business, you need to make sure that you have correctly claimed the expenses that you are entitled to. If you overclaim expenses, your business can be put into an incorrect tax loss situation, which can make things complicated. Generally, a business can make a tax loss when

The Government announced last Tuesday during the Budget that a one off increase to the low and middle-income tax offset (LMITO) to raise it from $1,080 to $1,500 for the 2021-22 financial year This means that you will likely be receiving an increase of $420 to the offset, if you fall into an eligible tax

With the rise in petrol prices making everyone’s eyes turn to the Federal government for some relief, businesses may be feeling the pinch of the additional expense in running their vehicles.  Whether you’re a business owner or simply an individual that uses their car for work-related purposes, fuel is a taxation topic that you might

It is easy not to think twice when you want to help out your children. But when it comes to loaning them money, parents should take into consideration what could happen if the arrangement goes sour. It is natural for parents to want to support their children, even after they have up and left the

GST is an area that commonly has mistakes made in it. Catching these errors in time can be costly and require additional measures to correct. Many small business owners continue to make errors when claiming GST credits in their GST returns or Business Activity Statements. A vast majority of these errors are easily avoidable and

If you have been in a situation with your employment where you have been forced to work from home, your taxable deductions could be different to a normal working year. Lockdowns, a hybridisation in work practices and increased flexibility due to newer technologies on where we’re now able to work now mean that careful consideration

Early this month, the Federal government announced that it intends to pass legislation to allow for Rapid Antigen Tests (RATs) used for Covid-19 testing to become a tax deduction if used to test before attending a place of work. They will also be exempt from fringe benefits tax (FBT) for businesses that purchase them for

As a part of your employees’ employment contracts, do they receive benefits such as a car space, gym membership or even a car to drive? These are known as fringe benefits, a ‘payment’ to an employee that takes a different form to wages. This incurs a specific kind of tax separate from income tax known

Sometimes business owners need their employees to develop or grow their expertise and skills in a particular area. Employers can claim employee education deductions for the costs incurred. While training courses like seminars and one-day intensive sessions can be a worthwhile investment in your employee’s development, there are still a few things employers should consider