Tax

From digital vouchers to cover government fees and charges, to payroll tax relief and a 3-year extension of the Business Connect program, NSW businesses are set to benefit as the State Government moves forward with its COVID-19 stimulus and economic recovery plan outlined in the 2020-21 NSW Budget.

The Federal Treasurer, Mr Josh Frydenberg, handed down the 2020-21 Federal Budget at 7:30 pm (AEDT) on 6 October 2020. Below we have provided a taxation and accounting overview of the changes outlined in the Budget. “Australia’s economic response to the COVID-19 pandemic in the form of the original and extended JobKeeper scheme, the cashflow […]

The Australian Government has now extended the Fringe Benefits Tax exemption for ‘taxi travel’ for employees to ride-share, with the likes of Uber, DiDi and Ola now falling under ‘taxi travel’. The inclusion of ride-sharing under ‘taxi travel’ will enable companies to receive the same tax benefits as they would for ‘taxi travel’, allowing for […]

Confirm your income now for the 2018/19 year to ensure you don’t miss out on the Family Tax Benefit (FBT) or Child Care Subsidy (CCS). You need to confirm your income by lodging your tax return for the 2018-19 year, or advising that you do not need to lodge a tax return, no later than […]

We are often asked this question many times by business clients who are purchasing a new motor vehicle. Unfortunately, there is no standard answer. It depends on many factors such as the cost of the car, its operating costs and its usage. Here are a few points to bear in mind when working out what […]

Increased ATO Activity with Employers’ Superannuation Guarantee Obligations Over the last couple of years, the ATO has introduced multiple new systems to change the way in which employers meet superannuation guarantee obligations for their employees. The two most recent significant changes regarding superannuation guarantees are: SuperStream Single Touch Payroll (STP) Here is a quick summary […]

Fringe Benefits Tax – What You Need to Know for the Christmas Period As Christmas approaches, you are likely to be planning your end of year function and perhaps thinking about Christmas gifts for your valued clients and employees. During this planning stage, it is important to understand and consider the implication of Fringe Benefits […]

Don’t leave your contributions to the last minute This is particularly important if you plan to claim a tax deduction for any of your contributions. Contributions are included in a financial year if they are received in your fund’s bank account by 30 June. With 30 June falling on a Sunday this year, it would […]

The Dept of Human Services allows a period of one year to submit a lump sum claim for family assistance and confirm your income for that year. If you wish to submit a lump sum claim for the 2018 financial year for the following: Family Tax Benefit (FTB); Child Care Benefit (CCB); or Single Income […]