The personal income tax cuts legislated to commence on 1 July 2024 will be realigned and redistributed under a proposal released by the Federal Government. After much speculation, the Government has announced that they will amend the legislated Stage 3 tax cuts scheduled to commence on 1 July 2024. This will mean that more Australian […]
Will 2024-25 be another year of volatility or a return to stability? Personal tax & super As you would be aware (at least we hope so after a $40m public education campaign), the personal income tax cuts came into effect on 1 July 2024. At the same time, the superannuation guarantee (SG) rate increased by
Independent contractors can be individuals, partnerships, trusts, companies, or other entities that provide services to others for a fee. Where independent contractors are individuals who carry out work for a business, there can sometimes be uncertainty about whether the contractor is, in fact, an employee of that business. To avoid this uncertainty and future
Closing Loopholes: Sham Arrangements Read More »
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas FBT exemption for electric cars Work from home arrangements Contractor or employee Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes Employee contributions by journal
Fringe Benefits Tax 2024 Read More »
Don’t want to pay tax on Christmas? Here are our top tips to avoid giving the Australian Tax Office a bonus this festive season. 1. Keep team gifts spontaneous $300 is the minor benefit threshold for FBT so anything at or above this level will mean that your Christmas generosity will result in a gift
Bah humbug: The Christmas tax dilemma Read More »
NALE: Trustees trapped in nightmare of new expense rules What is being forgotten is that the goal behind the change was to target SMSFs that enter borrowing arrangements with related parties on non-arm’s-length terms. New non-arm’s-length expense (NALE) rules have become an administrative nightmare for self-managed super fund trustees and advisers. They were introduced
SMSF & NALE: The good, bad and ugly Read More »
The Fringe Benefits Tax (FBT) year ends on 31 March. We’ve outlined the hot spots for employers and employees. FBT updates and problem areas Assistance and benefits provided due to COVID-19 Motor vehicle problem areas Mismatched FBT and income tax amounts Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice
FBT 2022: What you need to know Read More »
ATO shifts to Digital ATO moves to electronic lodgement of BAS & PAYGI The ATO has recently announced that taxpayers will now receive and need to lodge their activity statements electronically, and paper activity statements will no longer be accepted. Activity statements must now be lodged electronically through one of the following channels: Business Portal
ATO Shifts to Digital for BAS and PAYGI Read More »
$1,500 JobKeeper Subsidy A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that have experienced a downturn of more than 30% (50% for businesses over $1bn). Important Dates: From 30 March 2020 for six months For employees employed at and from 1 March 2020 First payments in
Jobkeeper Subsidy and Jobseeker update Read More »
