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 »
The controversial case of the taxpayer who claimed a loss on their home A decision by the Administrative Appeals Tribunal has the tax world in a flurry after the Tribunal found in favour of a taxpayer who sold the apartment she lived in for a loss, then claimed the $265,935 loss in her tax return
Your Knowledge – January 2024 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 »
