Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc. The tax treatment of…
The recent ATO crackdown on trusts will no doubt have some business owners (and even some advisors) asking themselves the question: Is this structure for business purposes still worth it? To recap, trust distributions have been under the ATO microscope…
Click here for a PDF version of this article. Super Guarantee Increases To 11% The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay.…
The ATO has issued a new Taxpayer Alert around SMSFs engaging in property developments. Developments can be very lucrative given how much property prices have appreciated in Australia over the past decade or two. For background, while it is permissible…
Another key Federal Court case may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is an…
The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30…
Since Budget night, the ATO has released more information around the small business lodgement amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that were…
The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023 To recap, there are two methods to claim work-related car expenses as follows: Cents Per Kilometre Method This method is…
The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be…
The recently announced Small Business Energy Incentive is now open for business! The Energy Incentive will help up to 3.8 million small and medium sized businesses save energy andsave on their energy bills. The incentive is delivered by way of…