General Accounting
Tax Deductibility of Financial Advice Fees: Summarise in Table
When seeking financial advice, it’s important to understand which fees may be tax-deductible. In general, fees for ongoing financial advice related to the management of existing investments or income-producing assets may be tax-deductible. Always consult a tax professional to ensure you're claiming correctly and in line with the latest ATO guidelines.
Proposed Division 296 Super Tax
The Australian Labor Government’s proposed Division 296 tax, set to commence on July 1, 2025, will impose an additional 15% tax on superannuation earnings for balances exceeding $3 million, including unrealised capital gains. This policy, part of the Treasury Laws Amendment , has sparked significant debate due to its taxation of unrealised gains and lack […]
Say Hello to Payday Super
The government has announced that from July 1, 2026, all companies will need to pay worker's superannuation at the same time they pay them which means companies will no longer be able to pay superannuation on a quarterly basis.
Getting Ready for Single Touch Payroll Phase 2 Implementation
Are you ready for STP Phase 2? How do you know if you are using STP Phase 2? Single Touch Payroll Phase 2 streamlines reporting information about your employees to government agencies. Our assistance will give you peace of mind that your payroll software is correctly set up for STP Phase 2.
2022 Federal Budget – What It Means for You
Information: What the 2022 Federal Budget Means for You With a Federal Election due in the next 8 weeks, the Morrison Government has just made its bid for re-election with the following headline announcements in its Federal Budget released on Tuesday 29 March 2022: Petrol tax slashed by 22 cents per litre for 6 months […]
Small Business-COVID Hardship Fund
The Small Business COVID Hardship Fund will help qualified little and medium organizations: Whose activities have been seriously affected by COVID-19 limitations that have been set up between 27 May 2021 and August 2021 Have experienced something like a 70% decrease in turnover because of the COVID-19 limitations Are ineligible for other key COVID-19 Victorian […]
How ATO Detects FBT Exposure
The table below shows the disclosure items/tax return labels used by the Australian Tax Office (ATO) to begin a review to detect when an employer’s company has unpaid FBT liabilities. DISCLOSURE ITEM / RETURN LABEL Unpaid FBT Employee’s Contributions to Fringe Benefits Entry 6, Label I of the ‘C Return’ Entry 46, Label T of […]
Understanding FBT Rates
When it comes to taking clients out for a quick lunch to discuss key details, it is important to understand the fundamentals of a process such as this. It plays a big role in what you end up getting in terms of overall value from the relationship. There are specific details that need to be […]
FBT
There are some employers who unwittingly get into trouble with the FBT because they do not correctly interpret the infrequent and minor exemptions that are provided for all benefits of $300 or less. The main area of concern for these employers is when they get into trouble when applying for infrequent and minor exemptions in […]
Lodging an FBT Return
Fringe Benefit Tax (FBT) captures benefits enjoyed by employees but it is the employer that is levied in the end. Unless the agreement with the employer allows payable FBT to be recouped from the employee, the employer can’t be reimbursed. Why then would any employer want to lodge an FBT return if there […]