Taxation

With another FBT year gone how has COVID-19 affected the tax and employee benefits?

2021-04-06T14:23:10+10:006th April 2021|Accounting, COVID-19, Taxation|

Fringe benefits tax (FBT) is one of Australia’s most disliked taxes because it’s cumbersome and generates a lot of paperwork. The COVID-19 lockdowns have added another layer of complexity as many work patterns and behaviours changed.

A fringe benefit is a ‘payment’ to an employee or an associate (an associate is someone related

New laws simplify insolvency for small businesses

2021-04-06T14:37:30+10:006th April 2021|Accounting, Advisory, News, Taxation|

On 1 January 2021, new laws came into effect that introduce a new, simplified debt restructuring and liquidation framework for small business.

Drawing on key features of the Chapter 11 bankruptcy model in the United States, the new system aims to speed up the insolvency process, reduce costs and where possible, restructure

Should you bring investors into your business?

2021-04-06T14:21:30+10:006th April 2021|Accounting, Advisory, News, Taxation|

Sometimes the difference between a good business and a great business is simply having sufficient capital to execute your business plan.  For many businesses, the owners have put everything they have into growing the business but there is still a gap.  Investors offer an opportunity to close that gap but at what

Is your business eligible for a tax refund?

2020-12-02T14:24:40+10:002nd December 2020|Accounting, News, Taxation|

If your company has made a loss, you may be able to claim a tax refund for tax previously paid on profits.

In the 2020-21 Federal Budget, the Government announced that businesses with turnover under $5bn* will be able to offset any losses made between 2019-20 and 2021-22 against previously taxed profits between

Fringe Benefits Tax (FBT) hot spots

2020-09-29T10:08:38+10:0029th September 2020|Accounting, News, Taxation|

FBT liabilities can trap unwary businesses, some of whom don’t recognise that there can be a tax consequence from providing benefits to staff such as entertainment.

It is essential to understand there can be implications from seemingly straight-forward business activities across income tax and GST, as well as FBT.

For some smaller businesses, it

How to get ready for an ATO JobKeeper 1.0 audit

2020-12-01T15:47:10+10:0029th September 2020|Accounting, COVID-19, News, Taxation|

The JobKeeper subsidy has progressed beyond the rush for eligibility into the second round. Along with the new eligibility thresholds that will carry through until March next year, the ATO is beginning to focus attention on compliance. Late last month, the Australian Taxation Office (ATO) released guidance highlighting where the regulator will