Christmas and the Taxman
When do employee gifts and celebrations attract fringe benefits tax (FBT)? And when are they exempt?
Christmas is traditionally a time of giving – including employers showing gratitude towards staff for a job well done. However, Christmas parties and gifts can attract the attention of the Taxman.
Home as a place of business during COVID: CGT implications
The COVID-19 pandemic has resulted in more employees working from home than ever before. This, in turn, has resulted in such people being able to claim a range of deductions for various “running expenses” associated with working from home.
Compensation payments: Avoiding contribution issues
Superannuation fund trustees who receive compensation from financial institutions and insurance providers must consider how receipt of these payments may impact a member’s contribution caps.
Stapling super: Reducing multiple accounts for employees
New legislation will ensure that when an employee moves jobs, the super fund they used with their former employer will be ‘stapled’ and will automatically follow them.
Buying a new home before selling the old one: The ins and outs
Sometimes an individual or couple decide to buy a new home before selling their existing one. In such cases, a concession exists that allows for both houses to be treated as a main residence for up to six months – but only if certain conditions are met.
Claiming GST credits for employee reimbursements
If you are an employer registered for goods and services tax (GST), you may be entitled to claim GST credits for payments you make to reimburse employees (including company directors) or partners in a partnership for certain work-related expenses.
SMSFs & property development Emerging risks
There has been an increase in the number of SMSFs entering into arrangements where real property is purchased and developed to subsequently be sold or rented out. Such investments can help the fund build up its wealth more quickly than other forms, and from a tax standpoint, any rent or eventual capital gain may enjoy concessional tax treatment.
How to treat work-related travel and living away from home costs
The ATO has released new guidance to help clarify the tax treatment of costs and allowances incurred when an employee travels – or spends time living away from home – for work.
Forsyths Office Arrangements during COVID-19 lockdown.
Forsyths Office Arrangements during COVID-19 lockdown. Due to the recent lockdown announcements, the Tamworth and Armidale Forsyths offices will be closed to clients for the next 7 days.
What the new - your future, your super means for you
Recent legislative reforms to the superannuation arena are set to change the retirement savings landscape for many Australians.
Avoid common mistakes in your business return, and include appropriate income
We know you want to get your tax right, so it may help you this tax time to know how to avoid making what the ATO has found are the most common tax mistakes.
Getting deductions for clothing and laundry expenses right
The ATO allows certain taxpayers to claim a deduction for the cost of buying and cleaning occupation-specific clothing, items of protective wear and for certain unique, and usually distinctive, uniforms.
When the taxman sends a bill, not a refund
Most people who earn income as employees have tax payments made on their behalf throughout the year through pay-as-you-go (PAYG) withholding to help them meet their annual tax obligations. But this withholding of amounts can sometimes miss the mark.
The ATO’s eligibility requirements for SMSF trustees or directors
All members of a self-managed super fund (SMSF) must be individual trustees or directors of the fund’s corporate trustee. Anyone 18 years old or over can be a trustee or director of a super fund as long as they’re not under a legal disability (such as mental incapacity) or a disqualified person.