Day: December 3, 2018

Strategic Financial Advice

Successful Investing Despite 115 Million Worries And Truth Decay

As we have observed in recent years, there seems to be a never-ending worry list for investors that is receiving greater prominence as the information age enables the ready and rapid dissemination of news and opinion.

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Strategic Financial Advice

How Close Are We To A Cashless Society?

With tap and go payments becoming ever more popular and the advent of instant transfers between domestic bank accounts, how much longer will we be using cash as a form of payment? 

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Strategic Financial Advice

Investing In ETFs

An ETF is an investment fund that holds a basket of securities – such as shares or bonds that tracks a specified index – and is itself a listed share, traded on a stock exchange.

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Strategic Financial Advice

Make Sure Your Super Goes To Your Loved Ones

While a Will states how you would like your hard-earned assets to be distributed, it doesn’t automatically include your super.

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Strategic Financial Advice

What’s Next For Brexit?

A ‘black swan’ refers to an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict.

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Strategic Financial Advice

Over 65 But Not Yet Ready To Retire?

Taxation considerations are general and based on present taxation laws and may be subject to change. You should seek independent, professional tax advice before making any decision based on this information.

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Strategic Financial Advice

Getting Personal Insurance Right

The fact that some Australians with multiple super accounts are likely to have duplicate personal insurance policies, is also putting the question of adequate insurance into the spotlight. After all, no-one wants to be paying for something they won’t benefit from.

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Strategic Financial Advice

Economic Update – December 2018

The local currency was hampered by the sell-off in global share markets, mixed domestic housing data and further weakness in the Chinese yuan.

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It’s Christmas time and I come bearing gifts! No, it’s not gold, frankincense, and myrrh. It’s some tax information on what you can and can’t claim as an employer.

Many of you employers out there want to look after employees, and there’s nothing wrong with getting a little bit of a tax benefit at the same time.

Most queries I get are in relation to Christmas parties & Christmas gifts.

Christmas parties

We all love Christmas parties.

If you’re going to spend less than $300 per employee on your Christmas party (and I would think that would be most of us – if you’re spending more than $300 you’ve got a lot of spare cash to splash), there’s no fringe benefits tax.

You don’t have to report it, employers! No paperwork! No fringe benefits tax!

However, there’s no tax deduction for Christmas parties.

Christmas gifts to staff

You’ve gotta be careful with gifts.

You can’t claim a deduction for giving out things like footy tickets and concert tickets. But, gift cards and some other things are okay.

If it’s a gift card present and less than $300, it actually is tax deductible and there’s no fringe benefits tax. Happy days!

To sum it up

Christmas parties:

  • If less than $300 per employee, there’s no fringe benefit tax.
  • Can’t be claimed on tax.

Christmas gifts to staff:

  • If less than $300 per employee, there no fringe benefits tax.
  • If it’s an ATO approved gift, it is tax deductible.

Before you purchase or assume anything – make sure you check with your tax accountant exactly what you can and can’t claim. For further details, you can search the ATO website, or contact us on (03) 8393 1000.

Small Business Tax Advice, Tax, Tax Champion

Christmas In The Workplace: Tax Deductions

Christmas time is great for tax deductions! You just need to know what you can/can’t do. We’re answering: what can you claim in terms of gifts and parties?

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