Category: Tax

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Small Business, Tax

The tax deductibility of Christmas gifts and parties to staff

Christmas parties are considered to be “entertainment benefits”. Therefore, the expenses may be subject to fringe benefits tax (FBT).

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Small Business, Tax

Melbourne small businesses receiving in-person visits from ATO

Supposedly, up to 800 businesses will be targeted by the ATO and Fair Work Ombudsman.

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Tax

Are You A Cryptocurrency Consumer, Investor Or Trader?

For tax purposes, it is very important to know what category your cryptocurrency activity falls within.

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Small Business, Tax

Cash Accounting vs Non-Cash Accounting For Reporting GST

As a general rule, smaller businesses tend to use cash accounting because it is not as complex as non-cash accounting.

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Tax

How To Know If You Are Dealing With A Dodgy Tax Agent

In the 18/19 financial year, the tax office received more than 200 tip-offs about accountants who were making inaccurate claims for their clients.

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Tax

ATO Take ‘Gloves Off’ On Overseas Income

The ATO have again flagged that under-reporting of foreign income is an issue.

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Small Business, Tax

Are Phones And Internet Considered A Fringe Benefit?

Generally, this scenario is labelled as an ‘expense payment fringe benefit’.

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Tax

The Difference Between Income Tax And Instalment Tax

PAYG instalments are prepayments only, and they are cash flow items in your business. They are not the actual result.

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Small Business, Tax

FBT And Uber Style Ride Sharing

Does the FBT exemption extend to employees using Uber for travel?

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Tax

How Much Can You Claim On Your 2019 Return?

It’s tax time yet again, and many Australians are wondering what areas are best to make their claims.

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Small Business, Tax

The Tax Time Crackdown On SMEs

The tax office are continually warning small businesses of their sophisticated data matching and analysis tools which are pointing out all dodgy lodgements.

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Small Business, Tax

New Businesses Required To Lodge TPAR

Businesses that provide cleaning or courier services will now need to lodge a Taxable Payments Annual Report (TPAR).

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