Category: Small Business Tax Advice

Small Business Tax Advice, Tax Champion

Before You Get Your Startup Running

There are three key people that you need to consult before you kick off operations in your startup.

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Small Business Tax Advice

Know Your Value Before You Get Strategic

Understanding the value of your business is crucial for success.

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Small Business Tax Advice

Tackling Small Business With Lateral Thinking

We take a different approach at Paris Financial, and it’s bound to shine positively on your tax return.

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Small Business Tax Advice, Tax Champion

What Changes As A Small Biz Owner Once My Kid Turns 18

While your kid is gallivanting around, we can work out how to use those kids to our benefit in your business.

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Small Business Tax Advice, Tax Champion

Unrelated Business Partners Investing In Commercial Property

There are a number of rules that must be adhered to if you plan on investing in property with non-family members.

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Community, Small Business Tax Advice

New Rules For Gift Card Expiry Dates

In Australia, around 34 million gift cards are sold each year with an estimated value of $2.5 billion.

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Small Business Tax, Small Business Tax Advice

Changes to Courier and Cleaning Services Reporting

If you are a business that provides cleaning or courier services, you will now need to lodge a Taxable Payments Annual Report (TPAR) to inform the ATO about your payments to contractors.

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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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Small Business Tax, Small Business Tax Advice, Tax Champion

Financial Benefits While Your Kids Are At Schoolies

We can’t guarantee that they’re safe… but we can tell you that now is a great time to think about making the most of your kids while you’re owning a small business.

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Allied Health, Small Business Tax Advice, Tax Champion

Trained Professionals: Get Pelted With Easy Money

Are you a trained professional looking to go into public practice? Well, I have some advice for you. This is for accountants, lawyers, doctors, and allied health professionals.

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Small Business Tax, Small Business Tax Advice, Tax

Accelerated Tax Rate Reduction For Small Business

Small business is still a vote winner with the Government and Opposition teaming up to accelerate tax cuts for the sector by 5 years impacting on an estimated 3.3 million businesses.

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Small Business Tax Advice, Tax, Tax Champion

Cooling Your Jets On Impending Law Changes

Political promises, and the resultant legislation changes that sometimes accompany these promises, can never be acted upon until they become law.

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