Tax
The Pitfalls of Borrowing From Your Business
Division 7A is a rule that comes into play when owners of private companies take money out of their businesses in ways that aren’t straightforward salary or dividends. A common scenario that triggers Division 7A is when a business owner takes out a loan from their company and doesn’t pay it back under the terms…
Changes to Stage 3 Tax Cuts
The Federal Government has unveiled a proposal to reshape the scheduled Stage 3 personal income tax cuts, set to commence on 1 July 2024. This decision comes after extensive speculation, with the government aiming to reallocate and extend the benefits of these tax cuts to a larger segment of the Australian population. What are the…
A Comprehensive Guide to Staff Parties and Gift Giving
The festive season is upon us, and as businesses prepare to celebrate with staff parties and express gratitude through gift-giving, it’s essential to navigate the intricate landscape of tax implications. In this guide, we’ll focus on the deductibility and Fringe Benefits Tax (FBT) aspects, ensuring your celebrations are not only joyful but also tax efficient.…
The Benefits of a Pay As You Go (PAYG) Withholding Variation
Choosing to use a Pay As You Go (PAYG) withholding variation, can provide property Investors the opportunity to optimise their cash flow by altering the amount of tax their employer withholds each pay cycle. This article sheds light on the mechanisms, benefits and the interplay of depreciation, in enhancing cash flow through a PAYG withholding…
How to Avoid the Expensive Medicare Levy Surcharge for 2024
August 7, 2023 | Tax, Tips and Tricks The Medicare Levy Surcharge (MLS) is a charge for medium to high-income earners to pay in addition to the Medicare Levy. Similar to the Medicare Levy, the surcharge helps pay for the public health system encourages those who can afford it to take out a private health cover…
Here’s where the ATO’s focus is this tax time
June 8, 2023 | Tax Tax season is just around the corner, and it’s time to gear up for what the ATO has on its radar. From making sure your tax returns are accurate to keeping an eye out for potential red flags, staying informed can help you navigate this season smoothly. So, let’s dive…
Tax impacts of proposed changes to NZ citizens living in Australia
May 23, 2023 | Tax In a recent media release on 22nd April 2023, the Australian Government announced that they are looking to make the ability to obtain Australian citizenship a much simpler process for NZ citizens who are residing in Australia. Current Rules Practical Process Currently, the process for NZ citizens to become Australian…
When does GST apply to medical services?
May 23, 2023 | Tax Generally, the supply of medical services to patients are GST-free. However, there are certain scenarios which could attract the requirement to charge GST on a medical service supply. This can make interpreting the GST obligations for providing such services difficult for medical practitioners to decipher. The ATO defines a medical…
Benefits of the new FBT changes on electric vehicles
As the use of electric vehicles grows in popularity, it’s crucial for business owners to keep up-to-date on how the recent changes to Fringe Benefits Tax (FBT) regulations affect their operations and workers. By selecting the appropriate electric vehicle, comprehending the associated expenses, and guaranteeing that employees are educated and equipped, employers can benefit from…
Are you providing any personal benefits to employees?
March 30, 2023 | Tax With 31 March fast approaching, it is that time again for businesses to review whether they have provided any fringe benefits to their current or former employees in the past 12 months (1 April 2022 to 31 March 2023). A fringe benefit is a non-cash benefit provided to an employee,…