Tax
How JobKeeper subsidy impacts Workcover and Payroll tax
May 19, 2020 | Tax With more than 750,000 businesses enrolling for the JobKeeper subsidy, its important that business owners understand how the subsidy will affect wages declarations for both WorkCover and payroll tax. Workcover The big question is will JobKeeper payments be considered declarable wages for Workcover purposes? Unfortunately the answer is not…
What has changed after 20 years with GST?
May 12, 2020 | Accounting, Business, Tax 2020 marks the 20th anniversary of the implementation of the Goods and Services Tax, or GST as it is more commonly known. GST is a 10% tax applied to most goods and services (as the name suggests) and whilst it was a big deal when it was introduced,…
8 Services You Had No Idea Your Accountant Could Do
You may be surprised to know that there is more to accounting than tax and bookkeeping. While they both are major parts of an accountant’s job, as cloud computing makes these less time consuming, the role of an accountant has shifted. Now, an accountants’ services goes beyond simple tax and bookkeeping. Now your accountant can act more as your advisor, offering further services that…
Tax Return Tips For 2020
As we are getting closer to the end of the 2019-2020 financial year it is important to recap what tax deductions you can and cannot claim. To make things easier there are a few general rules that apply to most deductions you can make. Your expenses will be claimable if: So, with that in mind here are some…
Key Changes To CGT Exemptions For Expats And Foreigners
Legislative changes have been made to Capital Gains Tax (CGT) which impacts non-residents. Expats and those with a main residence in Australia, but who live overseas, will find that they can no longer access the main residence exemption from CGT. There are some exemptions to this change, and we will explore further the rule changes, its…
Cash vs Accruals, Which GST Reporting Method Is Better?
If your business is registered for GST you should be aware of the reporting requirements you have. Most businesses will need to report the GST they collected each quarter in a business activity statement (BAS). Where things can get confusing for some business owners is in the different reporting methods you can use. Often, business…
A Guide On Helping Employees In Emergencies
Your employees are the lifeblood of your business. They have used their experience and talents to take what you started further than it ever could have gone before. Often, they can become like family. But when disaster strikes and your employees are impacted by it, providing help is the first thing on our mind. Normally,…
5 FBT Tips For Christmas
Everyone loves a great Christmas party. They are a great way to let your employees know that their hard work is well appreciated. However, a little tax planning is necessary to ensure you aren’t copped with a huge FBT (Fringe Benefits Tax) bill at the end of the fun. Generally, the three primary benefits employers will provide their…
The ATO Is About To Send Letters To Airbnb Hosts Over Unreported Income
The Australian Taxation office is cracking down on those who rent out all or part of their property on Airbnb, or similar platforms, without reporting the income they receive. Over the coming weeks the ATO will send stern letters warning Airbnb hosts to report their income correctly. These letters will also outline what those who…
How To Claim An Extra $25.80 in Fuel Tax Credits per 100 Litres of Fuel
*FTC rates in this article apply for the period 5 August 2019 to 31 January 2020 Many businesses claim Fuel Tax Credits (FTC) on the vehicles they use in their day to day operations. FTC’s assist businesses by providing a credit on their BAS depending on the amount of eligible fuel used each period.…