Thinking of a big Christmas party/gift? Think again!
With the silly season fast approaching and the annual Christmas party up and coming, we wanted to bring to your attention some of the tax consequences during the festive period. Along with income tax and GST, there is Fringe Benefits Tax (FBT) to consider and often gets overlooked when providing numerous benefits to employees. FBT […]
Director ID
Director Identification Number A Director Identification Number (Director ID) is a unique identifier that a director applies for once, which then remains with them forever. It is a 15 digit identifier to ensure the verification of a director’s identity with the Australian Government. If you are a director of any company, you will need to […]
Stapled Super Funds
Attention all Employers: Stapled Super Funds From 1 November 2021, if a new employee comes on board and doesn’t choose a superfund, you may need to contact the ATO to request their ‘Stapled Super Fund’ details. Directly from the ATO: ‘A stapled super fund is an existing super account which is linked, or ‘stapled’, to […]
Electricity rebate
The WA Government has recently announced another stimulus for small businesses here in WA. A $500 electricity credit is available to eligible businesses and charities for use of commercial premises, including mixed-use with residential property. Unlike the automated credit issued to businesses during COVID last year, an application must be completed and lodged with the […]
ATO Focusing on Cryptocurrency
This was the headline of an ATO media release earlier last month, in an area with a large amount of taxpayer confusion. “The ATO estimates that there are over 600,000 Australian taxpayers who have invested in cryptocurrency in recent years, hence it is an area of CONSIDERABLE ATO focus this tax season.” Many taxpayers believe […]
Success isn’t just about the $$$
The last book Connolly’s advocated too everyone was “THE BARE FOOT INVESTOR”. Everyone’s read that and are now on their way to fortune building…… or at least more disciplined financial planning. THE HAPPINESS TRAP is about the way we think about everything. It challenges traditional value setting (not unlike Robert Kiyosaki on learning) and creates […]
Federal Tax Budget benefits for Small to Medium Businesses
Forget the rhetoric about the Federal Tax Budget being an election budget, let’s talk about what is in it for your business and family. THE ECONOMY. The landscape for your business should be positive. The economy is expanding with forecasted growth. 4.25% is much higher than normal Unemployment is predicted to fall to very low […]
Business changes to be aware of now!
Surprises in Business are rarely beneficial. It’s usually a case of business owners having to consider an appropriate reaction without which results in a diminished financial position. Just to demonstrate the complexity of business and the need for constant review which can only be achieved by disciplined working “On the business” and optimally with professional […]
Fringe Benefits Tax – Do I provide employee benefits?
Fringe Benefit Tax (FBT) – where do we start? Yep – it’s approaching that time of year where an annual review of your business’s benefits is undertaken. A return is lodged or most commonly “we don’t provide any benefits to our employees” is the main point of action. As we harp on every year…..EVERY BUSINESS […]
Income Tax Changes for 2021
There are significant income tax rate changes for the coming year (2021) aim to support businesses through these tough times. The major changes as follows provide significant planning opportunities for Perth Businesses: