Fringe Benefits Tax – Tax Facts
The following methods could be employed to decrease FBT: • Encourage employees to contribute towards the cost of the benefit. • Maintain a logbook. • For cars acquired before 10…
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01/12/2023
Fringe Benefits – Tax Tips
To avoid the high cost of FBT, many employers choose to provide a car allowance to their employees, typically ranging from $15,000 to $20,000. Although this allowance is subject to…
24/11/2023
Salary Sacrifice – Tax Tips
High-wealth individuals who operate their businesses through a company structure should consider retaining funds within the corporate entity instead of receiving a wage or dividend to stay below the $250,000…
17/11/2023
Salary Sacrifice – Tax Facts
If you enter into a salary-sacrifice arrangement, your income tax liability should decrease compared to not entering into the agreement. However, before committing into any arrangement, it's crucial to consider…
10/11/2023
Working a Second Job – Tax Tips
If you have a second job, you may be eligible to claim the expenses of traveling directly between two distinct places of work. Nevertheless, the expenses incurred for traveling from…
03/11/2023
Redundancy – Tax Pitfalls
Although payroll departments typically calculate redundancy and termination payments accurately, mistakes can occur. Unfortunately, these errors can sometimes be significant, with miscalculations exceeding thousands of dollars in some cases. As…
27/10/2023
Redundancy – Tax Facts
"According to the ATO, a bona fide redundancy payment is defined as compensation received by an employee under the age of 66 upon being dismissed from their job due to…
20/10/2023
ATO Hit List – Tax Facts
The ATO has provided a set of straightforward guidelines to ensure the accuracy of your claim for work-related expenses: • The expense must have been incurred during the year for…
11/10/2023
ATO Hit List – Tax Pitfalls
The ATO is aware of fraudulent emails and SMS messages that may appear to be from an @ato.gov.au or similar senders, falsely claiming to be sent from the 'Australian Tax…
06/10/2023
Keeping those receipts – Tax Facts
Individuals with uncomplicated tax affairs are only required to keep their records for two years. This applies if their income is solely from salary or wages, interest, or dividends within…
29/09/2023
