Is it time to visit the Bank? Visiting your bank is often like visiting the dentist: • You need to go yearly but you delay it for as long as you can • Your past sins are obvious as soon as you open your mouth. They can be even worse when the dentist digs a …
The 2011 Federal budget signaled significant changes to the way Fringe Benefits Tax will be calculated on the use of motor vehicles. Traditionally, motor vehicles have formed an essential part of many remuneration packages and it was initially feared that the changes to the legislation would make it prohibitive for employers to use this carrot …
Many exceptional companies have bonus plans to reward employees. Why would you consider a bonus plan? Advantages include: Staff retention, attraction and motivation. Added incentives to complete jobs on time and achieve agreed milestones. Assists cash flow in the company by minimising annual salary increases.
Why Consider the Contractor issue now? The contractor issue is not at all new, nor has it been subject to any dramatic recent change. However there are a number of diverse factors that have brought this issue back to the spotlight. Growth in the number of Contractors: The attractions of contractors are many: a substantial …
Contractors vs Employees: Under the ATO Spotlight Read More »
The Government released their Mid-Year Economic and Fiscal Outlook (“MYEFO”) report and announced the following key changes: Corporate PAYG Tax Instalments Companies with a turnover in excess of $20 million per annum will be required to make PAYG Income Tax instalments on a monthly basis. In-House Fringe Benefits Under the current legislation, the taxable value …
The new legislation containing changes to the current Living Away From Home Allowances (“LAFHA”) regime was recently passed. For employers with LAFHA arrangements entered into after 8 May 2012, the new rules will apply from 1 October 2012. The new rules require the following from the employers and/or employees:
The ATO has started offering refunds to some individuals who have exceeded their annual superannuation concessional contributions cap. From the 2011-2012 year, there is a once-only opportunity to have excess concessional contributions refunded.
The ATO has recently released details of a data-matching program focusing on contractor payments. Under the program, the ATO intends to collect information in relation to payments made to contractors for the 2009-2010 to the 2011-2012 income years by businesses audited by the ATO’s employer obligations area.
A taxpayer has successfully argued before the AAT that there were special circumstances in his situation to allow for the exercise of the Commissioner’s discretion under the law to reallocate superannuation contributions. Accordingly, monies paid into his superannuation account in late July 2009 could be attributed to the 2008-2009 financial year, and this meant that …
Special Circumstances Found To Set Aside Excess Contributions Tax Read More »
A recent case before the AAT has highlighted the need for businesses to maintain appropriate records of plant and equipment used in business.
