As most people are now aware, Uber drivers need to register for GST by the time they complete their first drive. What many are unaware of however is that the GST registration applies to any other businesses that they run as a sole trader. Take the example of someone who has a micro business that turns over less than $75,000….read more →
While there is no separate “Christmas Party Fringe Benefits Tax (FBT)”, fringe benefits provided by you, an associate, or under an arrangement with a third party to any current employees, past and future employees and their associates (spouses and children), may attract FBT. Exempt benefits – minor benefits The provision of a Christmas party to an employee may be a…read more →
Here are our top tips for planning prior to 30 June: Accelerate deductions For businesses, if your cashflow is good, make the purchases you need before the end of the financial year to claim the deduction, particularly those with turnover under $10 million. For individuals, it’s a good time for charitable giving. Delay income – One off opportunity for high-income…read more →
The popular $20,000 instant asset write-off for small business entities, which enables small businesses to immediately write-off depreciable assets costing less than $20,000, is now accessible to 90,000 more businesses. Until recently, this instant write-off was only accessible to businesses with an aggregated turnover of less than $2 million, however following a last minute deal struck between the government and…read more →
The Treasurer handed down the Budget 2017/18 at 7.30pm on Tuesday 9 May 2017. In short, the Budget proposes a series of measures targeting gaps in healthcare, first home ownership, foreign workers, investments and bank accountability. It also delivers $75 billion in infrastructure projects. Key Budget measures include: Business Extension of the $20,000 immediate deduction until 30 June 2018; Contractors in…read more →
In November 2016, the Senate passed a series of the broad ranging superannuation reforms originally proposed in the Federal Budget. The Treasury Laws Amendment (Fair And Sustainable Superannuation) Bill 2016 and the Superannuation (Excess Transfer Balance Tax) Imposition Bill 2016 passed the Senate without amendment. Summary of the changes: Introduce a $1.6 million cap on the amount of capital that…read more →
The Australian Charities and Not-for-profits Commission (ACNC) has introduced a new logo, the Tick of Charity Registration, for use by eligible registered charities. The Charity Tick aims to give reassurance to the public that a charity is transparent and accountable by highlighting its presence on the ACNC Charity Register. Charities who are overdue in providing their yearly reporting to the…read more →
The Australian Taxation Office’s (ATO) free myDeductions tool is a useful resource for both individuals and sole traders. Individuals can save themselves time and effort by keeping their tax deductions organised. Sole traders can use the tool to keep track of income and expenses. To access the tool you will need to download the app to your smart device and…read more →
If your charity uses the standard reporting period of 1 July to 30 June, you will need to submit your 2016 Annual Information Statement with the Australian Charities and Not-for-profits Commission (ACNC) by 31 January 2017. The ACNC provides a range of free resources to make the submission process easier for all registered charities, including a checklist, a draft worksheet…read more →
Did you know that there’s a standard that all organisations (including registered charities) must follow when making telemarketing and research calls? The Australian Communications and Media Authority (ACMA) administers the Telemarketing and Research Industry Standard. Registered charities are exempt from Do Not Call obligations, meaning they are allowed to conduct telemarketing to numbers on the Do Not Call Register, however…read more →