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FBT changes for employees – Salary packaged meal and other entertainment benefits

FBT changes for employees – Salary packaged meal and other entertainment benefits

From 1 April 2016, there are changes to the fringe benefits tax (FBT) treatment of salary packaged meal entertainment and entertainment facility leasing expense benefits (meal and other entertainment benefits). If you receive these benefits from your employer, you need to be aware of these changes as they may affect your arrangements. Some of the changes will affect all employees,…read more →

Deadline looms for SMSFs and collectibles

Deadline looms for SMSFs and collectibles

Does your self-managed superannuation fund (SMSF) own a vintage motor vehicle, artwork, wine, coins, jewellery or other collectibles? More stringent rules for how these collectible and personal use assets are managed come into effect for all funds from 30 June 2016.  While it’s important for all SMSFs to ensure that they are compliant with the rules, funds with collectibles purchased…read more →

Scam alert! ATO Scam Emails!

Scam alert! ATO Scam Emails!

We are again urging clients to beware of scammers posing as the Australian Taxation Office (ATO). Scammers pretending to be from the ATO will typically approach you by phone or email in an attempt to trick you into handing over your personal details or money. Scam emails, faxes, SMS and phone calls can and do look or sound very convincing….read more →

ASIC and ACNC partner to resolve charity banking issues

ASIC and ACNC partner to resolve charity banking issues

The Australian Charities and Not-for-profits Commission (ACNC) and the Australian Securities and Investments Commission (ASIC) have partnered to urge banks and other financial service providers to change the way they interact with charities. Since its formation in December 2012, the ACNC has received over 1,000 complaints from charities regarding the way banks and other financial services providers have tried to…read more →

When you can and can’t claim for car expenses

When you can and can’t claim for car expenses

You can claim a deduction for work-related car expenses if you use your own car in the course of performing your job as an employee, for example, to: carry bulky tools or equipment attend conferences or meetings deliver items or collect supplies travel between two separate places of employment (for example, when you have a second job) travel from your…read more →

Reminder – Annual Information Statement due 31 January 2016

Reminder – Annual Information Statement due 31 January 2016

The Australian Charities and Not-for-profits Commission (ACNC) is reminding charities to complete and lodge their 2015 Annual Information Statement (AIS) by the due date of 31 January 2016 (for charities that use a standard 1 July to 30 June reporting period). ACNC Commissioner, Susan Pascoe AM, is urging charities who have not yet lodged their 2015 AIS to act now….read more →

Are you SuperStream ready?

Are you SuperStream ready?

The Australian Taxation Office (ATO) is reminding employers with 19 or fewer employees, that they have until 30 June 2016 to get ready for SuperStream. With only two quarters left until SuperStream becomes mandatory, the ATO is urging employers to act prior to the deadline. The ATO reports that “it takes a little time to set up, but over a…read more →

Small business webinars

Small business webinars

Need help understanding how the tax system applies to your business? The Australian Taxation Office (ATO) conducts a series of small business webinars designed to provide information on tax and super responsibilities for those who have recently started a new business or are thinking about setting one up. The Tax basics for small business webinar series is split into 12…read more →

2015 Annual Information Statement

2015 Annual Information Statement

Registered charities that use a standard reporting period of 1 July to 30 June are now able to log into the Australian Charities and Not-for-profits Commission’s (ACNC) Charity Portal, and lodge their 2015 Annual Information Statement. These charities will have until 31 January 2016 to submit their 2015 Annual Information Statement, a one month extension. Susan Pascoe AM, Commissioner of…read more →

FBT & portable electronic devices

FBT & portable electronic devices

From 1 April 2016, small business owners with a turnover of less than $ 2 million per annum will no longer need to pay Fringe Benefits Tax (FBT) on any portable electronic devices provided to employees for work-related use. The devices can include laptops, tablets, calculators, GPS navigation receivers and mobile phones, and the benefit may be in addition to…read more →