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Posted in Tax
#EveryoneNeedsaPlan to Claim Home Work Expenses During COVID 19 Lockdown
Posted by G. Dean McKinnon
on 2 March 2022
Many of us have had to work from home over the past couple years during the COVID 19 lockdowns, which means we generally have used our personal equipment to complete our work, but not all expenses incurred will be tax-deductible.
Fringe Benefit Tax (FBT) has very specific requirements for what business related expenses are tax deductible and those that are subject to FBT. Whilst FBT is payable by the employer, many employers will request their employees to reimburse them for any FBT pa...
Fringe Benefit Tax (FBT) has very specific requirements for what business related expenses are tax deductible and those that are subject to FBT. Whilst FBT is payable by the employer, many employers will request their employees to reimburse them for any FBT pa...
| Posted in:Tax | 0 Comments |
#EveryoneNeedsaPlan When Distributing Trust Income to Family Members
Posted by G. Dean McKinnon
on 24 February 2022
The ATO recently issued a Taxpayer Alert regarding parents that benefit from a trust entitlement of their children over 18 years of age.
It has been common practice for families to distribute trust income to various family members that have different Marginal Tax Rate brackets. The income may be declared distributed in the trust account and individual tax returns of the parents and children but the "economic benefit" may only reside the parents (i.e. the income is declar...
It has been common practice for families to distribute trust income to various family members that have different Marginal Tax Rate brackets. The income may be declared distributed in the trust account and individual tax returns of the parents and children but the "economic benefit" may only reside the parents (i.e. the income is declar...
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ATO Knows You Have a Boat!
Posted by G. Dean McKinnon
on 23 July 2021
The ATO, using their data-matching program, will now be able to obtain lifestyle asset data from insurance policies for the 2021 FY, 2022 FY, and 2023 FY.
The ATO will be comparing the value of certain lifestyle assets to your declared income and if you have a boat that is insured for $100,000 but your declared income for the last three years was $20,000, you may have a problem ...
The data-matching program will look for assets above a certain value, so if you have a $5000 dingy I would...
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#everyoneneedsaplan When Using JobMaker Hiring Credit Incentive Scheme to Hire New Employees for New Positions
Posted by G. Dean McKinnon
on 11 November 2020
The federal government's JobMaker Hiring Credit stimulus package is to be available to eligible employers over 12 months from 7 October, 2020.
Employers can receive up to $10,400 per new employee that has been hired to fill a new position.
The key point to remember is that the position must be new, and is not applicable if the employer hires a new employee to fill an existing position in the business.
Eligible employees aged 16-29 years will receive $200 per week.
Eligible emplo...
| Posted in:EconomicTax | 0 Comments |
#Everyoneneedsaplan When Claiming GST Payments
Posted by G. Dean McKinnon
on 4 November 2020
The two most common examples of when you cannot claim the GST you have paid are:
1. The entity from which you are purchasing the goods or services is not registered for GST; and
2. The personal-use portion of any goods or services purchased by your business. Be aware: even if the entity from which you purchase the goods or services provide you with a tax invoice and an ABN, they may have cancelled the GST registration in which case you cannot claim the GST that you paid to ...
2. The personal-use portion of any goods or services purchased by your business. Be aware: even if the entity from which you purchase the goods or services provide you with a tax invoice and an ABN, they may have cancelled the GST registration in which case you cannot claim the GST that you paid to ...
| Posted in:Tax | 0 Comments |
