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What you need to know about FBT 2021

What you need to know about FBT 2021

FBT 2021: What you need to know Is your business at risk of a nasty Fringe Benefits Tax surprise? We’ve outlined the ATO’s ‘red flags’ for employers and employees. FBT updates and problem areas COVID-19 assistance and benefits Motor vehicle problem areas ATO ‘red...

Record Keeping – in brief

Special guest post by Tom Scrutton Keeping records is extremely important for both business owner and taxpayers. The good news these days is that you can maintain soft copies of most of your historical records, saving on clutter and of course minimising tree...

JobKeeper 2.0 Announced

The second tranche of the JobKeeper scheme changes the eligibility test for employers and the method and amount paid to employees. If your business currently receives JobKeeper, your arrangements will generally remain unchanged until 27 September 2020. From 28...

50% Accelerated Depreciation

Date New assets acquired from 12 March 2020 and first used or installed ready for use for a taxable purpose by 30 June 2021 Applies to Businesses with aggregated turnover less than $500m   Eligibility Businesses with a turnover of less than $500 million can...

More JobKeeper Changes…

On Friday afternoon, (24/04) the Government announced further changes to the JobKeeper program, and clarified some rules. We have highlighted them below: GST turnover: Cash vs accruals – Everyone can choose! After the rules initially suggested that everyone was...