FBT Reminder
With the end of the Fringe Benefits Tax (FBT) year looming on 31 March 2016, in this month’s newsletter we present a relevant article on FBT and motor vehicles.
Motor Vehicles are the most common item we come across where FBT is relevant. For the second most frequently occurring area (entertainment) please refer to the previous article in our November Newsletter “Be Careful: Tax-Free Lunches are Rare“.
Don’t forget on or around 31 March to:
– Record odometer readings for all vehicles owned by Companies and Trusts
– Start to compile information on FBT items provided through the past year
– If you have previously received our FBT pack, look out for this by the end of March
If you aren’t on our FBT list and aren’t sure whether you should be please contact our FBT specialist, Anita Bellingham on (07) 3226 1800 or email anita.bellingham@advivo.com.au or contact the partner who handles your work.
Improving your Cash Flow
Cash Flow is imperative to your business like water is to a plant. There are many options available now to assist you in improving your cash flow, such as use of online tools, your accounting systems and direct or automated payment solutions software to assist your business.
There are Payment Solutions Software available that can link with your accounting software to provide automated reminders, offer a platform for direct debit facilities and assist you in collecting payments from your clients. Two software solutions that could assist are EziDebit and ezyCollect which aid in automating the accounts receivable process for your business.
Please click on the links above and read how these simple products can help improve your cash flow.
What is a Car Fringe Benefit
Employers may provide cars to their employees for private use. As an employer, you may be providing a car fringe benefit. If that’s the case, you need to understand what is a car fringe benefit for fringe benefits tax (FBT) purposes. Full Article
Social Media Presence of Australian Businesses Growing
Australian businesses are increasingly taking to social media as a way to communicate and interact with their customers and the community. According to recent figures released by the Australian Bureau of Statistics (ABS), more than one in three Australian businesses had a social media presence as at 30 June 2014, up from one in four the previous year. Full Article
Excessive card surcharges banned
Does your business apply a surcharge when customers pay with their credit or debit cards? If you answered yes, you need to be aware of changes to the law that limit the amount businesses can surcharge customers for using payment methods like these. There is a limited opportunity for businesses to prepare before the changes come into force, and to consider whether any surcharges currently applied could be higher than the cost of the business accepting the payment types. Full Article
Disclaimer of Liability
Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided “as is,” with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
