Employer Superannuation Fund Compliance To Benefit Tax Deductions Employers are entitled to a tax deduction for contributions made to a complying superannuation fund or a retirement savings account (RSA) for the purpose of providing superannuation benefits for their employees. The contributions are only deductible for the year in which they are made. To maximise the…
Insights About Your Fringe Benefit Tax Obligations Unsure about your Fringe Benefits Tax (FBT) Obligations or what FBT is about? We have compiled some helpful tips that can help you. If you own or lease a car that is available for the private use of your employee/s you may be providing a car fringe benefit.…
Focus on Bi-Annual Payroll Tax Lodgments Article by: Jay Rajapakse, Advivo Accountant and Payroll Specialist Payroll tax is a tax assessed by the various states and territories on the wages paid or payable by an employer. Payroll tax is payable when the total ‘taxable’ wages exceed a particular threshold amount imposed by each state and territory.…
Small Business Restructure Roll-over From 1st July 2016 small businesses, defined as those with a turnover under $2m in the prior year, current year, or following year, have a new tax rollover available when restructuring. Should the Turnbull government be able to get key parts of their budget passed by Parliament qualification for this rollover increases…
Getting The Benefits From Your Investment Property Do you have a commercial property as an investment? If so, what has your tenant done to the property over the years or what have you done for tenants as part of landlord works? Changes to your properties often produce a need to change your taxation records and…
Identifying Your Property Investment Deductions Are you thinking about “after-tax income and returns” and making the depreciation and capital allowances deductions on the plant and improvements part of your considerations? Under the current Income Tax Assessment Act, both depreciation on plant (Division 40) and capital allowances deductions (Division 43) are claimable against assessable income. Plant…
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