Tradies – buy your business a Christmas Present

We all love to give presents to our friends and family during the Christmas period but there has never been a better year to give your business a Christmas Present. In May 2015, the Government provided a significant incentive for small business owners to purchase business assets up to the value of $20,000. What does this […]

Tips to enjoying Christmas with your staff with Fringe Benefits Tax

We all love to spread the Christmas cheer and share the holiday season with our staff, friends & families. Before you provide your employees with Christmas gifts or parties we encourage you to consider the Fringe Benefits Tax implications. Background – what is Fringe Benefits Tax (“FBT”) Fringe Benefits Tax (FBT) is charged to employers that provide employees […]

Penalty for failure to lodge your tax return on time?

Received a penalty from the Australian Tax Office for a failure to lodge your tax? You are not alone with the Australian Taxation Office (“ATO”) being on a significant collection drive by sending these types of notices for overdue income tax, GST, activity statements, and other lodgements. The ATO calculates the dollar value of the […]

Cash v Accrual Accounting Methods

Cash vs. Accruals  – knowing your options. Business owners with an annual turnover of under $2 million per year, have a choice whether to report their GST using a ‘cash’ or ‘accrual’ method. This can result in substantial differences in respect to Quarterly GST  and annual Income Tax refunds / payments. What Is the Difference between […]