Blog

Make tax time less taxing

Tax time comes around with alarming regularity, so why is it that we tend to wait till the 11th hour to get all our affairs in order?

Good tax planning is about more than simply maximising deductions. It enables you to focus on the big picture so you can arrange your business and personal affairs in the most tax effective way and make the most of our services and tax updates throughout the year. Not only will it reduce stress as June 30 approaches, but you could end up better off as you won't have forgotten anything in the last-minute scramble.

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Tax Alert: March 2019

With small business votes likely to be a key battleground during the Federal election campaign, the Morrison Government has announced its first tax sweeteners.

Here's a round up of key developments in the world of tax:

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Car expenses on the ATO's radar

With almost 4 million Australians making work-related car expense claims, the Australian Tax Office has the practice in it's headlights.

Not only are they on the lookout for people wrongly claiming, but they are also armed with enhanced technology to check these claims.

As a result, you need to make sure that if you claim your car expenses, or if your employees use a company car for private use, that you are sticking to the rules, not double dipping and not misrepresenting actual usage.

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Tax and your website: What can you claim?

Most small businesses and independent contractors have a website these days. If you are planning to launch a new website or refreshing an existing one, it's important to understand the tax implications. As with all things tax, it's not always easy.

The complexity of the technology and associated services that go with running a website can make it tough to determine what you can claim upfront as a tax deduction and what you need to depreciate over time.

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'Black Economy' rules target tax avoidance

Small businesses are likely to find themselves kept busy with the progressive transition to the Single Touch Payroll system and new rules designed to beat Australia's 'black economy'. Here's a round up of the latest tax news:

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The FBT Grinch that Stole Christmas

With Christmas carols and decorations popping up in every shopping centre, you know the festive season is just around the corner. That means it's time to celebrate another year of hard work with your colleagues by taking time out to have a little fun.

For most organisations, however, the lavish parties and restaurant meals of holiday seasons past are now but a fond memory due to the modern-day Grinch of Christmas - the fringe benefits tax (FBT). FBT applies wherever an employer provides a benefit to an employee other than their regular salary or wage, with employers required to pay FBT at a rate of 49% on the grossed-up taxable value of these benefits. Unfortunately, the tax mean deems Christmas parties to be an 'entertainment benefit' because food and drink are provided in a social situation and the aim is for employees to enjoy themselves.

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