With Christmas looming it is timely to note Christmas parties are exempt from FBT as minor benefits if the total value of the benefit to the employee, including any family member attending, is under $300. This increased from $100 on 1 April 2007. Read More »
Starting a new job is an exciting, scary and busy time. The Australian workforce is more mobile than ever and the Australian Bureau of Statistics estimates that about 1.8 million people change jobs every year. Whilst doing so it is important not to neglect your superannuation. Read More »
Self managed super funds are about to enter a revolution. New rules have legitimised a form of borrowing in superannuation – something generally not allowed in super funds. Read More »
Your last will and testament sets out how everything you own will be distributed when you die. Who will get the grandfather clock? Who will get grandma’s jewellery? Your will appoints an executor to administer your estate. They will hold your assets in trust on behalf of your beneficiaries. The executor will collect all your assets, pay any debts, lodge your final tax return and distribute the remaining assets according to the will. Read More »
Superannuation is held in Trust on your behalf by your nominated Superannuation Fund. Given that, it cannot be dealt with effectively through your will. As a result you must specifically advise your Superannuation Fund if you wish to nominate a person to receive any benefits upon your death. Read More »
Are you fulfilling your obligations as an employer regarding record keeping? The following is a short checklist of the Tax Office requirements relating to record keeping. Read More »
A person can access their superannuation benefits as a non-commutable income stream provided they have reached preservation age (currently 55). This transition to retirement measure is an initiative by the government that allows people to supplement their perhaps part-time income with monies accumulated in their superannuation fund. It is aimed at attempting to retain experienced workers in the workforce at a time of skill shortage. Read More »
If you need to complete a new logbook for a motor vehicle you need to start now so your 12 weeks is finished in time for the end of the FBT year on 31 March 2008. Read More »
Have you ever wondered why you never see Santa Claus leaving presents under your Christmas tree? When we were young the gifts appeared like magic and even now you are older it is still important to believe in this magic. Read More »
The Australian Taxation Office (ATO) has advised that they will undertake two major projects to ensure employers are meeting their fringe benefits tax (FBT) obligations in relation to employee car benefits. A letter will be forwarded to clients where it is applicable in this matter and a courtesy copy will also be given to their Tax Agent(s). Read More »
The Non Commercial Loss Rules of Division 35 limit the ability of taxpayers to offset business losses against other assessment income unless one or more of the following tests are met. Read More »
With the ongoing drought continuing to affect primary producers throughout Australia Chartered Accountants are well placed to provide support and services to people in the rural community. Read More »