FBT – why all business owners need to report in May
Fringe Benefits Tax (FBT) is often a grey area of tax for businesses, albeit quite black and white for the ATO. It is not an optional payment or reporting responsibility. All businesses with employees are required to review and report Fringe Benefits paid up to 31 March to the ATO by 15 May. It is…
Read MoreBracing yourself for survival in the super wars
Super: there are more questions than answers. Will the Government scrap the legislated rise in superannuation from 9.5% to 12%? How much is enough? Are you in the right fund? Can you afford the increasing Life Insurance premiums from within your fund? It’s enough to want to adopt a mattress-stuffing savings strategy so that you…
Read MorePost-JobKeeper Government Stimulus for SMEs
JobKeeper will end on 28 March. For those currently accessing JobKeeper, the Government has announced an extension to, and expansion of, its SME Loan Guarantee Scheme. The expansion will increase the possible loan amount from $1million to $5million, with banks set to guarantee 80% of the loan and repayment relief on both principal and interest…
Read MoreShould you book a flight?
The government has announced a $1.2 billion injection into the tourism industry that will involve slashing consumer flight prices to certain locations around Australia. Take a holiday, spend your money – says the Federal Government. So…should you? It is very tempting. Between April and July, a 50 per cent discount on tickets will be offered…
Read MoreHow business can stay profitable in a discount world
We live in a consumer savvy world, where consumers hunt down the best prices from the comfort of their lounge rooms, and anonymously review products and services with the click of a button. It’s no wonder price discounting is so common – businesses are competing to provide the best quality and value. It can be…
Read MoreIt’s time to talk about…insurance
Premiums are rising at enormous rates. It can be tempting to stop paying them. But how vulnerable does that leave you and any dependents? Income insurance premiums are rising by more than 70% in the next month or so. It is unreal to think that one jump could be so high. The cause is pointed…
Read MoreCOVID news: Jobkeeper, FBT & Working from Home
COVID continues to bring change to the way we manage business. Here are the immediate changes you should be planning for now. JobKeeper phase 3 ends at the end of March – HECS-style loans being considered If you receive JobKeeper and the deadline makes you nervous, start planning now. Meet with your accountant to identify…
Read MoreJanuary Market Update: volatility, stability or profitability on the horizon?
There is much to consider in this January 2021 market update. We’ve included a high level of detail so to accommodate all types of investors. Australia is in a much better position than anticipated at this front end of the COVID-economy recovery. Whether you’re a pre, new or seasoned investor, we believe that careful navigation…
Read MoreWill the compulsory increase to super go ahead?
At this stage, yes. But an announcement of a different kind would not be a surprise to the business community given recent economic pressures. The government has indicated that its priority is to create jobs and protect businesses. Superannuation contributions from employers are currently legislated to increase in small increments up to 12% in 2025.…
Read MoreWhy you need to think about tax now (not just in June)
You need to think about tax now, because it will save you money. At this point of every year, we recommend all businesses participate in a pre-June review of your tax structure, commitments and obligations so that you can plan and save. An effective Pre-June review will involve a 1:1 deep-dive with your accountant on…
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