by Swot Accoountants | Dec 17, 2019 | Business News, Tax & Compliance
You may have to lodge a Taxable Payments Annual Report (TPAR) with the ATO by the 28 August each year, if you are a business providing certain services and you made payments to subcontractors, consultants or independent contractors. The contractors can be trading as...
by Swot Accoountants | Nov 13, 2019 | Business News, Fringe Benefit Tax (FBT), Tax & Compliance
In some circumstances if a business provides and pays for Christmas parties for their employees and their associates, it may attract FBT. There are some costs associated with Christmas parties for food and drinks that may be exempt from FBT. For example: Christmas...
by Swot Accoountants | Oct 20, 2019 | Capital Gains Tax (CGT), Tax & Compliance
If you sell a capital asset, like vacant land, property, shares or cryptocurrency, you make a capital gain or a capital loss. Capital gains and losses must be declared in your income tax return and tax must be paid on your capital gains. CGT is part of your overall...
by Swot Accoountants | Sep 30, 2019 | Tax & Compliance
There are many misconceptions about allowable tax deductions, that can lead unaware taxpayers to make incorrect claims, and get the attention of the “tax office”. Here are some common examples: Fiction: Everyone can claim automatically $150 for laundry and clothing,...
by Swot Accoountants | Aug 31, 2019 | Super, Tax & Compliance
If your combined income and super contribution exceed the Division 293 threshold, you pay additional tax on the super contribution which reduces the tax concession. The additional 15% tax is payable on either the amount of the super contribution or the amount that is...
by Swot Accoountants | Jun 15, 2019 | Business News, Tax & Compliance
An instant asset write-off allows small business owners to claim full deduction on a purchased asset up to the value of $30,000 in the year it is purchased and first used or installed ready to be used. This rule applies to new and second-hand assets. The thresholds...
