Many employers will be planning to reward employees with a celebratory party or event this December/January. However, there are important issues to consider, including the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to employees and clients. FBT and 'entertainment' Under the FBT Act, employers must choose how they calculate their [...]
ATO's lodgment penalty amnesty is about to end The ATO is remitting failure to lodge penalties for eligible small businesses. Businesses that have not yet taken advantage of the ATO's lodgment penalty amnesty only have until 31 December 2023 to do so. Businesses must meet the following criteria to be eligible for the amnesty: had [...]
Time is running out to apply for a Director Identification Number - Director ID (fines from $13,200 apply for late applications). You may have heard about the new rules which require directors of Australian companies to obtain a Director Identification Number (director ID). It is a unique 15-digit identifier that directors apply for once [...]
The ‘cents per kilometre’ method broadly allows an individual taxpayer to claim up to a maximum of 5,000 business kilometres per car, per year without the need to keep any written evidence (e.g., receipts) of car expenses. Importantly, taxpayers making a ‘cents per kilometre’ claim are required to demonstrate that they worked out the number [...]
How can a business loan help my cashflow? Business loans can be used for any business purchase, commercial property, and refinancing of existing business loans. They can also be beneficial to free up cash-flow when used for day-to-day running expenses; buying equipment, inventory, insurance premiums, solar installation, unexpected expenses, renovations & hiring staff. How Insurance [...]
