How is it possible to make these relocation expenses tax deductible to the employee? Under the Fringe Benefits Tax Act there is an exemption from fringe benefits tax for an employer who either pays or reimburses an employee’s relocation costs. In addition, the employer gets a tax deduction for the Continue Reading
Watch out, scams about!
As Tax Time 2018 begins, the Australian Taxation Office (ATO) is warning taxpayers to be on high alert for tax-related scams. Assistant Commissioner Kath Anderson said most Australian taxpayers expect some form of interaction with the ATO during tax time, and scammers take advantage of it to gain money and Continue Reading
Phoenix alert: Government warns directors
When a company has failed or becomes insolvent, it is perfectly legitimate to register a company to take over what is left of that company after liquidation. The directors of the failed company may have done everything they could to keep the company buoyant, but the company could not meet Continue Reading
Taxable payments annual report
You may need to lodge a Taxable payments annual report by 28 August each year if you are a: business in the building and construction industry government entity. The Taxable payments annual report tells us about payments you have made to contractors for providing services. Some government entities also need to report the grants they have paid Continue Reading
ATO flags 5 most common tax time mistakes
As tax time 2018 kicks off this weekend, the ATO has profiled what it says are the 5 most common mistakes and the personalities most likely to have to tax time troubles. The top 5 mistakes include taxpayers who: Leave out some of their income – maybe forgetting a temp Continue Reading