$1,500 JobKeeper subsidy to keep staff employed Date · From 30 March 2020 for six months · For employees employed at and from 1 March 2020 · First payments in the first week of May 2020 Applies to Based on comparable periods: · Employers <$1 bn that have experienced a downturn of more than 30% · Employers >$1bn that have experienced a downturn of more than 50% A subsidy of $1,500 per fortnight per employee, administered by the ATO, will be paid to businesses that…
FBT updates and problem areas Car parking under scrutiny Motor vehicle problem areas Mismatched FBT and income tax amounts Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice problem areas Did you provide assistance to employees during a crisis? Housekeeping essentials Important FBT issues Car parking under scrutiny Important impending changes A controversial draft ruling from the ATO could expand the scope of the FBT…
Its coming up to that time of year again, the end of the Fringe Benefits Tax (FBT) year. It may be the least exciting of the of our ‘New Years’ that we celebrate, but lets have a look at whats new this FBT Year. The Rate The biggest impact to FBT, which carries over from the previous FBT year, is the continued application of a 49% rate. This is due to revert to 47% on April 1, 2017 (therefore applying for the 2017-18 FBT year…
The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how our financial transactions are conducted. As for the taxation treatment of these transactions, the ATO has found it necessary to provide guidance. By now, most people will have realised that the “sharing” part of the concept does not refer to an absence of any monetary exchange, but rather to the use and access of shared physical or human resources or assets. The means…
When you first went into business, either buying an established enterprise or starting from scratch, probably the last thing on your mind was the day you would close the door for the last time. Client calling time out business? The tips and traps But it’s no use ignoring the inevitable, as one day you will leave the business – whether through pursuing another career, retirement, or even due to health reasons. It’s important to know what’s involved, and having a succession or exit plan can…
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