Chattel Mortgages: A Simple Guide to Accounting and Taxes
Chattel mortgages are valuable tools for businesses to acquire movable assets like vehicles and equipment. This guide explains how chattel mortgages w...
Navigating Fringe Benefits Tax During the Festive Season: Christmas Parties and Gifts
As the holiday season approaches, businesses are gearing up for festive celebrations, considering both staff and client relations. However, it's cruci...
Understanding Core R&D Activities and Their Impact on R&D Tax Incentives
When discussing tax incentives for research and development (R&D), the concept of 'R&D activities' becomes incredibly important. It's not just technic...
Navigating the Electronic Signatures Landscape & Ensuring Validity and Acceptance in the relevant state.
In today's digital age, the use of electronic signatures has become prevalent, revolutionising the way we sign and execute legal documents. However, c...
New Exemption for Electric Vehicles (EVs)
Eligibility
You do not pay Fringe Benefits Tax (FBT) if you provide private use of an electric car that meets all the following conditions:
the ca...
Sale of property under margin scheme
Suppliers who make taxable supplies of certain real property may apply the margin scheme, rather than calculating GST under the usual rules. The margi...
Tax Issues in relation to the subdivision of land
Tax Issues in relation to the subdivision of land
When you subdivide a block of land, the consequence is that you take your block and you convert it ...
Benefits of record keeping
Running a business can be unpredictable, but a good record-keeping system can make things easier. It is important to know the documents and evidences ...
Can a foreign resident be a trustee of trust?
Can a foreign resident be a trustee of trust?
There is no restriction of a non-resident to be a trustee of a trust. In Victoria, if the trustee remai...
Family Trust Election
Please note a valid FTE requires the trustee to satisfy the relevant tests and make an election in writing in the approved form. Once a family trust e...
Hybrid Trust
Hybrid Trust is a cross between a Discretionary and a Unit Trust. This type of structure is quite appealing because it includes the benefits of both a...
Trusts Fundamental & Types of Trusts
Trusts are commonly used in for family and business purposes. Some of the reasons for the creation of trusts are:
asset protection
the ability to ...
Meal entertainment (Division 9A of the Fringe Benefits Tax Assessments Act 1986)
Meal entertainment (Division 9A of the Fringe Benefits Tax Assessments Act 1986)Entertainment is probably the most difficult area of identifying and c...
Motor Vehicle Expenses
If you are an employee and/or a director of a company, you do not need to keep a logbook to claim cents per KM from your employer. However, you may be...
Entry ACA and Exit ACA
When an entity joins a tax consolidated group (the joining member), the assets of the joining member become those of the head company under the single...
20% Bonus Deduction for Small Business to upskill employees
The Government announced two support measures for small businesses (aggregated annual turnover less than $50 million) in the form of a 20% uplift of t...
Thin capitalisation
What is thin capitalisation and why is it a problem?
Thin capitalisation occurs when a multinational entity finances its Australian operation with a ...
2022 Small Business Support Program
New Covid Support Package to address the impact of the Omicron variant of Covid-19
The NSW government has made an announcement regarding the availabi...
Cash or Accruals
Choose the most appropriate accounting method based on your circumstances - Cash vs Accrual methods of accounting for income tax purposes.
For income...
Car Fringe Benefits
Car Fringe Benefit
When does a car fringe benefit arise? It arises when an employer held a car and is made available for the employee for private use...
Can an SMSF borrow money?
Generally, the Trustees of SMSFs are prohibited from borrowing to buy an asset for the funds under the Superannuation Industry (Supervision) Act 1993 ...
Director identification number
The government announced the full implementation of the Modernising Business Registers (MBR) program as part of its 2020 Budget Digital Business Plan....
Making a Division 7A minimum yearly repayment by way of journal entries
Division 7A treats the following amounts as dividend deemed to be paid by a private companies:
Amount paid by the company to a shareholder or share...
Main residence exemption
Capital gains or capital losses from dwellings are ignored for CGT purposes where the dwelling was owned by an individual and was the individual’s m...
2021 Covid-19 Business Grant
2021 COVID-19 business grant is available for businesses that experienced reduced demand due to the public health order. The grant is to provide busin...