Tag Archive for: Business taxes

5 tips to avoid FBT on staff Christmas gifts and work party

Tax might not be high on the list of things you’re thinking about as Christmas approaches. But Christmas will be here in a moment, and many employers will be thinking about recognising their team’s efforts throughout the year. You may already have plans in place, but have you thought about how to manage tax and Christmas gift-giving? Especially FBT on your staff Christmas gifts and work party.

Feel free to celebrate, but make sure you don’t get stung with unexpected taxes. FBT and associated income tax and GST pitfalls are the big ones to watch out for.

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Two great tax deductions for small businesses

Small business owners (with an annual turnover under $50 million) should consider the following tax deductions if you are planning to invest in skills and training or improving your energy efficiency. Each measure will lend a hand with an extra 20% tax deduction for relevant expenses, as outlined below.

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FBT exemption for electric vehicles in Australia

Fringe Benefits Tax (FBT) exemption for electric vehicles in Australia has now been legislated. The relevant legislation, Treasury Laws Amendment (Electric Car Discount) Bill 2022, received Royal Assent on 12 December 2022. It upholds the Government’s pre-election commitment and broader decarbonisation initiatives.

Of all the employee ‘perks’, employer-provided cars (through novated car leases or private use of company vehicles) are one of the most popular fringe benefits in Australia. As a result, FBT exemption for electronic vehicles has been keenly anticipated.

What do employers and employees need to consider?

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Keeping a vehicle log book

When claiming work-related car expenses, many people miss maximising their claim due to poor record keeping. Inadequate records can also cost dearly if you are audited by the Australian Tax Office (ATO).

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Fringe benefits tax (FBT) changes for the 2019 FBT year

Fringe benefits tax (FBT) is a tax paid by employers on specific benefits provided to employees (and their families). Benefits commonly provided to employees include company vehicles, car parking, low interest loans, and living-away-from-home allowances. FBT places the tax burden on the employer rather than the employee, which can be an attractive arrangement for many workers.

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Claiming GST credits for employee reimbursements

Did you know that employers registered for GST can claim GST credits for reimbursements made to employees?

Here’s a quick run-down on what qualifies, what doesn’t, and how to claim.

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June 2018 Newsletter

In this newsletter we want to make sure employers are ready for Single Touch Payroll (STP) and that small businesses are ready for EOFY.  We discuss some great tax planning opportunities for primary producers and outline developments in personal superannuation. Plus, check out what #teamsynectic have been up to lately.

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Tax Planning for Primary Producers

‘End of financial year’ is a big deal for us accountants. With the intensity of the annual budget, tax lodgement due dates, and FBT deadlines all easing towards the end of June, we’re well and truly ready to relax a bit … maybe even welcome in the new financial year with a wild office party and NFY-eve countdown…

The other thing we love doing around this time of year is tax planning!

And the last few federal budgets have included some serious concessions for primary producers. We’ve listed below a few of the key tax planning opportunities for primary producers, and outlined some of the changes that have been made over the past few years.

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What Labor’s changes to the dividend imputation system mean

There has been much discussion about the dividend imputation system in recent weeks as the government and the opposition play political tennis with franking credits.

On 13th March, Opposition Leader Bill Shorten announced Labor’s plan to change the dividend imputation system if they win the next federal election. The changes would make franking credits non-refundable and, Labor claims, save the budget $59 billion over the decade to 2028-29.

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Employers: understanding the tax system

Navigating the tax system to ensure you are meeting all your obligations as an employer can get confusing. In this article we look at some common areas of concern for business owners and provide some handy tools and tips.

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