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.
Tag Archive for: Business taxes
The FBT exemption for small business employers providing work-related portable electronic devices to employees has been expanded in the 2017 FBT year (that is, from 1 April 2016).
Under the old rules, FBT exemption does not apply to multiple portable electronic devices provided to an employee in the same FBT year, where those multiple items have “substantially identical functions”. This “one device” limit still applies to employers that are not small businesses.
However, small business employers (that is businesses with an aggregated annual turnover of less than $2 million) can now access the exemption for more than one work-related portable electronic device, even where the devices do have “substantially identical functions” (such as the functions of a tablet and a laptop).
There are more and more sharing economy, or collaborative consumption, websites and apps hitting the market in Australia and they are making their way from the big cities into the Tasmanian market. With the holiday season upon us, short-term vacation rentals through apps like Airbnb and Stayz will be in full swing. And now that Uber has arrived in Hobart – just in time for the silly season – Tasmanians and our tourists are embracing the ride-sourcing phenomenon.
But before you decide to rent your house out for summer with Airbnb or earn some extra money driving for Uber, you need to consider the tax implications – you may need to pay GST and income tax on your earnings and you may be liable for CGT down the track.
Delivering his first Federal Budget on 3rd May 2016, Treasurer Scott Morrison said that tax breaks have been given to small businesses first as they are “more likely to reinvest their earning and more likely to be Australian owned.”
Is there a problem with using your company’s assets for yourself? Assets that belong to your business, but which are used for your own benefit or enjoyment, can potentially trigger a tax issue known as “Division 7A”.
It is generally understood that for fringe benefits tax (FBT) to apply, the benefits paid are usually in respect of an employment relationship. In other words, a ‘payment’ (other than salary or wages) made, or benefit provided, to somebody because they are an employee.
Yesterday, 29 February 2016, Parliament passed legislation that will allow small businesses to change their legal structure without attracting a capital gains tax (CGT) liability at that time.
Since July this year, scams targeting both individual and business taxpayers have been running rife.
From fake Tax Office “delayed return” or “proof of identity” emails to telephone calls conveying similar requests, taxpayers have had to keep their guard up. So how can individuals and businesses protect themselves from online fraud and crime?
Your business can claim website development and maintenance costs under various tax rules.
As a business owner you probably know by now that you need a website; whether to display your credibility, ensure you are accessible, target a wider audience, showcase your work or transact with your customers. Since most consumers now search online before making a purchase decision, a professional-looking site is important.
Running a successful small business sometimes requires an up-skilled team. If you need your employees to grow their expertise in a particular area, spotting them for short-courses, seminars, one-day intensives, professional qualifications or a bunch of “101s” can be a worthwhile endeavour.