With the FBT year-end just around the corner, it is a good time to review your FBT compliance to avoid raising attention from the Australian Tax Office (ATO). The ATO is currently targeting the following rules for FBT: Motor vehicles Situations where an employer-provided motor vehicle is used or available for private travel for staff.…
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Opting for a self-managed super fund (SMSF) can be a clever financial decision, but it’s not for everyone. If you aren’t prepared to adhere to the following tips, your SMSF will most likely fail to perform as well as you would of hoped it to. Stay informedYou can’t expect your SMSF balance to be the…
It is quite common for small businesses to provide their staff with car parking benefits, however, many business owners may not take into account the effect parking has for fringe benefits tax (FBT) purposes. Fortunately, if you are a small business, car parking benefits are exempt if you meet all of the following conditions: –…
Superannuation funds in Australia have delivered a return of 10.5 per cent for 2017 – the first double-digit growth since 2013. According to recent findings, there was a 1.3 per cent rise in November 2017 and 0.6 per cent rise in December 2017 alone. The new figures mark the sixth consecutive year of positive returns…
The Australian Tax Office (ATO) is targeting privately owned and wealthy groups that display specific behaviours and characteristics in relation to their tax affairs and lifestyle. A large focus is currently on lifestyle assets and private pursuits that generate deductions or are mischaracterised as business activities. The ATO is also looking at those assets and…