Have you ever wondered how to navigate the Fringe Benefits Tax when planning your business’ Christmas party? Well, fret not! We’ve got you covered with all the details on how to keep the party going without breaking the Christmas budget.
The past few weeks have been full of many whispers regarding tinkering with superannuation following the announcement that the government was going to review the ‘objective’ of superannuation.
If you employ staff or have contractors you pay superannuation for you need to ensure you’re set up for Single Touch Payroll (STP) Phase 2.
If you’ve recently set up your Xero account and need a little bit of guidance with regular day-to-day tasks, you’re in luck! We’ve pulled together a quick checklist for you, covering some of the most common tasks you’ll need to be across to get the most out of Xero.
You’ve made the decision to adopt Xero for your small business, and now it’s time to get it up and running. We’ve pulled together a quick checklist to help guide you through the set up stage, with some helpful links to Xero resources for more information.
If you’re considering giving some client Christmas gifts this year, in most circumstances these will be tax deductible to your business.
We find a lot of businesses get really confused as to what they can/can’t claim and if there are any Fringe Benefits Tax consequences to the entertainment they provide to their staff and associates as a result of Christmas festivities.
Just starting out as a Freelancer in Australia? It’s important to understand your tax obligations. Check out our Freelancer’s Guide to Tax.
When you sell an asset (let’s say a property), you will do so at a profit, a loss, or you’ll come out even. If you’re lucky enough to come out with a profit, that profit you receive is called your Capital Gain. When you complete your tax return, you’re required to report your Capital Gains as well as your Capital Losses, but you only pay tax on your Capital Gains (i.e. when you’ve made a profit). This is called Capital Gains Tax (CGT).
While negative gearing is a method commonly applied to rental properties, it can in fact be applied to any type of investment. Essentially, negative gearing is when you borrow money to invest (let’s use the example of property), and you operate at a loss, i.e. your rental income is less than what it costs you to hold the property. When it comes to rental properties, there are a number of things you can claim as a deduction in an effort to boost your costs and come out “negatively geared”.
