fringe benefit tax

Tax & Super Newsletter May 2012

May 2012

Tax & Super Newsletter May 2012

Business Purchase Tax Checklist

October 2011

In the process of buying a business, the purchaser should conduct a due diligence review to establish that they are buying what they believe they are buying. The review identifies areas of risk and contingent liabilities that the business may have and to factor these risks in the purchase price.When...

Issues with Family Trusts

October 2011

Family trusts can be a very tax effective way of managing wealth, and a useful part of an overall strategy for wealth accumulation and asset protection. What is a family trust? The term family trust refers to a discretionary trust set up to hold a family's assets or to conduct a family business. Generally,...

Budget 2011 – Small Business Tax Changes

May 2011

This article contains a summary of the key tax changes in the 2011 budget that impact on small businesses. As always, there are winners and losers. A small business for tax purposes is defined to have a turnover of less than $2 million GST exclusive. Immediate deduction for asset purchases Small business...

Computing the Value of LAFHA (Living Away From Home Allowance)

August 2010

Watch the following video and learn about calculating the value of LAFHA: [youtube eBZtaVl9Mqg] A business structure or entity is allowed to pay a living away from home allowance (LAFHA) to an employee who is living away from home as part of their work duties. This allowance is not treated as income...

Fringe Benefits

August 2010

Annual fringe benefit tax returns are required to be lodged by all employers who provide "fringe benefits" to employees.The fringe benefits year runs from 1 April - 31 MarchFringe benefits tax is payable by the employerPopular fringe benefits are:Car benefits Entertainment Loan benefitsSpecific...

Christmas Gifts – The New Rules

May 2009

With Christmas almost upon us, many employers will be shopping for Christmas gifts for their employees, clients and other special people.At this point it is important to consider the new rules relating to the minor fringe benefit exemption which can save employers $000’s. These rules now allow an...

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