fringe benefit tax
Business Purchase Tax Checklist
October 2011In 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 2011Family 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 2011This 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 2010Watch 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 2010Annual 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 2009With 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...
