Tax

Christmas is traditionally a time of giving. As an employer, you may want to reward your staff and show gratitude towards your customers/suppliers for their loyalty. You may encounter many different circumstances when providing these gifts/benefits to your staff or dealing with client’s expenditures. The following explanations may help you determine whether there are tax …

Christmas parties and Fringe Benefits – Celebrating with tax in mind Read More »

Cash Payment From 1 July 2019 and for income tax returns yet to be lodged for the 2020 financial year onwards, as part of tackling the black economy, the ATO will not allow tax deduction for cash payments to employees that do not comply with pay as you go (PAYG) withholding obligations.  The ATO recognise …

Tax Deductibility & PAYG Withholding . Is Cash Really king? Read More »

From 1 July 2019, if PAYG withholding rules require a business to withhold and report an amount from a payment to employees and contractors, and they fail to do so, they cannot claim a tax deduction on the payments. Those payments are: Salary, wages, commissions, bonuses or allowances to employee Directors’ fees To a religious …

Tax deductibility and PAYG Withholding & Reporting- Do NOT get caught on this! Read More »

Some of you may have already submitted your 2019 tax returns and had a nice but surprised tax refund. Do you know why you have those extra refund and how many more years the refund continues? You are about to find out the answer in a minute. From the 2018-19 financial year, the Low- and …

Low- and Middle-Income Tax Offset (LMITO) – Call it a bonus? Read More »