Blog
How ATO Detects FBT Exposure
The table below shows the disclosure items/tax return labels used by the Australian Tax Office (ATO) to begin a review to detect when an employer’s company has unpaid FBT liabilities. DISCLOSURE ITEM / RETURN LABEL Unpaid FBT Employee’s Contributions to Fringe Benefits Entry 6, Label I of the ‘C Return’ Entry 46, Label T of […]
WHAT IS A CAR FRINGE BENEFIT?
A car fringe benefit occurs when an employer provides a vehicle that they lease or own to an employee for their private use. In case you run your business under a trust or a company, you can qualify as an employee of that trust or company. An employer may avail a car for the private […]
Understanding FBT Rates
When it comes to taking clients out for a quick lunch to discuss key details, it is important to understand the fundamentals of a process such as this. It plays a big role in what you end up getting in terms of overall value from the relationship. There are specific details that need to be […]
FBT
There are some employers who unwittingly get into trouble with the FBT because they do not correctly interpret the infrequent and minor exemptions that are provided for all benefits of $300 or less. The main area of concern for these employers is when they get into trouble when applying for infrequent and minor exemptions in […]
Lodging an FBT Return
Fringe Benefit Tax (FBT) captures benefits enjoyed by employees but it is the employer that is levied in the end. Unless the agreement with the employer allows payable FBT to be recouped from the employee, the employer can’t be reimbursed. Why then would any employer want to lodge an FBT return if there […]
Episode 7: JobKeeper 2.0 – The New Requirements
To continue receiving JobKeeper payments, employers will need to re-qualify their eligibility with reference to actual GST turnover for the June and September 2020 quarters (for payments between 28 September to 3 January 2021), and again for the June, September and December 2020 quarters (for payments between 4 January 2021 to 28 March 2021). […]
Episode 6: Victorian $3 Billion – 3rd wave of Business Support for SMEs
The Victorian Government has announced a $3 Billion third round of the Business Support Fund to provide direct financial support to businesses impacted by restrictions in Victoria. Lan Nguyen, Founder of Success Accounting Group, together with Khoi Nguyen, Tax Manager, discussed the different grants available for your business. The following topics are […]
Episode 5: Should You Invest In Bitcoin and Cryptocurrencies?
In this Episode, we explore the world of Bitcoin and Cryptocurrencies to see why you should consider them a part of your portfolio. Here, we are joined by the Chairman of The Inevitable Group, Joshua Denne. Joshua is a Father, Investor, Marketer and Entrepreneur, a firm believer in the future of Cryptocurrencies and Blockchain technology. […]
Episode 4: Should Gold Be a Part of your Portfolio?
In this episode, Success Accounting Group’s Lan Nguyen and CAZ Capital’s Phil Nguyen, covers the case on why Gold should be part of your investment portfolio. We also have special guest on the show – Jordan Eliseo from the Perth Mint who covers the fundamental reasons way you should consider Gold and the different […]
Episode 3: 5 Pillars for Business Rebound
This week, Lan Nguyen Founder of Success Accounting Group and Phil Nguyen, Founder of CAZ Capital, joined to discuss the steps you can take now to improve your chances for a business rebound as restriction eases. If you operate a small business or a side hustle, don’t miss this episode 3 where we uncover […]
Application for Superannuation Guarantee Amnesty closes 7 Sept 2020
Introduced by the Australian Government on 6 March 2020, the superannuation guarantee amnesty application will be ending soon – on 7 September 2020. If you are an employer and wish to participate, you need to apply now through the ATO. This one-off amnesty allows employers to disclose and pay previously unpaid super guarantee charge […]
Episode 2: Five Steps to a Successful Personal Financial Plan – What You Need to Know?
Episode 2: Five Steps to a Successful Personal Financial Plan – What You Need to Know? Watch Lan Nguyen and Phil Nguyen discuss why now is the best time to review, reconstruct your personal financial plan. They also shows the 5 steps to write an effective personal financial plan. Topics discussed in this webinar are the […]