Blog
EOFY 2022: How to Help Your Business with Instant Asset-Write Off
The Australian Government reported the expansion of instant asset write-off scheme as part of the 2022 Federal Budget. This eliminated the $150,000 per asset limit because of the effect of the COVID-19 pandemic. The $150,000 Instant Asset Write Off: Applies to any asset that can be utilised for business purposes with a cost of […]
2022 Federal Budget – What It Means for You
Information: What the 2022 Federal Budget Means for You With a Federal Election due in the next 8 weeks, the Morrison Government has just made its bid for re-election with the following headline announcements in its Federal Budget released on Tuesday 29 March 2022: Petrol tax slashed by 22 cents per litre for 6 months […]
More Support For Melbourne Businesses
Yesterday, the Victorian Government announced a new round of support for small and medium businesses most affected by the extension of public health restrictions in Melbourne. The new jointly funded Commonwealth and Victorian Government package includes automatic payments for previous recipients of the Business Costs Assistance Program Round Two and the Licensed Hospitality Venue Fund […]
Small Business-COVID Hardship Fund
The Small Business COVID Hardship Fund will help qualified little and medium organizations: Whose activities have been seriously affected by COVID-19 limitations that have been set up between 27 May 2021 and August 2021 Have experienced something like a 70% decrease in turnover because of the COVID-19 limitations Are ineligible for other key COVID-19 Victorian […]
Support for my business
Top-up support The Victorian Government has announced new cash grants for businesses impacted by the lockdown declared on 15 July 2021. The grants will be paid to businesses that successfully received a grant from the Business Costs Assistance Program Round Two or the Licensed Hospitality Venue Fund 2021 (including regional businesses) automatically in their accounts from mid-July Top-up amount […]
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 […]