Tax Tips For Business Owners

The ATO has reminded business taxpayers they can no longer claim deductions for certain payments to workers if they have not met their PAYG withholding obligations from 1 July 2019. If the PAYG withholding rules require an amount to be withheld, to claim a deduction for most payments to a worker, a business taxpayer must: […]

With the well-earned December/January holiday season on the way, many employers will be planning to reward staff with a celebratory party or event.  However, there are important issues to consider, including the possible FBT and income tax implications of providing ‘entertainment’ (including Christmas parties) to staff and clients. FBT And ‘Entertainment’ Under the FBT Act, […]

With the holiday season approaching, many employers and businesses want to reward their staff and loyal clients/customers/suppliers. Again, it is important to understand how gifts to staff and clients, etc., are handled ‘tax-wise’. Gifts That Are Not Considered to Be Entertainment These generally include a Christmas hamper, a bottle of whisky or wine, gift vouchers, […]

A taxpayer has unsuccessfully tried to challenge an excess transfer balance tax liability, despite following the ATO’s instructions. The taxpayer was receiving three pensions in 2017, including two capped defined benefit income streams and one account-based pension. Based on information reported by the super funds, the ATO became aware that the taxpayer had exceeded his […]