The ATO’s record keeping requirements

The ATO’s record-keeping requirements

Record-keeping, if done well, can help running a business much easier. It gives you an overview of the business’ financial progress so that owners can assess their strengths and weaknesses and make decisions accordingly. Record keeping also enables owners to meet their tax and superannuation obligations easily – all the data and information required is…

Taxation of your investment income

Taxation of your investment income

Investment income needs to be included when conducting tax returns. This includes any income acquired through interest, dividends, rent, managed funds distributions, and capital gains. The income yielded from investments is taxed at a marginal tax rate. Individuals are able to claim deductions for the cost of buying, managing, and selling an investment. However, the…

Fringe benefits and fringe benefits tax

Fringe benefits and fringe benefits tax

What are fringe benefits? Employees may opt to make an agreement with their employers that provides them with fringe benefit ‘payments’ in a form other than salary or wages. There are various types of fringe benefits: Employees being able to use work car for private use Discounted loans Paying an employee’s gym membership Providing entertainment…

What you need to know about JobMaker

What you need to know about JobMaker

Job losses have been extensive during the COVID-19 pandemic and the JobMaker Hiring Credit will give businesses incentives to take on additional employees aged between 16 and 35 years old. Eligible employers will receive $200 a week for each new employee aged between 16 and 29. For new eligible employees aged 30 to 35, they’ll…

Insolvency reforms to support small business

Insolvency reforms to support small business

The government recognises that despite support to get through the COVID-19 outbreak, not all businesses are going to remain viable. Many small businesses will have significantly increased levels of debt in order to remain in business during the COVID-19 pandemic. The government is introducing a number of permanent and temporary measures to expand the availability…