The Federal budget is out and it’s a once in a generation budget to rebuild and tame the recession. Business is at the heart of our economic recovery with a range of support measures and the creation of jobs.
This has probably been the most difficult year ever for business owners due to the impact of COVID-19. And this makes Tax Planning for 2020 and key actions before 30 June more important this year than for any previous year. As a business owner, there are many obligations that you need to consider and action just before and after 30 June.
Imagine what you could do with tax saved? Use our guide for strategies you can use to minimise your business tax and talk with us before the 30 June 2020 deadline for assistance to reduce your tax!
Reminder of the potential fringe benefits tax (FBT) implications for celebrating with employees this festive season. FBT obligations depend on the amount spent, when and where a party takes place, who attends and the value and type of gifts given.
Paying your employee’s home phone or internet? Check if doing so may result in an expense payment fringe benefit.
If you lodge your FBT return yourself, you must lodge it by today. If you pay your FBT by instalments, you should lodge all your BAS including the March quarter, before lodging your FBT return.
Read our guide to the strategies you can use to minimise your business tax. Talk with us before the 30 June 2019 deadline for assistance to reduce your tax!
1 July 2018 Personal income tax cuts New personal income tax rates come into effect from 1 July 2018. The top threshold of the 32.5% personal income tax bracket will increase from $87,000 to $90,000. Dovetailing into the tax bracket change is the introduction of the Low and Middle Income Tax Offset for those with…
