Staff parties 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)...

Scamwatch is warning that scams cost Australian consumers, businesses and the economy hundreds of millions of dollars each year and cause serious emotional harm to victims and their families. Cryptocurrency scams are the most 'popular' type of investment scams, representing over 50% of losses. Often the...

The ATO is reviewing Australian business numbers ('ABNs') to identify potentially inactive ABNs for cancellation, and it has introduced a new automated process to allow taxpayers (or their tax agents) to confirm if their ABN is still required via a secure voice response system. An ABN...

Taxpayers can vary their pay as you go ('PAYG') instalments throughout the year if they think they will pay too much, compared with their estimated tax for the year. To assist taxpayers who continue to be affected by COVID-19, the ATO has stated that it will...

Under the Superannuation Guarantee (‘SG’) scheme, employers are required to make quarterly contributions on behalf of their employees. From 1 July 2021, the minimum contribution required is 10% (up from 9.5%) of an employee’s Ordinary Time Earnings base, up to a maximum quarterly contribution base of...

Due to the continued extenuating circumstances of COVID-19 and lockdowns since 1 July, the 80 cents per hour temporary shortcut method to calculate working from home deductions has been extended to 30 June 2022. For more details, click here: https://www.ato.gov.au/Individuals/Income-and-deductions/Deductions-you-can-claim/Home-office-expenses/Shortcut-method/#Eligibility The existing fixed rate method (52 cents per...

Employers may soon need to do something extra when a new employee starts to work for them. Currently, if a new employee does not choose their own fund, their employer can pay contributions for them to a default fund. From 1 November 2021, if a new employee...

The JobMaker Hiring Credit scheme's third claim period is now open, so if a taxpayer has taken on additional eligible employees since 7 October 2020, they may be able to claim JobMaker Hiring Credit payments for their business. Eligible businesses can receive up to: - $10,400 over...

The ATO has released a Ruling explaining: - when an employee can deduct accommodation and food and drink expenses when travelling on work; - the FBT implications, including the application of the 'otherwise deductible rule', where an employee is reimbursed for accommodation and food and drink expenses,...

What you need to know. If your Queensland business has been impacted by the recent lockdowns, there is government assistance available from today. Applications for the 2021 COVID-19 Business Support Grants will open at 12pm (midday), 16 August 2021. All eligible businesses who apply for a grant...

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