Checked And Balanced

06/12/2022

Xmas gifts from employers:

Where an entertainment gift costs less than
$300 (GST-inclusive) and is provided infrequently
throughout the year, there will generally be no Fringe
Benefits Tax (FBT), no deduction will be allowed, and
no GST credits can be claimed. Where the cost is
$300 or more, FBT will apply, and a deduction and
GST credits can be claimed.
Where a non-entertainment gift is in play, and it
costs under $300, no FBT will apply, but a deduction
and GST credits can be claimed. Where the cost is
$300 or more, FBT will apply, and a deduction and
GST credits can be claimed.

Please contact us for further information via link below

Address: 24 Windermere Avenue, Northmead,NSW 2152, Australia Email: [email protected] Phone: +61 457 102 247

01/12/2022

FBT exemption for electric vehicles:

The new law introduces an electric car discount in the form of an FBT exemption. This allows for car fringe benefits comprising the use or availability for use of an eligible car that is a zero or low emissions vehicle to be exempt from FBT.
Car fringe benefits that are exempt from FBT will continue to be included in the employee’s individual fringe benefits amount for the purposes of determining the employee’s reportable fringe benefits amount for each FBT year in which the exempt benefit is provided.

17/04/2022

Home office expenses:

Working from home may entitle you to claim a deduction for home office expenses like electricity, office equipment depreciation and phone and internet expenses.

There are three ways you can claim home office expenses and you should consider which method will get you the biggest deduction particularly if you have pricey assets to depreciate or high running costs.

The ATO has guidelines for employees working from home during COVID-19 to help calculate your expenses.

Please contact us for further information via below link:

https://www.checkedandbalanced.com.au/contact/

12/04/2022

DIRECTOR ID: WHO NEEDS TO APPLY AND WHEN
If you want to become a director or are already one, you'll need a director ID.

When you must apply for your director ID depends on the date you become a director.

Director on or before 31 October 2021 - Apply by 30 November 2022

Director between 1 November 2021 and 4 April 2022- Apply within 28 days of appointment

Director From 5 April 2022- Apply Before appointment

For further information, please visit
https://www.abrs.gov.au/director-identification-number/about-director-id

06/04/2022

Loss carry back tax offset:

Eligible companies with a taxable loss may be able to claim the loss carry back tax offset. In particular, eligible companies that find themselves in a taxable loss position due to the instant asset write off or temporary full expensing rules could use the loss carry back tax offset instead of carrying forward the losses to future years.

As it is a refundable tax offset, it may result in a cash refund, a reduced tax liability or a reduction of a debt owing to the ATO. The eligible company does not need to amend the earlier income years to claim the offset.

Contact us for further information via below link:

Would you like to speak to one of our financial advisers? Just submit your contact details and we’ll be in touch shortly. You can also email us if you prefer that type of communication.

05/04/2022

PERSONAL SERVICE INCOME (PSI) OR PERSONAL SERVICE BUSINESS (PSB)

If you receive income that is mainly a reward for your personal efforts or skills, you may fall within the PSI rules.

The impact of the PSI rules, for those affected by them, is:

- income within the so-called interposed entity (typically a company) can be attributed back to the individual taxpayer
- the range of deductions available is limited to those typically available to individuals.
In short then, if you fall into the scope of the PSI rules, you can find the ATO "looking through" your business structure and taxing you as an individual.

To be exempt from the rules, you need to be a personal services business (PSB).

You qualify as a PSB if:

- you meet the results test
- less than 80 per cent of your personal services income in an income year comes from one client and you meet one of the other three personal services business tests (the unrelated clients test, employment test or business premises test), or
- you obtain a determination from the ATO confirming that you are a personal services business.

These rules are complex and often requires assistance of professional. Contact us for further guidance via below link:

Would you like to speak to one of our financial advisers? Just submit your contact details and we’ll be in touch shortly. You can also email us if you prefer that type of communication.

03/04/2022

2022 Small Business Support Program:

The Small Business Support Payment is a one-off payment to eligible businesses and not-for-profits (NFP) for the month of February 2022. The requirements are very similar to JobSaver, however there are some differences.

Please contact us if you need more information to apply for this grant.

https://www.checkedandbalanced.com.au/contact/

02/04/2022

Capital gain on rental property – Accounting for Capital Work deductions:

Be aware of “common tax traps” that can lead to an audit or a delay in the processing of refunds. Such “traps” included the failure to declare capital gains from the sale of an investment property.

If you have sold your investment property and need assistance to determine capital gain liability, Please contact us via below link

https://www.checkedandbalanced.com.au/contact/

02/04/2022

Changes to Superannuation Guarantee Threshold From 1st July 2022:

- $450 Month Superannuation Threshold Abolished
- The superannuation guarantee is currently set at 10%, as of 1st July 2022 the rate increases to 10.5%

As Small Business Accountants and Tax Agent, we can assist you with these changes in legislation and help to be ATO compliant. Please contact us by clicking below link

https://www.checkedandbalanced.com.au/contact/

31/03/2022

Federal Budget 2022- What's in for you and your business