FBT Year-End Action Points

31 March heralds the end of the 2016/2017 Fringe Benefits Tax (FBT) year. While it will generally fall to your Accountant to: ->  Determine whether a fringe benefit has been provided by you to an employee or their associate (e.g. spouse) ->  Determine whether an FBT exemption applies. -> Determine the taxable value of your fringe …

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Cafes, restaurants, hair and beauty salons on the ATO’s radar as it steps up cash economy fight

An estimated 400 restaurants, cafes and hair and beauty salons will get a visit from the Tax Office this month, as part of the agency’s continued focus on the illegal cash economy. The ATO has in recent years stepped up audits of small businesses in high-risk industries, which it suspects may be taking illegal cash-in-hand …

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SMSF Association and ATO announce strategic partnership

The SMSF Association and Australian Tax Office (ATO) have announced a three-year strategic partnership, effective 15 February 2017. In a statement of intent released today, the Association and ATO outlined their intentions to work together to ensure effective regulation and integrity of the SMSF sector. SMSF Association Managing Director/CEO Andrea Slattery says the partnership is …

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INSTANT ASSET WRITE-OFF

With a sunset date of 30 June 2017, small businesses may wish to start considering bringing forward any planned asset investments to the next few months – particularly in this current low interest-rate environment. Up until 30 June 2017, Small Business Entities (SBE’s) can claim an immediate write-off for the acquisition of most depreciating assets …

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