Employers must choose either the Statutory Formula method of Operating Cost method to report fringe benefits for motor vehicles. If you have not kept the required documentation, we will be forced to use the Statutory formula method which may result in higher tax...

If you operate as a Sole Trader or a Partnership, you can claim car expenses using either the cents per kilometre method or the log book method. If you operate as a Company or a Trust, you must use the actual costs method. Generally, travelling between your home and...

You are required to keep records for five years (in most cases) from the date you lodge your tax return. If you do not have receipts to substantiate your expenses, please contact us. See the link below to the Australian Taxation Office website to download a quick...

Individual income tax rates for 2021/22 financial year remain unchanged from the previous year. Click on the link below to go directly to the Australian Taxation Office for a full breakdown of categories....

For 2021-2022 income year a base rate entity is a company that both: has an aggregated turnover of less than the aggregated turnover threshold 80% or less of their assessable income is base rate entity passive income The tax rate for base rate entity for 2021-2022...

To be eligible for temporary full expensing, the depreciating asset must be; New or second-handFirst held by you at or after 6 October 2020First used by you or installed ready for use for a taxable purpose between 6 October 2020 and 30 June 2022 Certain primary...

STP is a government initiative which streamlines the reporting of wages, tax and superannuation to the ATO each time a payment is made to an employee. The concessions for STP reporting ends on 30 June 2021. If you have not started reporting through STP you need to...

From 1 July 2021, superannuation concessional and non-concessional contribution caps will increase, meaning you will be able to put more money into super. The new caps are as follows.: Concessional Cap $27,500 Non-Concessional Cap $110,000 or $330,000 over 3 years...

On 1 July 2021, the superannuation guarantee rate will increase from 9.5% to 10%. If you are an employer, please ensure your payroll and accounting systems are updated to reflect this change. The rate is scheduled to progressively increase to 12% by July 2025. If you...

A BDBN is a legally binding nomination given by a member to the trustee(s) of their super fund which imposes a duty on the trustee to pay their death benefits in accordance with their wishes specified in the notice. In the absence of a valid BDBN, the trustee(s) of...