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Tax and Christmas Party Planning

 

 

Cameron Patterson & Co Business Accountant - Santa Claus goes surfing

Christmas is here with smarter business owners having already planned their end-of-year festivities. Celebrating the season can be team-building or just a bit of fun, but the well-prepared business owner will also know that a little tax planning can help make sure there’s no unforeseen tax problems.

The three benefits typically provided include:

  • Christmas parties for employees (and perhaps their family members, and even clients)
  • gifts to employees, their
December 12th, 2018|Categories: Save Tax|

Tips for your tax return

Cameron Patterson & Co Business Accountant - calculator

 

Here is a quick guide to the sorts of information needed to enable us to complete your tax return.

  • Payment summaries: These outline the income you have received from your employer, super fund or government payments such as from Centrelink or the Department of Veterans Affairs.
  • Bank statements: Details any interest you have earned during the period and fees you have paid.
  • Shares, unit trusts or managed fund statements: Information
July 1st, 2018|Categories: Save Tax|

Is your business ready for Single Touch Payroll?

 

Single Touch Payroll is a government initiative to streamline business reporting obligations, which is due to become compulsory from 1 July 2018. When a business pays its employees, the payroll information will be sent to the ATO via the business’s payroll software.

Reporting under the Single Touch Payroll (STP) system removes the requirement to issue payment summaries, provide annual reports and tax file number declarations to the ATO. During the first year of its introduction, the ATO says

May 9th, 2018|Categories: Make Money|

Dealing with tax and renting via Airbnb

Airbnb is one of many examples of the “sharing economy” — connecting buyers (users) and sellers (providers) through a facilitator that usually operates an app or a website. Airbnb acts as this facilitator by allowing individuals, referred to as “hosts”, to rent out a room of their house or their whole house for a short-time basis via its online platforms.

While the focus here is on Airbnb, the tax concepts outlined could be applied in a more general

April 23rd, 2018|Categories: Make Money|

Top 10 tips for rental property owners to avoid common tax mistakes

Here is a list of tips from the Australian Taxation Office (ATO) that should help rental property owners avoid what it has found are the 10 most common tax errors made by rental property investors.

1. Claiming the right portion of expenses

The ATO is adamant that you can’t claim deductions for rental property expenses when family or friends stay free of charge, or for periods when you use the property for your own purposes. Also, if the property

December 22nd, 2017|Categories: Make Money|

Are business problems really just people problems in disguise?

Cameron-Patterson-Co-Business-Accountant-Problem Child

 

Almost any business owner or manager you talk to will say that people issues are among the biggest challenges in running a business.

The author Patrick Lencioni has written a number of books about the dynamics of work teams.

I find three of these books in particular provide a useful way of looking at how people work together.

These titles, in the order of my discovering them, are:

November 30th, 2017|Categories: Good Business|

Is that a travel allowance or LAFHA?

Cameron Patterson & Co Business Accountant - Work Travel

Travel allowances are paid to employees where in some cases the period away from home is less than 21 days, and in others, more than 21 days.

Typically employees are:

  • paid standard travel allowance for accommodation and food
  • working at the one location
  • visiting home on weekends
  • staying in accommodation provided by the supplier (which may be available for use by other customers when the employee is not there).

Some employees

November 18th, 2017|Categories: Save Tax|

Rental property owners to lose travel deduction

Cameron Patterson & Co Business Accountant - Road Closed

New legislation recently tabled in Canberra puts a rental property measure first announced with the last Federal Budget closer to reality. The “housing tax integrity” bill solidifies the government’s intention to deny all travel deductions relating to inspecting, maintaining, or collecting rent for a residential investment property.

Once enacted the measure will apply from July 1, 2017, so will affect returns for the current financial year.

The new measure will mean that travel

November 14th, 2017|Categories: Save Tax|

Taxation of foreign income derived by Australian residents

Cameron Patterson & Co Business Accountant - Three wall clocks on different time zones

Under Australia’s taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income.

A foreign income tax offset is allowed (up to a limit) for any tax

November 7th, 2017|Categories: Make Money|

Small business car parking FBT exemption

A business becomes liable for fringe benefits tax where it provides car parking benefits in the form of a car parking facility for more than four hours on its premises to its employees, and the relevant car parking facility is situated within one kilometre of a commercial car park where the minimum all day cost is more than the current parking fringe benefit threshold ($8.66 a day for the 2017-18 FBT year).

Note that

September 30th, 2017|Categories: Save Tax|