Did you know the Australian Taxation Office (ATO) operates a scheme that allows importers to defer GST on imported goods? Before you get too excited The Deferred GST Scheme covers GST only. It doesn’t impact customs duty, which must still be paid at the time of importation. What this means for businesses is that rather than having to incur the … Read More
Motor Vehicle FBT: What you need to know
March is fringe benefit tax season. “Yippee!” we hear you shout! The FBT year is 1 April – 31 March, so it’s around this time we get asked about FBT. Particularly, one of the most common forms of fringe benefit: cars. What is a car fringe benefit? A common car fringe benefit is where you (the employer) make available a … Read More
542 Top 5: Simple tax saving strategies
Planning on giving to charity? Make a donation now and claim the deduction this year. If you donate monthly to charities, think about paying the full year’s worth of donations upfront and take the deduction now. Operate through a company? If you operate through a company structure and the company has advanced you money during the year or paid expenses … Read More
BAS Backlog? Here’s what to do next
In 2013 the ATO started a program intended to enforce timely lodgement, where taxpayers who haven’t lodged their tax returns and activity statements by their due dates could be referred to an external collection agency for follow up. This extended their current program where taxpayers with overdue tax debts are referred to such agencies. The ATO targets those taxpayers who, … Read More
Payroll tax thresholds: know your limits.
It’s calculated on the amount of wages you pay per month. You need to pay payroll tax if your total Australian wages exceed the exemption threshold in your state or territory – this varies between states but for this blog we’ll look at NSW. In NSW it’s the friendly folk at the NSW Office of State Revenue that look after … Read More
How to save time and money FAST: Business Process Automation
Every day business owners create more work for themselves with unnecessary double business processes. Time sheets, expense claims, daily POS and supplier invoices do not have to be manually entered. We all know that time is money, so why not save some time and rid your business of unnecessary laborious tasks that cost you money. Enter: Business Process Automation (BPA) … Read More
The 542 Partners Top Tax Tips
Make your superannuation contributions before 30 June For businesses, your June quarterly superannuation contributions are not due until July. However, by paying the contribution before 30 June you can bring forward the deduction into the current financial year. For individuals, you can contribute concessional contributions up the contribution cap for the 2012/13 financial year is $25,000. For individual employees, this … Read More
- Page 2 of 2
- 1
- 2