You’ve heard of the term a lot, but do you really understand the ins and outs of FBT (Fringe Benefits Tax)? We thought that a short guide on FBT that decodes the jargon and explains how it may affect you, might be a useful read. Fringe Benefits are provided to an employee. They are essentially non-cash advantages of working with…
Many have their fingers in the cryptocurrency pie right now, but when it comes to tax time, a whole lot of us are either completely overlooking these investments or labelling them wrongly. At Accounting Tax Solutions, we have specifically trained professionals in the realm of cryptocurrency to ensure that you are making smart decisions with your investments and declaring them…
The ATO has stated that from March 2022, they will be automatically identifying, calculating and paying Interest in Early Payments (IEP) entitlements. Any funds you receive will be directly placed into the bank account that you have nominated. If payments for certain liabilities are made to the ATO 14 or more days before they are due, then businesses are entitled…
Expect more and more headline grabbers to be popping up over the next few days and weeks regarding the Budget 2022. One of the biggest showstoppers at this moment is the training and technology incentives, where a $120 tax deduction is available for every $100 spent. $1.20 for every $1.00 spent This is specifically for digital technology and training for…
$940 million in super have not been paid out to the 570,000 Queensland workers who were eligible in the 2018/2019 tax year, losing an average of $1600. This has been uncovered in a report titled ‘Super Scandalous: how to fix the $5 billion scourge of unpaid super’ by the Industry Super Australia (ISA). It shows that in 6 years, the…
Although growth prospects are looking more promising for 2022 as compared to 2021, with 71% of all Australian business owners feeling confident about this, offering competitive salaries is a big concern for many. Research conducted by Robert Half found that of the 71% of business owners who are confident about growth prospects, 63% cited expanding business opportunities as the top…
We expect to see an increase in the amount of work cover claims to increase over the coming months as a direct result of employees feeling forced into returning to a work environment a little too soon than they are comfortable about. As we have all learned over the past few years, each one of us deal with the uncertainty…
The H2 2021 Growth Index findings by non-bank lender ScotPac have been released. It has found that 80% of Australian business owners are most concerned about compliance, cash flow and having enough time in the day to complete tasks. It has been a strenuous few years for Australian business owners and although the worst it seems is behind us, looming…
A self managed super fund (SMSF) is a way for you to diversify your investment portfolio. Unless you have been living under a rock for some time, you have likely heard of the lucrativity of cryptocurrency. So where do they both fit together? SMSF trustees do have the ability to invest in cryptocurrency, but there are some factors to consider. …
The recruitment specialist, Hay’s, recently surveyed some 3,400 organisations to obtain a wealth of data regarding current trends in the workplace. One such figure was that 31% indicated overtime work has increased. 43% of professionals surveyed for this report said that they worked, on average, an additional 2.5 hours per week. Add this to the 29% of professionals stating that…