Business Tax Masterclass: Part 1 – How to Treat Assets
Our first webinar goes live this week. The webinar covers how and when to apply the instant asset write-off and how to treat assets that cost over $20,000.
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Commonly Missed Tax Deductions You Should Be Aware of Before EOFY
Are you missing tax deductions? Dont leave your hard-earned money in the ATO’s pocket this year! Below are the most common missed tax deductions.
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The 5 Keys To Improving Your Finances
Financial Literacy is your ability to understand how money works in the real world: how we earn it, manage it and spend it. The more financially literate, the more successful we will be.
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Single Touch Payroll. Get Started Today.
Need to know how to opt into single touch payroll in Xero and start reporting. See our work instructions.
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The Best Ways to Reward Your Employees (And Avoid FBT Implications)
Want to motivate your employees without paying more in FBT? Here are some simple strategies that wont break the bank and wont attract more tax.
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Fringe Benefits Tax for Company Work Vehicles
Fringe Benefits for work vehicles arises when an employer makes the vehicle available for private use, whether it be owned or leased. And with the ATO providing clarity on the definition of ‘minor and infrequent’ use, the landscape for penalties changes significantly in the 2019 FBT year.
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Fringe Benefits Tax Basics for the Business Owner
From time to time, employers may try to improve an employee’s engagement by offering them rewards and incentives that add value to the relationship. A fringe benefit is a non-cash benefit with a financial value that you offer to an employee on top of their salary. Any time you are providing this kind of incentive to an employee or their family, the business is liable to pay Fringe Benefits Tax.
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How to Maximize Fringe Benefits Exemptions When Giving
FBT can double the cost of providing benefits to employees if not managed correctly. For this reason, it is important to understand the FBT rules and implications for your business when providing benefits to employees. With proper planning and by keeping costs below certain thresholds, you can maximize your fringe benefits exemptions and keep your well earned money in the bank – to invest on more important things.
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Establish an Advisory Board for your Business
Running a business is hard, but there’s no reason to go it alone. Setting up an advisory board or finding the right mentor to advise you, can help you grow your business.
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Using Inventory to Reduce your Taxable Income and Maximize your Tax Benefits
The starting and ending position of your stock is used as part of calculating the cost of goods sold, to determine your taxable profit. Unsold or obsolete inventory is an asset on your balance sheet and can be used as a reduction of your gross receipts. This means that inventory can decrease your ‘taxable income’ and, dependent on the status of the stock, can entitle your business to a tax deduction.
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Mark Semmens
Mark is a Chartered Accountant with a wealth of experience in accounting and taxation. Mark is a Member of Chartered Accountants Australia and New Zealand, the Tax Practitioners Board and the National Tax and Accountants Association.
Mark's blogs
Daniela Semmens
Daniela Semmens is a Co-Director of Semmens & Co. and joined the company as General Manager in 2017. Daniela is an Affiliate Member of Chartered Accountants Australia and New Zealand and also a Member of the Australian Institute of Project Management.
Daniela's blogsContact Us Today
For any enquiries into our team or our services please contact Semmens & Co. via email at info@semmensco.com.au or call us on 03 8320 0320
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