Salary packaging is one way for an organisation to increase the take-home pay of its employees — and if done correctly, at no extra cost. Basically, an employee agrees with their employer to forego part of their future salary or wages in return for the employer providing benefits of a similar value. By paying for…
It’s tax time again – and with it comes the annual Tax Office warnings about tax scams, which always seem to proliferate during tax season. So how can you spot a scam and what can you do to prevent being fleeced? Tax scams can take many forms Phone scams are the number one type of…
October 31 is a hard deadline for employers with 20 more employees to switch to paying superannuation obligations for their staff electronically. Employers with 19 or fewer members of staff have still got until June 30, 2016 before they need to comply with the new SuperStream standard for superannuation payments. And those with an SMSF…
Christmas will be here before we know it, and it is likely that better organised employers will already be thinking about their yuletide preparations. But while you should feel free to pop a champagne cork or three for your employees, make sure that you don’t get the tax hangover; particularly with fringe benefit tax and…
As you will be aware the requirements of the Income Tax Assessment Act are strict, this memo is a formal reminder of the general provisions that apply to individuals and any related entities, consistent with prior years. Self-assessment Under the current “self-assessment” system, income tax returns are not necessarily subjected to technical scrutiny either before…