Fringe Benefit Tax (FBT) is a hot topic in tax circles at the moment. It has been a bit of a sleeper for the last 15 years and it’s awakening. The ATO have so much data and information especially with AI capabilities to review and correlate data against what declarations people are making. FBT is […]
Online scammers are getting craftier and craftier to mislead people into parting ways with money but also to siphon their login credentials or personal information. Scammers can often pretend to be organisations such as ATO, MyGov, banks, Australia Post and even CityLink (LinkT)! Some common scams include: Texts or Emails from a trusted supplier/organisation to […]
Struggling with how to pay your most recent Tax Bill? If you receive a tax bill, you need to pay in full and on time to avoid interest charges. However, if you’re experiencing financial difficulties, you may be eligible to set up a payment plan. If you can’t pay what you owe in full and […]
Summer in Victoria after the Aussie Open has wound up and routines get going again – is a great time to set our intentions and goals for the coming year ahead. Reflection – Take the time to reflect on 2023. Reviewing the good, not so great and things you could have done better in the […]
There goes another year! Hope your 2023 was a good year. May your Christmas be jolly and your news years positive. Our Torquay and Winchelsea Offices will be closed during this holiday period from 1pm Thursday 21st of January and reopening for business again from Monday the 8th of January 2024. Until then we hope […]
If your loved one is currently in aged care, it might be time to review your Refundable Accommodation Deposit (RAD). Residents in aged care can pay accommodation costs by lump sum (RAD) or by daily interest payments (DAP). It may be worth considering paying part or all accommodation fees by daily payments in the current […]
Fringe benefits tax (FBT) is a tax paid by employers on certain benefits provided to their employees, or to their employees’ family or other associates. FBT is separate to income tax. It’s calculated on the taxable value of the fringe benefit. Examples of fringe benefits include: allowing an employee to use a work car for […]
If you’re self-employed as a sole trader, in a partnership, or through a have a discretionary family trust, you don’t have to pay super guarantee for yourself. This can put is you a bit of predicament where the self-employed are often prioritising running their business, and managing their cashflow for today’s expenses and living in […]
Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction for external training courses delivered to employees by registered training providers. The boost applies to eligible expenditure incurred from 7:30 pm AEDT on 29 March 2022 until 30 June 2024. The expenditure must be: for the provision of training […]
Small businesses with an aggregated annual turnover of less than $50 million will be allowed an additional 20% tax deduction to support their digital operations spending that help digitise their operations. The Technology Boost applies to eligible expenditure incurred between 7:30 pm AEDT on 29 March 2022 and 30 June 2023. The boost is for […]
The ATO now requests data from digital platforms in Australia to identify people who earn income through the sharing economy. The ATO describes the sharing economy as activity that connects buyers (users) to sellers (providers) of goods and services through an online platform (app or website). Sharing Economy also sometimes known as collaborative consumption is […]
Personal information can be used to obtain access through identity theft. Your personal information is an important part of your identity. You need to keep it safe. Here are a few tips to ensure your information doesn’t end up in the wrong hands online. Create Strong Passwords When creating a password, think beyond words or […]
After an incredible 14 years at STS Accounting Group, our esteemed colleague Chris Henry has made the decision to retire. Chris’ final day will be on Friday 10th November 2023. Chris has been an integral part of our team, contributing his wealth of knowledge, experience and camaraderie. While we will deeply miss his presence, we […]
You may need to pay land tax if you own an investment property, holiday home, commercial property or vacant land in addition to your primary home. How does land tax work? Land tax is a state revenue. In Victoria, you pay land tax if the total taxable value of all the Victorian land you own, […]
If you’re employed full-time or part-time you are entitled to Personal and Annual leave and they’re accrued as hours on our payslips. Let’s find out what these leave types are: Annual leave Annual leave, sometimes called holiday pay, allows (full-time and part-time) employees to take paid time off work to go on holiday and enjoy […]
Debt hanging over our heads can be overwhelming. When it comes to getting on top of debt, the most important thing is to get started. Here are a few tips from moneysmart.gov.au to get you started. Find out what you owe First step is to get an idea of what money you owe. Start by […]
Sometimes a hobby or a side hustle can turn into a business. Let’s look at what constitutes being in business. Generally a business involves repeated and continuous activities you do for the purpose of making a profit. Profit can be in money but it can also be through other means such as being paid with […]
Whether you run a small business, work in a not for profit, a charity, or volunteer in a sporting club, there might be a grant for you. Libby Coker our (Labor) Federal Member for Corangamite has compiled a list of grant opportunities that are available for July, August and September. The Grant Bulletin includes grants […]
The ATO have put together some useful tips for employers to get sorted as we round out last financial year and get started on FY24. Single Touch Payroll (STP) finalisation: by now all employers should be using STP and you need to finalise your employees’ STP data for FY 23 by 14 July, as they […]
If you’re a new client with a Tax Agent, you’ll now find that there’s a requirement to undergo a proof of identity process. More info can be found from the ATO’s Agent Client Verification page. Strong client verification helps to protect tax practitioners, clients and Australia’s tax and super systems from misuse due to identity […]
