The main items that are excluded from the GST regime are….
We recently had a very valid question from one of our clients about business expenses incurred in Australia and the question was asked if there any guidelines available / or rules for claiming Australian GST for business-related expenses incurred in Australia – for example, Training accreditation undertaken in Australia, as well as related accommodation, food, travel etc. expenses?
We recently wrote about the benefits of buying a car through your business. And one of the comments we made were that“FBT adjustment needs to be done annually – this is put through the books at year end as a book entry. No monies are payable to IRD”
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Do you understand Provisional Tax, do you know when you need to pay and why you need to pay? Monteck Carter’s expert, Glynis Carter answers these questions for you. Provisional Tax is a way to pay personal and business income tax where you have not paid in full through the PAYE or Withholding Tax system. This only affects taxpayers that have more than $2,500 to pay in any one year.
We asked Karen Tobeck for her expert view and she gave us this advice. There are some benefits in putting the vehicles through the business.
To do this you need to:
Do you know what FBT is and how it applies to your firm? Fringe Benefit Tax (FBT) is a tax on benefits that employees receive as a result of their employment, including those benefits provided through someone other than an employer. As a general rule, as long as you have a vehicle available for an employee to use privately, you will have to pay FBT whether or not your employee actually uses the vehicle privately. But there are certain exemptions from FBT – general and daily. To meet the requirements for fringe benefit tax on motor vehicles, or claim a general exemption or daily exemption on them, you must keep adequate records. Karen Tobeck explains what records you need to keep:
I recently met with a client who is looking to set up a new retail business. They are quite well down the track with planning but needed some fine tuning with the accounting side of things. The main issues were around GST registration and the best method. As they
A raft of amendments to GST came through in June and we want to clarify these grey areas and closing loopholes from some of the major changes of the last few years. In a broad brush, these include:
The low-down on fringe benefit tax. FBT are exactly that – the perks of the job that aren’t salary or wages. Things like using a work car out of hours and employer contributions to your Super. As an employer, you have a few options with FBT. FBT in a nutshell. This is a tax on benefits employees receive through their employment, including benefits provided by someone other than their employer. Cash benefits are treated as normal salary and wages, with PAYE deducted.