News

Bitcoin: Its place in your wallet or SMSF portfolio.

While bitcoin may be the most well-known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a “peer to peer electronic cash system” which means that the currency is not a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain.  One of the problems with earlier electronic cash was that it was possible for those with the skills to fool the system and allow multiple transactions of the same piece of currency.

Read the full April Newsletter here

Fringe Benefits Tax – Beware of who you share your benefits with.

Where some businesses have tripped up in the past is where the source of the benefits provided is not clear cut – that is, where non cash components of remuneration are sourced, but from an associate, a related company or from a third party provider….

Is your business prepared for Single Touch Payroll?

Single touch payroll is a government initiative to streamline business reporting obligations, which is due to become compulsory from July 1, 2018. When a business pays its employees, the payroll information will be sent to the ATO via the business’s payroll software…..

Read the full March Newsletter here

Key factors for rescuing a bad debt deduction.

It is very often the case that unpaid debts owed to a business can have a significant impact on cash flow and the ongoing profitability of a business. In a taxation context the characterisation of a particular debt as either “doubtful” or “bad” is key as to whether or not the writing off of that debt would be deductable.

Generally, the characterisation of a debt would be premised on the following principals:

Doubtful debt – is a receivable amount that might eventuate to be a bad debt in the future. Doubtful debt often represents a mere accounting provision and is not deductable for tax purposes for the current financial year but may evolve into a bad debt the following year.

Bad debt – is a receivable amount that has been identified as not collectable and on being written off may well be deductible for tax purposes.

Read the full February Newsletter here

The ins and outs of entertainment business deductions

As a tax concept, “entertainment” can be relevant not only to fringe benefits tax but also to income tax and even goods and services tax.

Read the full December Newsletter here

Tax and Christmas party planning

Christmas will be here before we know it and the well prepared business owner knows that a little tax planning can help make sure there’s no unforeseen tax problems.

Three benefits typically provided include:

• Christmas parties for employees (and perhaps their family members, and even clients)
• Gifts to employees, their family members and clients, and
• Cash bonuses

Read the full November Newsletter here