With the fringe benefits tax (FBT) season looming, it will pay to be reminded that FBT liabilities can also arise due to third party involvement. We underline the factors to keep watch over.
And with the ATO being ever vigilant on the characterisation of income, we also spell out where care needs to be taken regarding income you receive for providing “personal services”.
Thinking of transitioning your enterprise from operating as a sole trader to join the ranks of incorporated businesses? There’s more involved than just opening another bank account, and there are important taxation differences to keep in mind.
We also look at the difference between “repairs” and “maintenance” when it comes to claiming deductions on your rental property, and take a look at the conditions of release that must be satisfied if you’re ready to access your super savings.
Please contact MBS for clarification, or further advice, regarding any of the topics covered in this newsletter.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)