Updates

When an employer pays for an employee’s business trip accommodation, this benefit would be fully exempted from Fringe Tax Benefits (FBT) under the ‘Otherwise Deductible Rule’. Recently, the ATO had confirmed that when an employee’s spouse accompanies the employee on

In 2012, 30 June fell on a Saturday and this year, 30 June would be a Sunday. For those who made superannuation contributions on 30 June 2012, they were caught out as the payments would only be reflected in their

The ATO fact sheet, issued by the Commissioner states that he has the right to exercise his power of general administration. This allows the SMSF to continue claiming its Exempt Current Pension Income (ECPI) if the minimum pension has not

Amendments to section 4.09 in the Superannuation Industry Supervision Regulations (SIS) 2012 now require the SMSF trustees to “review regularly” their fund’s investment strategy. As part of this strategy, the following consideration MUST be made: “Whether the fund’s trustees should

The Self Managed Super Fund (SMSF) administrative penalties draft regulations gives the Australian Taxation Office (ATO) the power to issue administrative directions (rectification direction or trustee education directions) and impose penalties for any non-compliance to the Superannuation Industry (Supervision) Act

The new rules on Simplified Depreciation were effective from 1 July 2012 and are significantly advantageous to small business enterprise taxpayers. These taxpayers are defined as conducting a business and have less than $2 million of net turnover in a

While many people may think tax avoidance and tax evasion are the same thing, they are not. Profession Wheatcroft, of the Faculty of Law at Oxford University, defines tax avoidance, as dodging tax without breaking the law. Tax evasion is,

Having meetings from time to time can ensure the smooth running of an organisation. How you conduct these meetings is important to ensure employees do not find it meaningless. Small scale meetings: It is important that when you are holding

Management by Walking Around (MBWA) is a system that proactive listening managers use. It is used to gather as much information as possible so that small problems do not fester and turn into larger problems. It involves listening carefully to

It is imperative that you make a Will to ensure your assets go to the people you wish to benefit. Having a Will ensures that you have executors that you can trust appointed to carry out the instructions of the