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The new financial year
As a new financial year begins, we find our community now fighting a new Delta strain of the COVID-19 virus and our capital city in another lockdown. We have found ourselves in a new world since March 2020, one with a constantly changing environment.
Tax and Accounting
Fringe Benefits Tax
Providing a work car to your employees can be a great incentive.
If you provide a car to an employee for their private use, you may need to pay fringe benefits tax (FBT).
Small Businesses
Temporary full expensing and loss carry back tips. The ATO has brought in the temporary full expensing and loss carry back measures to
support your business. You can start preparing now so you have the information you need to include in your 2020-21 tax return.
Division 7A Loans
You may have received money from your private company as a 'Division 7A loan'. You have a Division 7A loan if it complies with all the
requirements of the ATO. If your loan doesn't comply, it may treated as an assessable dividend.