Practice Update – August 2023
Claiming GST credits for employee expense reimbursements Employers may be entitled to claim GST input tax credits for payments they have made to reimburse employees for expenses that are directly related to their business activities. A ‘reimbursement’ is provided when a taxpayer pays their employee the amount, or part of the amount, of a particular […]
Practice update -April 2023
New 15% super tax to apply from 1 July 2025
The Government recently announced it will be imposing a 15% additional tax on individuals that
have more than $3 million in superannuation. The new measure is expected to commence from
1 July 2025 (i.e., the start of the 2026 income year).
Practice Update
December 2022 Input tax credits denied due to lodging BASs late The Administrative Appeal Tribunal (‘AAT’) has held that a taxpayer could not claim $91,239 of input tax credits (‘ITCs’) at least partly because it lodged the relevant BASs more than 4 years too late. Specifically, the GST Act operates such that, if an extension […]
Fringe Benefit Tax at Christmas Time
It is a time of the year when giving is encouraged. As a business owner, you may want to make sure you have all the information available to you, so that you are fully aware of your tax obligations this Christmas. Christmas parties The cost of food and drink associated with a Christmas party is […]
Boosting cash flow for employers
