As an employee in a business, often there are perks that can come with the job. A company car, fuel money, perhaps some technology to help make things easier. Small business owners however have to be a lot more mindful of how they use the money from their business. Any money or assets that a…
Luxury car tax or LCT is a 33% tax on cars that have a value (including GST) above the set threshold. However, the tax is only on the value which is above the threshold. Businesses and individuals that sell or import luxury cars are required to pay LCT. You can make LCT payments in instalments…
When you own a rental property, keeping records is important. These will help you meet tax obligations. Generally, only individuals with their name on the title deed declare income and claim expenses. Remember that the records must be kept in English or should be easily translatable into English, and kept for a minimum period of…
Amounts which are not classified as income are split into 3 categories. Exempt income This is income that you do not pay tax on, although, some exempt income may be taken into account when determining: Tax losses of earlier income years that you can deduct Adjusted taxable income of dependants Some examples include certain Government…
The Australian weather can be unpredictable, resulting in intense weather conditions. Bushfires, severe storms or floods can cause personal properties and assets a lot of damage. In the case that this does occur, individuals need to determine the tax treatment of any insurance payouts or relief payments that they may receive. Usually, individuals are unlikely…
Trusts have their own tax file number (TFN) that should be used to complete tax returns. Trusts are also able to apply for an Australian business number (ABN) on the condition that the trust is carrying on an enterprise. If a trustee applies for a TFN or ABN, then this is in the capacity of…
When your job ends, whether there has been a termination of employment or redundancy you will receive a payment for unused leave. This payment will be taxed differently from your normal income. The taxation will vary depending on the reason why you left the job and any unused entitlements that have been accrued over your…
The government provides fuel tax credits for businesses with a credit for the fuel tax (excise or customs) that is included in the price of fuel used in machinery, plant, equipment, heavy vehicles, and light vehicles travelling off public roads or on private roads. Fuel tax credits a business receives depend on when the fuel…
