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Friday 30 December 2011

New Year, New Beginning & Capital Gains Tax

It is a New Year & traditionally we make "New Year Resolutions" - we look at our lives and our business - determine improvements or changes and resolve to make those changes.
So we are suggesting you review your business with regards to Capital Gains Tax. Talk to your accountant and check if you will be affected.

ATO - Guide to Capital Gains Tax (NAT 4151)
Your business itself is not an asset for capital gains purposes.Rather, each of your business' assets (eg. land, buildings, goodwill) is a separate capital gains tax asset and you must keep records for each asset. Because there may be a big gap between the time when you acquire and dispose of an asset, it is essential to keep good records from day one. You need to keep records of everything that may be relevant to working out whether you have made a capital gain or capital loss from an assets. Keep any records relevent to calculating your capital gain or capital loss. You must keep these records for five years after you sell or dispose of the asset, unless you keep an Asset Register.

Your accountant can create an Asset Register
You can choose to enter information from your Capital Gains Tax record into an asset register. Once details have been entered into the register and the register has been certified by an approved person (such as a registered tax agent), you must keep the documents for only five years from the date the register is certified.

Get ahead of CAPITAL GAINS TAX issues by discussing your concerns with your accountant.

  • BAS December 2011 quarterly      
    28 February 2012
  • BAS December 2011 monthly      
    21 January 2012
  • BAS January 2012 monthly          
    21 February 2012
  • Superannuation December 2011  
    28 January 2012

Saturday 3 December 2011

ATO, FBT & Christmas

We have all heard of Charles Dicken’s famous ‘Christmas Carol’ & none of us wish to appear to be Scrooge, but as business owners we have to think of the ATO, FBT & Christmas Parties. 

The provision of a Christmas party to an employee may be a minor benefit & exempt if the cost of the party is less than $300 per employee & certain conditions are met.  This provision also applies to the employee’s associate. 
The provision of a gift to an employee at Christmas time may be a minor benefit that is an exempt benefit where the value is less than $300.  Where the Gift is given at the Christmas Party each benefit can be considered separately.

Christmas party held at Your Premises On a Work Day:
Only Employees Attend = NO FBT
Current Employees & spouses @ $180 pp = NO FBT (minor exemption applies for spouse)
Clients NO FBT/ No income tax deduction  - Associate – FBT  applies as value more than $300pp

Christmas party held at Other Premises:
  • Only Employees Attend @ $195pp = NO FBT (minor exemption applies)
  • Current Employees & spouses @ $195 pp = NO FBT  (minor  exemption applies for both)
  • Employees, spouses  & clients@ $365 pp = Employee & Associate – FBT applies as value more than$300pp
  • Clients -NO FBT/ No income tax deduction 

Monday 7 November 2011

Using BAS Agents to lodge your BAS

You have until 25 November to lodge and pay for the July to September 2011 quarter if you lodge electronically using BAS Agents.