Are you an employee thinking of putting some of your pre-tax income into superannuation to boost your retirement savings? This is known as salary sacrifice, and the good news is that it can benefit you and your employer. What is salary sacrifice? An effective salary sacrifice agreement (SSA) involves you as an employee, agreeing in...

This article on ride sharing examines the tax implications from a Rider’s perspective. Deduction The same principles apply as per taxi fares. Where the fare is business-related, for example you are travelling from your office to a client’s premises, the fare will be deductible in full. However, where the travel is personal the fare is...

Uber and other ride-sourcing facilitators have become increasingly popular over recent years. From a driver’s standpoint, there are a number of tax issues potentially in play. See the following article for the tax implications from a drivers perspective. Income Income from a driver’s ride-sourcing activities must be declared in their tax return irrespective of the...

The ATO has just updated its guidance around trust distributions made to adult children, corporate beneficiaries and entities that are carrying losses. Depending on the structure of these arrangements, there is a potential that the ATO may take an unfavourable view on what were previously understood to be legitimate arrangements. Background For many reasons, including...

Keeping good business records is important for a number of reasons. It assists you to: comply with your tax and superannuation obligations gain a greater insight into the financial health of your business, enabling you to make informed decisions manage your cashflow demonstrate your financial position to prospective lenders, and also potential buyers of your...

March 31 marks the end of the 2021/2022 fringe benefits tax (FBT) year which commenced 1 April 2021. It’s time now for employers and their advisors to turn their attention to instances where non-cash benefits have been provided to employees, and also where private expenses have been paid on their behalf. Although it will generally...

Access our Wallace Partners Client Information Newsletter April 2022 below: Wallace Partners CIN April 2022  

The 2022 Federal Budget was recently handed down. In this special edition of our Client Newsletter, we have summarised some of the main measures that may impact both business and individual clients, including: •    20% additional deduction for skills training and digital adoption •    The extension of various apprentice wages subsidies •    An increased income...

Most businesses are familiar with how GST works. But here’s a few reminders to make sure you’re being compliant and maximising your GST claims. GST is paid at each step in the supply chain. and Businesses charge GST in the price of goods, services or anything else they supply, subject to various exemptions. If an...

Finally, some good COVID-19 news (at least on the tax front) for employers! Ever since the arrival in Australia of the Omicron variant in late 2021, the recommended test for detecting COVID has been the rapid antigen test (RAT). Indeed, for some employees, returning a negative RAT has been an ongoing condition of returning to...