With the FBT year now ended and the financial year-end (FYE) only a matter of weeks away, now is the time to be thinking about planning. You should plan to make the most of the time available before 30 June, to maximise any opportunities and to iron out any potential issues that may arise.
Have you been to our website to download your FYE checklists? Do it sooner rather than later so you can collate receipts or plan for last quarter spending by clicking here. Plus GJB has made it easy to pay our fees in monthly instalments - great for cash flow and much more. Click here to read all the details about our QuickFee facility.
To read this month's newsletter, please CLICK HERE where we cover:
This year, GJB have a zero tolerance policy on late tax return lodgement, helped along by the ATO's proposed policy for dealing with tardy lodgement. Click here to read how we plan to take the sting out of ATO tax deadlines by 30 June.
- Seller beware - ATO targets eBay sales: Selling goods online can bring in some handy dollars, but when is it a hobby and when a business? The two have different tax consequences, so the ATO has developed a keen interest in your online activities.
- How long can the ATO hold onto your GST refund? When cash flow is tight, the last thing a small business needs is for the ATO to hold back a sizable (or indeed any) GST credit refund, especially if the business owner is relying on this to be able to continue trading. We explain the ATO's obligations and your rights under the tax law, which has recently been changed.
- Can your business dig a deduction out of expenditure's 'blackhole'? If your business has capital expenditure that seems to fall outside of the ambit of other tax provisions, there may still be scope for a possible deduction. We run through the so-called "blackhole" expenditure rules.
- Employee motor vehicles, FBT-free? Did you know that it is possible to provide an employee with a motor vehicle but escape the bother of lodging an FBT return?
- Hankering for a Harley? Think again, SMSFs: SMSF members and trustees considering investing in an asset they may have always secretly wanted to own (say, a Harley Davidson motorbike) had better get a solid understanding of the ATO's view on such assets.
All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact GJB
on 02 9686 3130 for advice.