Ambrosiussen Accountants is dedicated to helping executive teams to increase the value and strategic effectiveness of their organisations. Gazelles Inc provides executive education, coaching and technology services, specifically for businesses who have recognised that change is necessary within their business. Best known for their one page strategic plan and other tools, the world renowned Gazelles system [...]
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The 2010/2011 tax year is quickly drawing to a close. We have outlined some simple strategies below to help you minimise your tax bill. Minimising your Taxable Income For business owners and employees, one of the main aims is to legally minimise your taxable income in any year. How can this be done? Income – [...]
The Chronicles Adopt-A-Family was the focus for our December fund raising activities. We hope the family enjoy the food and presents we gathered together. We hope that it brings a bit of cheer to a family who may be doing it a bit tough this season. November is well know for the Movember fundraising initiative. [...]
The ATO recognises that businesses in flood affected areas may need more time to meet their lodgement and payment obligations. If your business address is within one of the identified flood affected postcodes (list of postcodes), the ATO will automatically defer the lodgement and payment dates for December monthly activity statements from the original due date of 21 January 2011 to 21 February 2011.
The Education Tax Refund (ETR) helps with the cost of educating primary and secondary school children. Eligible parents, carers, legal guardians and independent students are able to get money back on education expenses. For the year ended 30 June 2011, eligible education expenses are items that support a child’s or independent student’s primary or secondary [...]
You may have clients who can now claim a tax deduction for their study expenses after the High Court decision, Commissioner of Taxation v. Anstis on 11 November 2010. The decision affects taxpayers who received youth allowance to undertake full-time study and incurred study expenses.
Since its introduction as part of the government economic stimulus, many eligible business taxpayers have already taken advantage of the temporary investment allowance deduction available under Division 41 of ITAA97. Business taxpayers should be aware that the deadline to ensure that they are entitled to an additional deduction for the 2010-11 income year is 31 December 2010. This article explains what taxpayers need to do before this deadline.
As employers, we like to show appreciation to our team members and have some fun at the close of a busy year. Christmas parties and gifts are common ways these sentiments are expressed, however these can attract fringe benefits tax (FBT). Whether Christmas parties and gifts attract FBT is a complex issue. Here are some basic scenarios.
The Paid Parental Leave scheme is a new entitlement which is funded by the Australian Government and provides Parental Leave Pay to mothers and other primary carers, including adoptive parents. From 1 January 2011, all working Australians, including full-time, part-time, self-employed, casual, contract and seasonal employees, will be entitled to Parental Leave Pay, if they meet the eligibility criteria.
In some awards, overtime has changed from time and a half for the first three hours and double time thereafter; to time and half for the first two hours and double time thereafter? Have you read through your overtime and penalties area in the relevant Award for your business? We have also been advised by [...]
