This blog is about a tax offset that is not well known by most people, the Early Stage Investor Tax Offset, or ESITO for short. This tax offset was first available from 1st July 2016 and was introduced to encourage investment in Australian Early Stage Innovation Companies. The hope is that by offering tax incentives […]
In order to promote research, development and innovation in Australia, the Australian Government offers tax incentives to eligible Companies. Currently, the R & D Tax concessions entitle an eligible Company to a 43.5% refundable tax offset if the entity’s turnover is under $20 Million, or a 38.5% tax offset for Companies with turnover more than […]
What is PAYGW? For those of us who are not so savvy with ATO acronyms, PAYGW stands for Pay As You Go Withholding. This is a system of taxation that requires employers to withhold a portion of employees’ wages and then pay it to the ATO to offset expected year-end tax liabilities. The system is […]
Did you know that your Will does not control who your superannuation benefits go to upon death? On death, a members super benefit becomes payable as either a lump sum or a pension. The trustee of the super fund, in accordance with the fund’s trust deed, makes a decision as to who these benefits are […]
Over recent years we have noticed the ATO applying more and more resources in the area of Super Guarantee. Super Guarantee is the compulsory 9.5% super that employers must pay to an employee’s super fund. We are seeing many more audits based on complaints from employees who’s super has not being paid, along with the […]
As an accountant who works predominantly with small to medium businesses, I am often asked to recommend an accounting software program to my clients. Choosing the right accounting software to best suit your business is surprisingly difficult. Advances in technology over recent years have created both huge advancements in efficiency, but also a complexity that […]
It is a commonly held belief that if an employer provides a ‘Ute’ or similar commercial vehicle to an employee, that it is 100% tax deductible and will not attract Fringe Benefits Tax (FBT). However most people are not aware that in this situation the ATO has always required that the employee’s private usage must […]
Over the last few years, the accountants at FAJ have been working towards preparing tax returns without the need to print them. If you have visited our office to have your tax return prepared, it’s likely you have used one of our I-pads to sign your return. The next phase of this project is to […]
On the 2015 budget night it was announced that small business entities would be able to claim an immediate deduction for individual assets costing less than $20,000. What exactly does the $20k small business write off mean to you? Prior to May 15 small business entities (SBE’s) making use of the simplified depreciation rules were able […]
There are a few tricks when it comes to capital gains tax and building a house on vacant land. The vacant land can be treated as a main residence (therefore exempt from CGT) prior to the time you build, subject to a few conditions; 1) Within 4 years you construct your home 2) You move in as […]
Francis A Jones
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