Entries by Heather Cox

Do I need a Binding Death Benefit Nomination?

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 […]

Super Guarantee Amnesty ends 24 May 2019

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 […]

Choosing the Right Accounting Software

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 […]

New Guidelines for FBT Exempt Motor Vehicles

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 […]

FAJ Launches Client Portal

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 […]

$20k small business write off concessions

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 […]

Capital Gains Tax and Building a House

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 […]

Personal Services Income (PSI)

Watch out for the personal services income (PSI) rules which aim to tax business profits in the name of the person doing the work. They can often apply to contractors, consultants and professionals. Do they apply to you? If you are running a business it is important to establish if the PSI rules apply. PSI is […]

Margin Scheme – Selling Property as Part of a Business

Selling a property as part of a business? You may be able to apply the margin scheme to reduce the GST payable on the supply of the property. The margin scheme is a method of determining the GST payable when property is sold as part of a business. The margin scheme only applies where the […]

Change to Super Guarantee Rate

Superannuation Guarantee (SG) is the official term for the compulsory super contributions that employers must make for their employees. The rate was previously 9.25%. As of the 1 July 2014, the new minimum SG contributions rate is 9.5%. When does an employer have to pay SG? Employers have to pay SG for full time and […]