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THREE-QUARTER FBT YEAR COMPLIANCE CHECK-UP

As the FBT year runs from 1 April to 31 March, the months of October to December mark the 'third quarter' of the FBT year, and so, as an early fix before year's end, here is an overview of the FBT elements that can attract the ATO's attention.

This can be a timely period for a compliance check-up, so that employers who provide fringe benefits to staff can have better assurance they are not going to be tapped on the shoulder.
           
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HOW MUCH DO WE NEED TO RETIRE?         

The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. Each one of us lucky enough to reach the brink of those golden years will feel a lot better doing so with some assurance that we've squirrelled enough away to be comfortable in retirement.

The answer to the above question is made all the more complicated by several unknown factors, as no-one knows, for example, how long they will live or what medical necessities could surface to strain the coffers.

                                   
Click here to download a pdf version of the newsletter to read the full article.                                                                                                                                                      

 


           

THE WORK CHRISTMAS PARTY

Its not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities.

There is no separate fringe benefit tax (FBT) category for Christmas parties and you may encounter many different circumstances when providing these events to yours staff.

                        
Click here to download a pdf version of the newsletter to read the full article.  

 


           

CARRYING ON A BUSINESS THROUGH YOUR SMSF

Under the regulations, self-managed super funds (SMSFs) are not prohibited from carrying on a business, however the business must be:

- Allowed under the SMSFs trust deed, and

-Operated for the sole purpose of providing retirement benefits for fund members.

Note however that the rules governing SMSFs prohibit or limit some activities available to other businesses, such as entering into credit arrangements or having overdrafts.                                                                                        

         
Click here to download a pdf version of the newsletter to read the full article.