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TAX AND CHRISTMAS PARTY PLANNING

Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there's no unforeseen tax problems

The three benefits typically provided include:

 - Christmas parties for employees (and perhaps their family members, and even clients)

 - Gifts to employees, their family members and clients, and

 - Cash bonuses                                    
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TAXATION OF FOREIGN INCOME DERIVED BY AUSTRALIAN RESIDENTS

Under Australia's taxation regime, resident taxpayers are subject to income tax on both income derived in Australia and on foreign sourced income. As a general rule, where foreign income is derived by an Australian resident, the gross amount (including any foreign tax paid on the income) must be included as assessable income.

A foreign income tax offset is allowed (up to a limit) for any tax paid overseas. This mitigates the effects of double taxation (where the taxpayer pays tax on the same item of income in Australia and another country) by allowing taxpayers to claim the foreign tax paid against the Australian tax liability on the same income. The foreign tax is claimed as a non-refundable tax offset, subject to a cap.

                        
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IS THAT A TRAVEL ALLOWANCE OR LAFHA?

Travel allowances are paid to employees where in some cases the period way from home is less than 21 days, and in others, more than 21 days.

With travel allowances, typically employees are:

 - paid standard travel allowance for accommodation and food

 - Work at one location

 - Visit home on weekends

 - Stay in accommodation provided by the supplier (which may be available for use by other customers when the employee is not there).

However it is often asked whether these transactions should be looked at under the FBT living away from home allowance (LAFHA) rules or the income tax travel allowance rules?                                                              

         
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FINANCIAL SOLUTIONS

 
Insurance – protect your most valuable asset

How would your family or loved ones cope if you suffered an accident or illness? Would you be able to survive a forced retirement? Nearly a third of Australians over the age of 45 retire early due to ill health.  You have worked hard to support your family and have built up a healthy level of savings. A serious injury or illness could put these life savings and retirement plans in jeopardy.

Australians insure their homes and cars, often with barely a second thought, but only a minority protect themselves and their loved ones should something happen to them. In fact, we're one of the most under-insured countries in the developed world with many families suffering financially if something happened to one of the breadwinners.

Let us help protect you and your loved ones. Contact us today to arrange a complimentary meeting to discuss your personal life insurance needs.

·         How much cover do I need?

·         Should I hold insurance inside or outside of super?

·         Stepped vs level premiums?

·         Any vs own occupation?

·         I'm paying a large premium now, do I need to be?

·         I've got existing cover in my super but don't know if it's appropriate?

·         I'm a SMSF trustee but haven't considered the insurance needs of the members.

Visit our website for more information or contact Erich or En to organise a introductory meeting.