Employee share schemes (ESS) give employees shares in the company they work for or the opportunity to purchase shares in the company they are working for. One of the main reasons employers offer this incentive is to attract and retain good employees. 2 Methods of taxation for Employee Share Schemes: – Taxed Upfront Scheme – […]
It is important to distinguish between a travel allowance and a living away from home allowance (LAFHA) as they are taxed very differently. A LAFHA is paid from an employer to an employee to cover the additional costs of temporarily living away from their normal residence to perform employment duties. The payment is tax free […]
The tax implications of crypto trading are not yet well understood. Every time you sell or swap one cryptocurrency for another, a capital gain event is likely to have occurred, and knowing how to record your crypto transactions can be a challenge. Depending on your level of crypto trading calculating the capital gain or loss […]
With a market value of more than $2 trillion US dollars it is no wonder investors, share traders and even your friends are swarming to the digital gold rush that is crypto trading. However it is important to understand the implications that holding and trading cryptocurrencies such as Bitcoin and Ethereum may have on your […]
Taxable Payments Annual Reporting (TPAR) is where businesses report to the ATO the total payments they make to contractors for services in a financial year. The contractors can operate as any entity structure – sole trader, company, partnership or trusts. The TPAR does not result in additional payments or tax; it is simply reporting information […]
In Western Australia if you die without leaving a valid will your estate will be distributed according to legislation, this being the Administration Act 1903. This means that the law decides who your beneficiaries are and how your estate is divided with minimal flexibility. Intestacy is the term given when a person dies without leaving […]
Monthly budgeting is an essential tool to help you make strategic business decisions that will result in a success. It gives you a better understanding of your business and where you stand going forward, and has never been as important as it is in the current economic environment. Budgeting identifies current available capital, provides an […]
Being an Uber driver is a relatively new and unique way of earning money and can be an option for many people with a driver’s license and a good car. Unfortunately a lot of Uber drivers do not realise the income tax and GST implications. The Australian Taxation Office (ATO) has stated that all Uber […]
The 2017/18 federal budget introduced a downsizing superannuation contribution scheme starting from 1 July 2018. It may be available to you if you’re over 65, your downsizing your home and you choose to contribute some of the proceeds from the sale into your super fund. The contribution is capped at $300,000 per person (so $600,000 […]
The 2016-17 Federal Budget announced changes to company tax rates which will progressively reduce the tax rate to 25%. The company tax rate for the 2016-17 financial year is 30%, and for Small Business Entities (SBEs) the company tax rate is 27.5% To be identified as an SBE, a company must satisfy both of the […]
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