Employee or contractor? There is a difference

I can understand during difficult economic times that business owners search for ways to reduce their costs and outgoings, but when those decisions affect others detrimentally, that’s when I get cranky.

Recently I had a phone call from a client who had been retrenched six months ago. Although this man is very skilled and talented, he has been struggling to find full-time work in his chosen profession.

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5 simple techniques to reduce your tax

His words might have been recorded over 200 years ago, but Benjamin Franklin’s famous uttering “in this world nothing can be said to be certain, except death and taxes” remains as true today as it was in 1789. The one thing that has constantly changed is tax law, and although death is impossible to avoid, with the many options available to us, taxation doesn’t need to inflict too much pain.

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Is your company compliant Sciacca Accountants Stafford

Is your company compliant?

IS YOUR COMPANY COMPLIANT?

 

Is your company compliant, Know the rules, Sciacca Accountants and Business advisors Brisbane, Sciacca Accountants and Business advisors Stafford, Accountants Stafford, Accountants Brisbane, Business Advisors Stafford, SMSF Advisors Brisbane, Business advisors Stafford, SMSF advisors Stafford Sciacca Accountants and Business advisors Brisbane, Sciacca Accountants and Business advisors Stafford, Accountants Stafford, Accountants Brisbane, Business Advisors Stafford, SMSF Advisors Brisbane, Business advisors Stafford, SMSF advisors Stafford

What we don’t often do at the end of a calendar year is legal compliance housekeeping, but perhaps we should. Legislation and regulations change throughout the year and these have an impact on your business.  Perhaps your company took on more employees and has a higher turnover?  These are excellent indicators of growth and success but also have the potential to attract new legal obligations.

Here is a list of 5 commonly overlooked legal issues you should review to ensure that your company is compliant this year…

Know the rules !

REVIEWING SALARY PACKAGING ARRANGEMENTS

Reviewing Salary Packaging Arrangements

REVIEWING YOUR SALARY PACKAGING ARRANGEMENTS

REVIEWING YOUR SALARY PACKAGING ARRANGEMENTS

The new fringe benefits tax year starts on 1 April 2016. The following changes will take effect from this date.

Car expense fringe benefits

The rules for individuals claiming car expense deductions have changed.

As a result, if you reimburse expenses relating to an employee’s use of their own car, only two methods will be available to calculate the taxable value of this fringe benefit (when you apply the ‘otherwise deductible’ rule).

The two methods are:

  • The log book method
  • The cents per kilometre method (a single rate of 66 cents per kilometre now applies).

Meal entertainment benefits

All salary packaged meal entertainment benefits will be reportable. They will also be subject to a separate cap of $5,000. Benefits exceeding this cap will be counted towards an employee’s existing FBT exemption or rebate cap.

 

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Fuel tax credit rates change

Fuel tax credit rates change

February fuel tax credit rates change

 

 

February fuel tax credit rates change

Fuel tax credit rates change regularly. They also vary depending on when you acquire the fuel, what fuel you use and the activity you use it for.

Fuel tax credit rates are indexed twice a year, in February and August, in line with the consumer price index (CPI). The CPI is released towards the end of January and July, five days before the rates are changed. Fuel tax credit rates will be updated as soon as they become available.

Rates may also change for fuel used in a heavy vehicle for travelling on public roads. This is due to changes to the road user charge which is reviewed annually.

Recent changes

As of Monday 1 February 2016 fuel tax credit rates change due to indexation.

Fuel tax credit rates are indexed in August and February in line with the consumer price index.

You may need to use more than one rate in a BAS period.

Use the Fuel tax credit calculator to help you get your claim right.

For details of the fuel tax credit changes go to ato.gov.au/fueltaxcreditrates