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.

 

Read more…….

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

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Jetts Fitness Ad

Here at Sciacca’s Accountants + Advisers we’re proud to be a part of our local community. We’ve currently got an ad featured in the Jett’s McDowall newsletter that we thought we’d share with you. Let us know what you think and as always, if you want to organise to have a chat with John or the team about your finances, get in touch.

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scam email warning - Sciacca Account brisbane north

More scam emails

scam email warning - Sciacca Accountant Brisbane NorthA phishing email claiming to be from the ATO is currently circulating.

The email claims that the recipient is entitled to a tax refund and states they should click the embedded link and complete the online form.

Do not click on the link inthe email as it opens a fake webpage that will attempt to obtain your tax file number.

The ATO will never email you asking for personal or credit card details and you should never provide this information. If received you should delete the email immediately.

More info from ATO

If you have any questions, please don’t hesitate to give us a call on (07) 3357 5553.

Sciacca's Accountants + Advisors Brisbane

BAS time again

994945_415609058561400_951490392_nIt’s that time of the month again..

Small Businesses remember to lodge your BAS by 28th October.

Did you know if you lodge your BAS through a Tax Agent you get an extended due date until 25th November?

If you would like some assistance lodging your BAS this quarter give our office a call (07) 3357 5553.

Sciacca's News

Sciacca’s News – September 2013

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Spring into action with your finances

With spring now upon us and Christmas fast approaching, now is a great time to re-evaluate your finances. For those of us who usually don’t pay much attention to our financial situation, Spring is a great time to stop and take some time to streamline it and making things easier to understand and manage. Consider implementing these 5 key strategies:

1. Get organized. If you are still using a manual system (aka the shoebox) now is the time to upgrade. Set up a basic filing system to include monthly bills, statements, tax return copies and receipts. That way, when tax time rolls around, you’ll be prepared. And you’ll save heaps of time when you know where to find it.

2. Review bills for hidden fees. Over time many companies introduce sneaky fees and increases that may slip by. Take some time to review your bills and statements to see if any strange fees have been charged and sort them out.

3. Shop around for deals. Make sure you’re paying as little as possible for on your services like  Insurance, Foxtel, mobile phone and even credit cards. Sometimes when switching suppliers you can get introductory deals or big reductions in what you’re paying now. If you do make a switch, try to avoid signing a long-term contract, which can make it tougher to jump ship should you find something better down the road.

4. Look for your money leaks. Disorganized finances can develop leaks. Look for areas where you could plug these and save some money. If you rent a storage unit for all that “stuff” you never use, clean it out, sell what you can and donate the rest. Sell unwanted items, look at ways to save electricity to reduce bills and if you don’t have one already, set up a simple budget so you can track where the money is going – you might be surprised!

5. Put a limit on your activities. Set an annual limit for your activities and stick to it. If you limit yourself to an annual contribution, you can justify resisting those impulse decisions you feel the urge to make when you’re in a hurry or on the spot.

Effectively managing your finances can seem difficult and time-consuming, but the reward justifies the effort. Once you’ve set up system that works for you, make sure you stick to it. Set yourself up for financial freedom today.

If you’d like to discuss these or other ways we can help, give us a call on 3357 5553.

>>READ MORE

Sciacca's News - July 2013

Sciacca’s News – July 2013

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5 tips to slash costs this year

Cost cutting is high on the agenda for business owners at the moment. Nina Hendy outlines why slashing costs is a favourite pastime of business owners as the new financial year rolls around, with most businesses able to reduce costs by about 18 per cent, according to cost cutting firm Expense Reduction Analysts. Immediate savings are commonly found in electricity, insurance, telecommunications, office supplies and recruitment, ERA general manager Brett Coulston says.

Click here to read Nina’s top 5 tips to slash costs

If you’d like to discuss these or other ways we can help, give us a call on 3357 5553.

>>READ MORE