Authoritative and technically accurate information and guidance on all areas of tax

Some common FBT mistakes

If a business provides certain benefits to staff, or their associates, the business taxpayer may be up for fringe benefits tax (FBT). But there seems to remain ongoing misconceptions, or at worst misinformation, among many in business about the exemption or otherwise of certain benefits provided to employees. Generally, a condition of exemption is that

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Deceased estates: Things you need to know

Unfortunately, having to deal with managing a deceased estate is a task many of us will have to shoulder at some stage in our lives — but having some familiarity with what’s involved beforehand will hopefully ease the burden. It is worth remembering that the law that applies to the assets and income of a

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Can your client claim a tax deduction for insurance premiums?

As a general guideline, the ATO will allow a deduction for insurance premiums if it can be shown that the insurance cover relates to earning assessable income.  Income protection insurance is one example of the kind of cover that may provide an allowable tax deduction for premiums – such claims have been allowed by the

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Little Bo Beep claimed her sheep: Accounting jokes and trivia

Accountants are unjustly known as a dry breed.  Outsiders to the profession don’t seem to know, but where numbers are concerned – and in the tax multiverse, they are concerned gravely – the potential for cerebral jokes is virtually infinite. Accounting jokes trivia Therefore, behold:  We’ve compiled the cleverest jokes and stories adored by bean

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Personal insolvencies jump over June quarter

The most recent personal insolvency statistics have been published by the Australian Financial Security Authority (AFSA, formerly known as the Insolvency and Trustee Service Australia). The data shows that compared to a year ago, personal insolvencies increased 13.7% for the June quarter. And compared to the March quarter this year there was a 10.7% increase.

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