Tax

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

Test your knowledge: Financial reporting quiz for directors

A survey of directors, auditors and other financial professionals conducted by the Financial Reporting Council revealed that, on average, directors believe their knowledge of the more technical accounting issues was “fair”. Test your knowledge: Financial reporting quiz for directors While the survey acknowledged a large diversity between directors of ASX top 200 companies versus other

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FBT 101 — and some common 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. FBT 101 — and some common mistakes

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A yuletide FBT liability? Ho ho no

Apart from giving businesses a chance to thank their employees for a job well done over a difficult year, end of year Christmas celebrations are also of course a chance to get everyone together for some fun and socialising. But while you should feel free to pop a champagne cork or three for employees, make

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Substantiation for mobile, home phone and internet costs

The ATO has issued guidance on making claims for mobile phone use as well as home phone and internet expenses. Substantiation for mobile, home phone and internet costs It says that if a client uses any of these for work purposes, they may be able to claim a deduction if there are records to support

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