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David McKellar

Fringe Benefits Tax (FBT) hot spots

By | Business, Compliance, FBT | No Comments

FBT updates and problem areas Car parking under scrutiny Motor vehicle problem areas Mismatched FBT and income tax amounts Mismatched information for entertainment claimed as a deduction and what is reported for FBT purposes Business assets personally used by owners and staff Not lodging FBT returns Salary sacrifice problem areas Did you provide assistance to employees during a crisis? Housekeeping essentials Important FBT issues Car parking under scrutiny Important impending changes A controversial draft ruling from the ATO could expand the scope of the FBT…

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Corona

The Stimulus Package: What You Need To Know

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The Government has announced a $17.6 billion investment package to support the economy as we brace for the impact of the coronavirus. The yet to be legislated four part package focuses on business investment, sustaining employers and driving cash into the economy. For business Business investment Increase and extension of the instant asset write-off Accelerated depreciation deductions Cash flow assistance for small and medium sized business Tax-free payments up to $25,000 for employers Wage subsidy of up to 50% of an apprentice or trainee wage…

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Fellowship honour for David McKellar

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  Melbourne Chartered Accountant David McKellar has received the honour of Fellowship from Chartered Accountants Australia and New Zealand (CA ANZ). Mr McKellar, who is Director of Allied Business Accountants, is one of only 220 Chartered Accountants from nine countries to receive Fellowship in 2019. An honour in its own right, David was also the youngest finance professional to be awarded the status this year. Awarded after a peer-nomination process, the honour recognises David’s professional body of career achievements, his contribution to the profession of…

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3 Growth Strategies for your Business

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The daily grind of owning and operating a business often leaves little time for planning ahead. Whether you’re busy working in your business, managing staff or battling with bookkeeping, you probably find your to-do list never ends. Unfortunately, that busy-ness can come at a cost to your business, and stand in the way of making valuable steps towards future growth. This could also cause you to lose sight of the original vision for your business, and the level of passion you once had. This battle…

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CFO

3 Reasons Why Your Business Needs a Virtual CFO

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Is your business in a position of growth? Do you find yourself stretched for time managing all aspects of your business? Are you finding it hard identifying and acting upon problem areas that present a risk to your income? If you answered yes to any or all of these three questions, you may be in need of a Chief Financial Officer (CFO). CFOs are specialists in providing strategic financial and business advice, adding value to your business that a standard accountant cannot do. Virtual CFOs…

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Dividend and Franking Credits Whiteboard Graphic

Share dividend income and franking credits

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Investors in receipt of dividends from their share portfolio often benefit from investing in shares because they usually have franking credits attached. As a general rule, an Australian resident shareholder is assessed for tax on dividends received plus any franking credits attached to those dividends. The shareholder is assessed on the “grossed-up” income and then allowed a “franking tax credit” in respect of the corporate tax paid by the company on the profits from which those dividends are paid. This system is referred to as…

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Electronic devices - FBT Exempt

FBT: What’s new for 2017?

By | Business, Compliance, FBT, Tax Planning | No Comments

Its coming up to that time of year again, the end of the Fringe Benefits Tax (FBT) year. It may be the least exciting of the of our ‘New Years’ that we celebrate, but lets have a look at whats new this FBT Year. The Rate The biggest impact to FBT, which carries over from the previous FBT year, is the continued application of a 49% rate. This is due to revert to 47% on April 1, 2017 (therefore applying for the 2017-18 FBT year…

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Sharing economy people

Tax and the sharing economy

By | Business, Compliance, Taxation | No Comments

The concept of a “sharing economy” has been around for long enough now to have had a very real impact on how our financial transactions are conducted. As for the taxation treatment of these transactions, the ATO has found it necessary to provide guidance. By now, most people will have realised that the “sharing” part of the concept does not refer to an absence of any monetary exchange, but rather to the use and access of shared physical or human resources or assets. The means…

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December Newsletter

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With the festive season close at hand, we look at the ways in which the spirit of giving can be extended in a tax effective way. We also look at the details we know so far about the new transfer balance account requirement for SMSFs, and the cap imposed on these accounts. And as the rules around the valuation of assets held under an SMSF have seen a lot of changes, we run over the more important points. Also dealt with is the luxury car…

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Christmas presents under tree

Extending the festive cheer (in a tax efficient way)

By | Deductions, Philanthropy, Tax Planning | No Comments

The festive season is here again, and as with other years it is always brimming with the spirit of giving. The list of practical ways in which Australians spread goodwill is as endless as a Christmas wreath. The ATO also gets into the spirit of the season, but of course feels required to set some limits. When are donations deductible? A charitable donation is only tax deductible if it meets the requirements in the relevant legislation. In brief, the rules allow a taxpayer to claim…

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