With the festive season looming it’s important to know the Fringe Benefit Tax (FBT) rules for celebrations. Here are some tips from the MJJ team: Know your limits The key to keeping your Christmas party and gifts remaining tax free is to keep them under $300 per person. This is the FBT minor benefit threshold. […]
To avoid an audit from the Tax Office or a reassessment that could trigger a large tax bill, it is important that all taxpayers are correctly reporting income and expenses when it comes to preparing and lodging their return each year. There are often misconceptions about ‘entitlement’ to claim certain deductions or it being unnecessary […]
Did you know that the ATO examines every tax return? Earlier this year, the Australian Taxation Office (ATO) declared it would be cracking down and increasing its focus on taxpayers claiming incorrect work-related expenses. It’s important to make sure that you aren’t claiming more than you are entitled to! The ATO uses real-time data to […]
The start of the financial year brings new changes that will impact small businesses and some individuals from 1 July 2018. Below are the key highlights to be aware of and ensure you are abreast of changes and have put measures in place to ensure you don’t get caught out.
We’re not wanting to alarm you, but 30 June is just around the corner! However, by actively reviewing your financial position and implementing tax planning strategies you will have clear picture of where you are at and ensure you minimise any tax liability for the year. So, what is tax planning? It is review process […]