Personal services income: a refresher
Individuals or those with companies that earn income through personal effort and skills should be familiar with the concept of personal services income (PSI). This includes tradespeople but also for consultants that work in a wide variety of fields. Earning PSI is not an ideal outcome as it can limit the deductions you can claim. …
WFH: FBT consequences for employers
As the 2020-21 FBT year draws to a close, employers that have provided various benefits such as laptops and office equipment to enable employees to work from home during COVID-19 need to be aware that they may be FBT consequences. What the consequences are depends on a number of factors including whether the arrangement is …
End of FBT year fast approaching
With the end of March fast approaching, so too is the end of the FBT year which runs from 1 April 2020 to 31 March 2021. While FBT returns do not need to be lodged until 21 May 2021, for many businesses, now is the time to start getting organised in relation to employee contributions …
Increase in statutory demand threshold for debts?
If you run a small business or any business for that matter, you may be interested in the current government consultation to increase the statutory demand threshold for debts. Currently, the threshold at which a creditor company can make a formal request requiring a debtor company to pay a debt (ie statutory demand) is $2,000. …
STP changes coming for small employers
If you run a small business with payees that include family members in a family business or directors or shareholders of a company, chances are you’re not yet reporting payments through the Single Touch Payroll (STP) regime. Basically, STP works by sending tax and super information from your STP-enabled payroll or accounting software to the …