December 2014 Tax Talk – Business Accountants Cairns

By 1 December, 2014News
Read The Full December 2014 Tax Talk Here

In this Christmas issue of Tax Talk, we cover:

Staff Parties And Year-End Parties are being planned at this time of year, and during the process, it is important to consider any FBT that you may or may not be liable for. There are two methods to be used when calculating the liability, and there are situations where each is appropriate. This can be overwhelming to try and consider, so if you require a little help contact our Cairns office and our team can assist you.

Christmas Gifts also need to be taken into “tax consideration”, whether they are being gifted to clients or staff, etc. There is a distinction between a gift being considered entertainment, and non-entertainment, which are also different from non-entertainment gifts at functions.

A Legally Responsible Christmas is key, and Cairns businesses need to be aware of potential hazards that can arise from work-related celebrations. There are several issues that need to be taken into consideration, and eventualities planned for.

Family Properties are not an uncommon investment, where a family may consider purchasing property to eventually pass on to children, so as to avoid a gradually steepening housing market. There are some key factors to consider about the placement and taxation of your property.

The Holiday Season Is Here and this season is particularly stressful for those who run businesses. We have several pointers and tips that attempt to minimise stress and make the period successful.

Giving Donations And Gifts to charities and those of us who are less fortunate is a great way to give something back over the festive season, but if you are doing this, make sure you establish some key factors in relation to how donations are treated for tax purposes.

Companies Must Meet Their PAYG Obligations or else they risk specific penalties being applied to them. An example of this is found in the case study in the full version of the December Tax Talk.

The ATO Says Act Now in relation to their initiative, Project DO IT, whereby taxpayers have an opportunity to disclose previously unannounced sources of offshore income. The initiative ends on the 19th of December, and afterwards the ATO has stated individuals should act now or risk audit and significant penalties.