News

Renting out part or all of your home

If you rent out part or all of your home, the rent money you receive is generally regarded as assessable income. This means:you must declare your rental income in your income tax return, and you can claim deductions for the associated expensesyou may not be entitled to the full main…

The work Christmas party

It’s not quite Christmas time yet, but most businesses will be in the process of thinking ahead to the yuletide festivities, if not already into well-advanced planning. One of the perennial questions is if and how fringe benefits tax applies to these activities.There is no separate fringe benefits tax (FBT)…

How much do we need to retire?

The question of how much a person needs to have saved before confidently launching into their retirement years very much requires an individual answer. The more the better may seem to be an obvious response, but then again each one of us lucky enough to reach the brink of those…

Three-quarter FBT year compliance check-up

As the FBT year runs from 1 April to 31 March, the months of October to December marks the “third quarter” of the FBT year, and so here is an overview of the FBT elements that can attract the ATO’s attention.This can be a timely period for a compliance check-up,…

Personal services income: An overview

It is not uncommon for professional people who provide services to set up a separate entity to run their business, be it a trust, partnership or incorporated company. The allure, of course, is the lower tax rate that these can secure, rather than at the top marginal tax rate that…