Be Careful not everything has GST!

GST is one of those tricky things, its existence keeps us in our jobs, but for small business it causes endless frustration and confusion. GST or Goods and services tax is not clear cut nor is it black and white. For this reason it is important to be aware of those areas where GST free items may play a role in your small ...


Overview: Reportable Fringe Benefits

Which fringe benefits are reportable? All fringe benefits that have a taxable value (other than excluded benefits e.g. work related travel or car parking which is otherwise deductable. An employee does not pay income tax on any RFBA However an employees RFBA is taken into consideration when determining whether the employee is entitled to claim, or is liable to pay e.g. child support, ...


Tax Codes Usage

It can sometimes be difficult to determine the appropriate tax code to use. This article explains the different tax codes for use in bookkeeping, and gives some examples of when they might be used. GST – Goods & Services Tax GST transactions where claimable by the business FRE – GST Free Bank cheques Payments to suppliers who have an ABN but who are not registered ...


Reportable Employer Super Contributions

The government made significant changes to the way income was recorded and tested. These changes mean the certain employer super contributions are now included on an employees payment summaries. These changes are referred to as RESC – Reportable employer Superannuation Contributions. Other changes relate to the way income is tested for certain tax offsets and means testing for benefits like ...