It is very often the case that unpaid debts owed to a business can have a significant impact on cash flow and the ongoing profitability of a business. In a taxation context the characterisation of a particular debt as either “doubtful” or “bad” is key as to whether or not the writing off of that debt would be deductible.

Generally, the characterisation of a debt would be premised on the following principles:

- Doubtful debt – is a receivable amount that might eventuate to be a bad debt in future. Doubtful debt ofte...

As a tax concept, “entertainment” can be relevant not only to fringe benefits tax (FBT), but also to income tax and even goods and services tax (GST).

For a business, whether a business expense is “entertainment” will generally also determine whether the cost is deductible. If the expenditure can be shown to be directly connected with the carrying on of a business, it should be deductible.

The example of someone taking a client out to lunch can certainly be shown to be in connection with a business.  However, there...

Christmas will be here before we know it, and the well-prepared business owner knows that a little tax planning can help make sure there's no unforeseen tax problems.

The three benefits typically provided include:

- Christmas parties for employees (and perhaps their family members, and even clients)

- gifts to employees, their family members, clients and

- cash bonuses.

Read more in our November newsletter

After what seems like waiting an eternity, the government has finally put to Parliament its draft legislation around two of its schemes. 

The proposed schemes, the First Home Super Saver and Contributing the proceeds of downsizing to superannuation, are both pieces of legislation that are an attempt to bring into action proposals from the 2017 Federal Budget.

The proposals aim to:

1.   assist home buyers to save a deposit through their superannuation, and

2.   assist retirees to use some of their superannu...

To save you having to laboriously search for the right tax rate or relevant threshold, the essential information is right here in one place.

This guide includes tax rates, offset limits and benchmarks, rebate levels, allowances, and essential superannuation as well as fringe benefit tax rates and thresholds (including current gross-up factors).  Student loan repayment rates and salary levels are also included.

CLICK HERE TO VIEW THE GUIDE