Latest News

Fringe Benefits Tax 2009	29 March 2009
The ATO is cracking down on businesses who provide fringe benefits to employees (including company directors) and fail to declare these benefits. The FBT year ends on 31/03/2009 and FBT Returns are due for lodgement no later than 28/05/2009. Contact our office for further information on FBT.
Business Tax Incentive	29 March 2009
The Australian Government introduced an incentive deduction for small business who purchase any eligible items of plant & equipment including motor vehicles from 13 December 2008 to 30 June 2009. The Investment Allowance is a tax break for small businesses with a turnover of less than $2m per annum. The amount of the deduction is an additional 30% of the cost of the asset (assets must cost more than $1,000). Thus for an asset costing $20,000 the deduction would be $6,000 for the 2009 financial year PLUS any depreciation or leasing charges.
Government provides One-Off Cash Bonus	29 March 2009
The Government will provide a one-off cash bonus to low and middle income earners of up to $900. The bonus payment is subject to an income threshhold with a taxable income of: * $900 for persons with a taxable income up to $80,000 * $600 for persons with a taxable income of $80,001 to $90,000, and * $300 for persons with a taxable income of between $90,001 and $100,000. The bonus is based on the taxpayers who have lodged their 2008 income tax returns and have paid income tax. Payments will commence to be paid in March and April 2009. To qualify for the payment in the specified time your 2008 income tax return should be lodged by 31/03/2009.