Gifting to Employees Some employers, especially at Christmas time or for birthdays, give small gifts to their employees or the employee’s associates (i.e. spouses). These gifts typically take the form of bottles of wine, movie tickets, gift vouchers etc. The tax treatment of these gifts from an employer standpoint, depends upon a range of factors

Book yourself in for the ‘super health check’ initiative This tax time, the ATO is introducing the ‘super health check’ initiative. This consists of five simple and important things that individuals can do to get on top of their super, including: Check your contact details. Check your superannuation balance and employer contributions. Check for lost

Time for a restructure? The new financial year can be a time where business owners look at their operating structure and consider whether it still meets their needs. Choosing a structure is not simply about minimising tax, rather a range of factors should be considered as such as asset protection, establishment and ongoing compliance costs,

Superannuation and the right to delegate Another key Federal Court case may have a bearing on whether you owe certain workers you engage superannuation guarantee or not. For background, early last year the High Court made a game-changing decision in determining whether a worker is an employee or contractor at common law. It ruled that

Work-related car expenses updated The ATO has just announced that the cents per kilometre rate has increased to 85 cents per kilometre for 2023/24. To recap, there are two methods to claim work-related car expenses as follows: 1. Cents per kilometre method This method is easier for record keeping, involves a more simple calculation, and

HLB Mann Judd  IPO Watch Australia Mid-Year report Attached is a report highlighting Initial Public Offering (IPO) activity for the first half of 2023 year. The report is produced by the HLB Mann Judd Network of Firms of which TNR is a member. Please click the following graphic to access the report. Please contact your

Small business lodgement amnesty Since Budget night, the ATO has released more information around the small business lodgment amnesty…which can now be taken advantage of from 1 June 2023! The amnesty was announced in the recent Budget. It applies to tax obligations that were originally due between 1 December 2019 and 28 February 2022 and

Super guarantee increases to 11% The increase to the superannuation guarantee (SG) rate from 1 July 2023 will see more employees (and certain contractors) entitled to additional SG contributions on their pay. But what happens when income earned before 30 June is paid after 30 June 2023 – will employees be entitled to the higher

Do you have a side-hustle? With the cost-of-living skyrocketing, have you taken up a side-hustle? With new and emerging ways to make money, the ATO is reminding taxpayers to consider if they are ‘in business’ and to declare to their tax agent if they are engaged in a side-hustle. Record numbers of taxpayers are now