Blog - 15/16 - CS Accountants
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The Christmas break is on the way, and many businesses will be planning their annual year-end break-up party. However, an important issue for businesses to consider is the possible FBT and income tax implications of providing 'entertainment' (including Christmas parties) to staff and clients.

The ATO has issued a taxpayer alert warning people to be cautious about arrangements promoting a tax deduction for gifts of pharmaceutical items to charities for use overseas. With these schemes the taxpayer makes a cash deposit for a vendor to purchase pharmaceuticals from a low cost overseas supplier.

The ATO reports that scams involving tax are common, and that victims will often find that their identities have also been misused or sold to commit fraud. An example of a current tax scam is as follows: