Bookkeeping - 15/16 - CS Accountants
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Bookkeeping Tag

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:

A free (and optional) super clearing house service is now available to small businesses with less than 20 employees to help them meet their super guarantee obligations. The Small Business Superannuation Clearing House is administered by Medicare Australia and lets employers pay their super contributions to a single location in one simple electronic transaction.