FBT 2016

Recent changes for salary packaged entertainment benefits   The government has recently made changes to how salary packaged entertainment benefits are dealt with for fringe benefits tax (‘FBT’) purposes, and the changes apply from 1 April 2016 (ie. From the start of the 2017 FBT year). These changes include the introduction of a new $5,000 cap on the value of concessionally taxed entertainment benefits that can be provided to you…  Read more

Merry Christmas from Brett and the Team

As we head towards the end of another year at Hansens I’m feeling completely bemused as to how we could possibly be in December already?  So let’s take a look back at some of the issues that our clients, and all small businesses, have faced over the last 12 months – and ponder where the future of Australian small business is heading. I have seen 2015 as the year the…  Read more

Cloud Accounting – Why make the switch?

Cloud Accounting – Why make the switch? As a small business owner your main focus should be on how your business operates and the goals and targets you set for it. You shouldn’t find yourself spending hours of dead time processing your financial information using an inefficient system when you know that time can be better invested in the development of the business. Cloud Accounting can help free up time…  Read more

Unwind with Confidence

In my role as Client Relationship Coordinator I am frequently communicating with our clients to ensure they are aware of their ATO lodgement obligations and due dates. Common responses may be: “is it that time again already” or “ you read my mind I’m on to that” or the one that I hear all too often…”I’ve set aside the whole weekend to organise my tax information”.   WHAT!!! The whole…  Read more

Beware of Tax-related Scams

Several of our clients have been contacted recently by scammers claiming to be from the Australian Taxation Office. Telephone scams vary in their level of sophistication, however most sound very convincing and often provide fake reference numbers for the phone call. The most common type of call relates to an “outstanding debt” or a “fraudulent tax lodgement” that needs to be resolved. Some scammers will go so far as threatening…  Read more

2015 Budget: Impact on Business

$20k asset write-off Spruiked as a win for small business, this incentive gives you an up-front tax deduction for certain business assets.  Remember that these assets would have been claimed as a tax deduction over the next few years anyway.  So, what is the real effect of this measure?  Simply put, it cashes in your tax deduction for the asset in the one hit, instead of over the next few…  Read more

Why is inventory control important?

Every business that purchases, uses and sells inventory, needs effective inventory control systems and management. From purchasing raw materials for manufacture to storing inventory, right through to selling and shipping finished products to your customers, inventory monitoring and control is essential for the health of your business. Let us take a look at the key factors and see how good inventory control can help your business flourish. Accurate and timely…  Read more

The Federal Budget 2015

It’s that time of the year again where the number crunches in parliament put their heads together to release the Federal Budget. It seems that the focus of this year’s Budget is to spend, spend, spend…… with the government targeting productivity to keep the economy ticking over. BUSINESSES Small Businesses The small business sector has profited the most, with businesses turning over of less than $2 million receiving a reduced…  Read more

Am I Paying Too Much Tax?

Imagine that your tax affairs are arranged neatly as pieces on a chessboard.  Are you just starting out in the game, awaiting your first move?  Is your business already well established in the game, and looking for a better position?  Perhaps you are nearing the end-game, with retirement in sight, and looking for that final exit strategy. THE CHESSBOARD AND THE TAX MAN Our tax system is not unlike the…  Read more

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