Making Sure Your Deductions Don't Get Personal It can be easy to overlook your personal use of business assets when it comes to completing your business and self managed super fund tax returns but be warned, the ATO is taking an interest in this area. The ATO’s Small Business Random Enquiry Program found around 16 per cent of small businesses were either carelessly or deliberately overclaiming expenses in their tax returns. If business assets are used for a mix of business and pr...

ATO Alert - COVID Affecting Car Fringe Benefits The ATO is warning employers to take care to avoid unnecessary FBT for car fringe benefits provided to employees. As a result of the COVID lockdown earlier this year, many employees have been working from home at a far greater rate.  If these employees have had the use of a car provided by their employer, the employer will need to check how they are calculating their fringe benefits, to avoid unnecessary FBT. With working from home beco...

Entertainment expenses - what can I claim? The days of the Long Lunches of the 1980s may be well behind us, but there is still a lot of confusion around when entertainment expenses can be claimed as a tax deduction and how this interacts with Fringe Benefits Tax (FBT).  It can be easy to make mistakes that can add a lot to your business's tax bill! 
When is food and drink (and other entertainment) deductible? It can be difficult, at first glance, to determine where you...