Christmas parties aren’t all fun and joy, with the ATO requiring you to consider the Fringe Benefits Tax (FBT) implications of such events. The two main methods for determining the FBT cost are the 50/50 and actual methods. Note the same methodology must be used for meal entertainment benefits throughout...
Often self managed superannuation funds (SMSF’s) are referred to as family superannuation funds because they have the ability for mum, dad and two children to be members of the fund. This might seem like a great idea, but there are actually two sides to the story.
Fraud is typically committed by employees who work in finance or in finance related roles, hold a senior management position, are often long standing employees, and are motivated by greed and lifestyle factors, such as gambling. In short, it is likely to be committed by a trusted manager.
The Government has announced the long awaited reforms to the tax treatment of Employee Share Schemes (ESS), with new rules proposed to apply from 1 July 2015.