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CS CONSULTING GROUP

OFFICIAL BLOG

Post the 1st July 2017 there have been changes that now allow an employee to make a contribution to their superannuation fund & claim a tax deduction for it! 

This is referred to as a member concessional contribution.

Hence removing the need to engage in the over-complicated system of salary sacrificing to superannuation via your employer.

When many businesses commence their operations in mid to late January, there will be less than 10 weeks to the end of the 2019 FBT year.  It is a good time now to review the changes in the treatment of Utilities (utes) and Vans for Fringe Benefits Tax (FBT) purposes since the ATO first announced them in July 2017.

The answer to this question will be different for everyone.  You will have to start off with understanding how much you spend on living expenses today.  Some people on $150,000 a year may need this level of income to sustain their living requirements whilst $50,000 may be enough for others. 

Although not a new topic, but many businesses still seems to have difficulty distinguishing between “Travelling allowance” vs Living-away-from-home allowance (LAFHA) today.  Because they are subject to very different taxation treatments, it is really important for the business owners, payroll officers and bookkeepers to understand their differences.

About CS Consulting Group

CS Consulting Group provides the depth and breadth of services available from any major accounting firm while providing the personal touch only a locally-owned firm can offer.