Butlers Blog

The end of the financial year has now passed and it’s time to think;tax!

Some of you may be required to make pay as you go (PAYG) instalments monthly rather than quarterly.

Tax time is in full swing and the ATO has highlighted areas of concern for individuals ahead of tax return lodgement time.

Choosing between an individual and a corporate trustee is an important decision that arises when establishing an SMSF.

If you are a small business and you are in the market for a new car or small piece of office equipment, now is the time to purchase this before 31 December 2013 before the Coalition abolishes Capital Allowance Concessions.

The pay as you go (PAYG) payment summary statement along with the originals of all the payment summaries you issued for the financial year, make up your PAYG withholding annual report.

From 1 July 2012, businesses in the building and construction industry need to report the total payments they make to each contractor for building and construction services each year.

Subject to cash flow requirements consider deferring income until after 30 June, especially if you expect lower income for 2013/14 compared to 2012/13. Most businesses are taxed on income when it is invoiced.

Fringe Benefits Tax (FBT) is applicable when an employer provides  benefits to employees. If you employ anyone including family members, you may be subject to FBT.

The Federal Government has introduced several pieces of legislation that come into effect from 1 July 2013. To make sure you're ready for these changes, we have outlined the new legislation that will impact you and your business.