From 1 July 2018 a new "GST withholding" regime commences whereby buyers of new residential premises or potential residential land will be required to withhold and remit GST portion of the sale price directly to the ATO.
Creating a plan before the end of financial year, 30 June 2018, is crucial to ensure you are reducing your taxation liability as much as legally possible. Make sure you get in early and book an appointment with one of the team to see if there are any strategies to reduce your tax exposure.
Fringe Benefits Tax (FBT) accounts for personal usage of assets within your business. Trade businesses in particular usually have vehicles or other assets that are used by employees for private purposes. It is important for business owners to identify this usage and report to the Australian Taxation Office (ATO). We will prepare your FBT returns for you and lodge them with the ATO.