M J Heywood & Co
Chartered Accountant
 

Address:
Suite 407
1 Princess St.
Kew, Vic. 3101

Phone:
613 9853 1234

Fax:
613 9853 1023

Email us

Liability limited by a scheme approved under Professional Standards Legislation

 Latest Accounting News Service
Hot Issues
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Articles archive
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Articles
Liberal Party policies and discussion papers
Some terms defined
Flood Insurance - no changes
Pensioners Tax Returns 2013?
Donations - 2013
ATO - Tougher Conditions and Personal Liability
SMSFs: Where the ATO is Looking
A matter of knowledge
Tax Time Checklist 2013 - Individual
Tax Time Checklist 2013 - Company, Trust or Partnership
Tax Time Checklist 2013 - Superannuation Fund
Year End Reminders
Individual Income Tax Changes
Superannuation Guarantee Changes
Obscure disadvantage of family trusts.
Self-managed Superannuation Funds - New Obligations
Sale of Goods, Retention of Title - Protection?
Some terms defined

 

Every day we are exposed to words and phrases we don't really know the meaning of. The following seeks to help with a few of them.


 

 

 

 
     


Employee or contractor
Before your business engages a worker, you need to determine if they will be an employee or a contractor. Your tax and super obligations for employees and contractors are different.

Fringe benefits tax - businesses    
Fringe benefits tax (FBT) is paid on certain benefits employers provide to their employees or their employees' associates in place of salary or wages.

Gifts & fundraising
Information on fundraising including the requirements for receiving tax deductible gifts and what donors have to do to claim deductions for their gifts.

Pay as you go (PAYG) withholding - individual s
Pay as you go (PAYG) withholding is the way you pay your tax through the year if you are an employee. Your payer sends the tax to the Tax Office for you.

Pay as you go (PAYG) withholding - businesses  
You may be required to withhold amounts from employees and others and send the withheld amounts to the Tax Office.

Small business tax break
The small business and general business tax break provides an additional tax deduction for expenditure on certain qualifying assets. It provides a bonus deduction of 50% for small business and 30% or 10% for all other businesses providing certain eligibility criteria are met.



Source:  Australian Taxation office



27th-September-2013